Philippine trade deficit widens to $3.58 in August as import surge overtakes export growth

ABS-CBN News

Posted at Oct 12 2021 02:17 PM

MANILA - The Philippines posted a trade deficit of nearly $3.58 billion in August as a surge in imports overtook a surge in exports, the state statistics bureau said on Tuesday. 

The country’s total external trade in goods in August, amounted to $16.51 billion, up 25.3 percent from the same month last year when trade contracted 15.6 percent amid the impact of the COVID-19 pandemic, according to data released by the Philippine Statistics Authority (PSA).

Philippine Statistics Authority

Imports however reached $10.04 billion, growing 30.8 percent, while exports reached $6.47 billion, up 17.6 percent. 

This was in contrast to the -12.7 percent and -17.5 percent growth rates in exports and imports respectively, posted in August 2020. 

China was again the Philippines’ top trading partner for the month. But the Philippines again posted a huge trade deficit with the Asian giant. 

Exports to China topped shipments to other countries, reaching $1.05 billion, representing 16.2 percent of exports. 

The United States, Japan, Hong Kong and Singapore, rounded up the top 5 destinations for Philippine exports. 

Imports from China meanwhile reached $2.36 billion, representing 23.5 percent of the Philippines’ total import bill. 

This means that the Philippines has a $1.31 billion trade deficit with China in August.

Japan, South Korea, Thailand and the US rounded up the top 5 of the country’s suppliers of imports. 

Electronic products were the Philippines’ top exports as well as imports. 

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