PHL offshore trade hits US$61-B in 1H-A A +A
Thursday, August 28, 2014
THE Philippines external trade of goods in January to June this year has reached USD 61.16 billion, 6.79 percent higher than the same period last year of USD 57.27 billion.
The Philippine Statistics Authority (PSA) reported that imports for the first half of 2014 climbed by 5.36 percent to USD 31.35 billion against first semester of 2013’s USD 29.75 billion.
The PSA said earlier this month the country’s export revenue for 1H 2014 which reached USD 29.81 billion, increasing by 8.35 percent from 1H 2013 export value of USD 27.52 billion.
Balance of trade in goods (BOT-G) for the first six months of 2014 was pegged at USD 1.53 billion deficit. Trade deficit in the first semester of 2014 was 31.4 percent lower than 2013’s USD 2.24 billion.
For the month of June alone, value of trade in goods with the international market was posted at USD 10.16 billion, with export revenue of USD 5.45 billion and import bill of USD 4.72 billion.
With exports value higher than the imports amount, the country was left with a trade surplus of USD 731 million for the month of June.
In May, the country got its first trade surplus for the year amounting to USD 423 million.
Meanwhile, top trading partner of the Philippines for the month of June was China with imports of USD 809.64 million and exports of USD 859.38 million or a total of USD 1.67 billion.
Japan came second with import value of USD 451.71 million and export amount of USD 955.91 million or a total trade value of USD 1.41 billion in June.
Third largest trade partner for the Philippines in June was United States of America with imports of USD 359.7 million and exports of 751.68 million. Total trade with the USA reached USD 1.11 billion.
Fourth and fifth largest trade partner of the country in June were Singapore with total trade of USD 697.51 million and South Korea with USD 675.41 million, respectively.
PSA data showed that the Philippines has trade surplus among its top four trading partner for the month of June. (PNA)
Published in the Sun.Star Cagayan de Oro newspaper on August 28, 2014.