ASEAN KEY DESTINATIONS
PHL trade gap eases by 5.2% to $1.915B in September
The Philippine balance of trade posted a narrower deficit in September on the back higher export receipts, data released by the Philippine Statistics Authority (PSA) on Friday showed.
The country’s balance of trade in goods registered a P1.915-billion deficit, narrower by 5.2 percent from $2.020 billion in the same month last year.
A trade deficit indicates a country’s imports exceeded exports.
Total exports reached $5.59 billion, up 4.3 percent from $5.36 billion, while imports stood at $7.51 billion, up 1.7 percent from $7.38 billion.
“The third quarter ... performance of several major economies such as the Eurozone, US, and China, reflects an upbeat outlook for the global economy. Given this, we are optimistic that Philippine trade will pick up in the last quarter due to higher demand in the holiday season,” National Economic and Development Authority Undersecretary Rosemarie Edillon said in a separate statement.
For exports, shipments to the European Union grew by more than 40 percent and ASEAN by 7.6 percent—helping boost total receipts for the period.
The Philippines also registered higher receipts from top export markets US at 4.9 percent, Hong Kong at 29 percent, Germany at 4.6 percent, The Netherlands at 70.8 percent, and Thailand at 7.1 percent.
Imports from South Korea grew by 52.9 percent, Indonesia by 8.1 percent, Taiwan by 6.5 percent, and Vietnam by 40 percent to offset the lower inward shipments from China (7.3 percent), Japan (8.1 percent), and US (18.3 percent).
“We look forward to regional cooperation and integration being forwarded in APEC 2017 Vietnam and also in the upcoming 31st ASEAN meetings. We expect these initiatives to promote inter- and intra-regional trade and deepen engagement between regional blocs, as spelled out in the Philippine Development Plan ?2017-2022,” Edillon said.
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