Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home>>Daily News>>Philippines>>Trade>>PHL trade gap widens 132.6% to $3.62B in April

NEWS UPDATES Asean Affairs   June 11, 2018  









PHL trade gap widens 132.6% to $3.62B in April


The Philippine trade deficit widened by more than 130 percent in April as imports registered a double-digit growth while exports declined, data released by the Philippine Statistics Authority (PSA) showed Friday.

The country’s balance of trade in goods expanded to a $3.615-billion deficit, up 132.6 percent from $1.554 billion in April 2017.

A deficit indicates that the value of the country’s imports exceeded exports.

Exports declined by 8.5 percent to $5.11 billion from $5.59 billion, the fourth fourth straight month of declines.

Imports increased by 22.2 percent to $8.73 billion from $7.14 billion, helped shipments of capital goods, raw materials and intermediate goods, consumer goods, and mineral fuels and lubricants.

“The widening of the country’s deficit can be attributed to strong investment spending, which is driving imports higher. The surge in imports is not surprising given the government’s ‘Build Build Build’ program,” Guian Angelo Dumalagan, market economist at Land Bank of the Philippines, told GMA News Online.

“Weather disturbances likely contributed to the decline in outbound shipments by disrupting agricultural production,” Dumalagan said.

The country’s total merchandise trade grew by 8.8 percent, a reversal from the 2.7- percent decline in March.

“The current turnout of imports is encouraging. But much has to be done to create an environment that is necessary for exporters to thrive. The signing into law of the Ease of Doing Business Act of 2018 is a step in the right direction,” Socioeconomic Planning Secretary Ernesto Pernia said in a separate statement.

Pernia said the new law could bring down business costs, encourage wider participation among firms, and attract foreign investors—eventually boosting exports in the near to medium-term.

“Seizing the benefits of existing free trade agreements (FTAs) and forging new ties are equally important to expand the market for exports,” the Cabinet official said.

“Enhancing trade relations with the country’s non-traditional partners would also contribute highly to the growth of the exports sector,” he said.

The balance of trade is likely to remain in deficit amid expectations of higher imports of capital goods, Dumalagan noted.

“This has the effect of keeping the peso weak. While a higher trade deficit subtracts some points from gross domestic product growth, it is not totally bad for the economy, as an investment-led increase in imports could set the stage for stronger economic growth in the future,” he said. —VDS, GMA News


Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



  Today's  Stories                      June 11, 2018 
• Oil, gas upstream investment recorded at $3.7b as of May
• Amru bags rice deals worth almost $10M Subcribe: Asean Affairs Global Magazine
• Dragon fruit dominates Viet Nam fruit exports Subsribe Now !
 • PHL trade gap widens 132.6% to $3.62B in April
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Government to inspect SOEs under MoIT
Asean Stock Watch   June 11,  2018

• Asean Stock Watch-May 30, 2018
Asean Analysis                April 9 2018
• Asean Analysis April 9, 2018
Chinese Influence Activities with U.S. Allies and Partners in Southeast Asia
Advertise Your Brand

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com