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Manila Bulletin devider Business devider Trade deficit widens further in Sept.

Trade deficit widens further in Sept.

Published Nov 4, 2022 10:46 am

Imports continued to outpace the country’s exports, resulting in a much wider trade deficit in September, the Philippine Statistics Authority (PSA) reported.

The PSA said on Friday, Nov. 4, that the country’s trade gap, or the difference between the value of export and import, jumped 26 percent to $4.82 billion in September from $3.81 billion in the same month last year.

Month-on-month, the trade deficit went down from $6.021 billion in August.

Export sales rose seven percent to $7.157 billion from $6.688 billion in the previous year. It also increased from $6.41 billion in the previous month.

Of the top 10 export groups, five recorded yearly increases in terms of the value.

These were ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (25.4 percent), electronic products (19.3 percent), machinery and transport equipment (7.5 percent), electronic equipment and parts (7.0 percent), and other manufactured goods (5.6 percent).

By major trading partner, exports to United States of America comprised the highest value amounting to $1.17 billion or a share of 16.4 percent.

Completing the top five major export trading partners were Hong Kong, $1.06 billion; Japan, $997.07 million; People’s Republic of China, $905.07 million; and Singapore, $360.69 million.

In the first nine-months, total export earnings reached $58.31 billion, up 4.7 percent year-on-year.

Meanwhile, import receipts jumped 14 percent to $11.978 billion from $10.499 billion in September 2021. Month-on-month, it decreased from $12.431 billion in August.

The import growth was mainly driven by increases in the values of seven of the top 10 major commodity groups, with mineral fuels, lubricants and related materials having the fastest annual increase of 64.2 percent.

This was followed by transport equipment, which rose 53.3 percent, and miscellaneous manufactured articles by 33.7 percent.

The People’s Republic of China remained the country’s biggest supplier of imported goods valued at $2.39 billion or 20.0 percent of the total.

Completing the top five major import trading partners were Indonesia, $1.35 billion; Japan, $1.13 billion; Republic of Korea, $826.09 million; and United States, $811.01 million.

At end-September, imports reached $104.96 billion, higher by 24.6 percent compared with $84.27 billion in the same period last year.

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Philippine Statistics Authority PSA
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