Philippines Posts Trade Surplus in September
Philippines reported a USD 281 million trade surplus in September of 2014, reversing from a USD 654 million deficit a year earlier, and far above market forecasts. Exports grew 15.7 percent, while imports declined 2.6 percent.
11/25/2014 5:54:31 AM
In September of 2014, exports amounted to USD 5.85 billion, compared with the same month of 2013. Higher sales were recorded for: chemicals (+163.8 percent); machinery & transport equipment (+122.0 percent); other mineral products (+95.3 percent); coconut oil (+89.1 percent) and other manufactures (+14.1 percent). Electronic products, the country's top exports and accounted for 41.8 percent of the total revenue, increased by 13.6 percent. By major group of electronics, components/devices (semiconductors) comprised 27.9 percent of the total overseas sales and rose by 9.1 percent year-on-year to USD 1.5 billion.
Exports to Japan, the country's top destination, jumped by 52.6 percent year-on-year and contributed to 29.6 percent share to total exports in September. Sales also increased to China (+17.0 percent), Hong Kong (+6.1 percent), the ASEAN countries (+34.0 percent) and the EU countries (+32.6 percent). In contrast, exports to the US, the country's second top destination, decreased by 33.6 percent from a year earlier.
Imports decreased 2.6 percent year-on-year to USD 5.57 billion. Lower purchases were recorded for transport equipment (-43.1 percent) and electronic products (-22.0 percent). Imports of raw materials and intermediate goods, accounting for 38.3 percent of the total, decreased by 11 percent from last year.
China was the primary source of imports in September, accounting for a 14 percent share of the total. Inbound shipments from China rose 18.5 percent year-on-year. Purchases from Taiwan and South Korea also increased by 7.2 percent and 23.4 percent, respectively. Those from the United States dropped by 29.3 percent and from Japan fell 5.8 percent.
In August of 2014, the country recorded a USD 16.6 million trade deficit.
From January to September of 2014, exports increased 9.9 percent year-on-year to USD 46.59 billion, while imports rose 3.4 percent to USD 48.13 billion, bringing a USD 1.54 billion trade deficit during the period.