Trade deficit in August reaches $6 billion, up 81.3% annually: PSA
The trade deficit for August reached $6 billion for an annual increase of 81.3 percent, the Philippine Statistics Authority (PSA) said Tuesday.
In July, the trade gap saw an annual increase of 70.9 percent, it added.
Exports declined two percent from to $6.41 billion. Of the top 10 major commodity groups, four recorded annual decreases in terms of the value of exports.
These were other mineral products (-23.8 percent), chemicals (-9.5 percent), machinery and transport equipment (-2.4 percent), and electronic products (-1.6 percent).
Exports to the United States of America comprised the highest export value amounting to $1.05 billion, or a share of 16.3 percent to total exports.
Japan was the second highest export market at $931.35 million followed by China, $839.18 million; Hong Kong, $729.34 million and Singapore, $433.89 million.
Imports reached $12.41 billion for an increase of 26 percent. The annual growth in the value of imported goods was mainly due to the increases in the values of all the top 10 major commodity groups, with transport equipment having the fastest annual growth rate of 75.8 percent.
This was followed by mineral fuels, lubricants and related materials, which rose by 75.6 percent annually; and other food and live animals by 43 percent.
China was the country’s biggest supplier of imports valued at $2.71 billion.
Completing the top five major import trading partners were Indonesia, $1.35 billion; Japan, $1 billion; South Korea, $939.10 million and Singapore, $853.78 million. PSA
