Philippines Trade Balance Turns Into a Surplus in October

In October of 2013, Philippines trade balance turned into a USD 201 million surplus, the first surplus in three years. While exports rose for the fifth consecutive month by an annual 14 percent, imports recorded the steepest fall since April of 2012, as purchases of electronic parts fell 7.3 percent yoy.
National Statistics Office | Joana Taborda | 12/27/2013 9:57:44 AM
Exports amounted to 5.025 billion USD, a rise of 14 percent over a year earlier, boosted by higher sales of chemicals; machinery and transport equipment; other mineral products; cathodes; articles of Apparel and clothing accessories; ignition wiring set; woodcrafts and furniture and metal components. On a monthly basis, exports slightly decreased 0.6 percent. 

Shipments of electronic products rose 13.4 percent yoy after growing 12.8 percent yoy in September, due to higher sales of semiconductors. 

Shipments to Japan surged 51.6 percent year-on-year and accounted for 22 percent of total sales.

Exports to the US, China and Singapore rose 22.4 percent, 16.9 percent and 45.9 percent, respectively, while those to Hong Kong fell 40.2 percent.

Imports of goods decreased in October by an annual 8.6 percent to 4.82 billion USD mainly due to lower purchases of cereals; mineral fuels, lubricants and related materials; industrial machinery and equipment; organic and inorganic chemicals; electronic products and plastics.  Similarly, on a monthly basis, imports fell 15.5 percent.

Philippines Trade Balance Turns Into a Surplus in October