By Kris M. Crismundo / Philippines News Agency
THE country’s trade with other Asia-Pacific Economic Cooperation (Apec) member- economies has accounted for a big chunk of its total external trade in 2014, the Philippine Statistics Authority (PSA) said.
Recently released PSA data showed that the country’s trade with Apec economies reached $103.2 billion, or 80 percent, of the total external trade last year.
A total of $52.8 billion were revenue from exports to Apec economies, while $50.4 billion were the country’s imports receipt.
“Trading with this economic bloc resulted to a favorable balance of trade in goods to the country, which amounted to $2.4 billion,” the PSA said.
The Philippines’s top exports to other Apec economies in 2014 were electronic products, which exports amounted to $22 billion; other manufactures at $4.4 billion; woodcraft and furniture at $3.2 billion; machinery and transport equipment at $3.2 billion; and other mineral products at $2.6 billion.
The country’s top exports destination in Apec in the previous year were Japan, the United States, China, Hong Kong and Singapore.
Top imported products from Apec economies comprised of electronic goods at $13.1 billion; mineral fuels, lubricants and related materials at $8.5 billion; transport equipment at $3.8 billion; industrial machinery and equipment at $2.6 billion; and plastic in primary and nonprimary form at $1.8 billion.
On the other hand, top imports source for the Philippines were China, the US, Japan, South Korea and Singapore.
Meanwhile, total foreign trade in 2014 grew by 7.0 percent, from $119.1 billion in 2013, to $127.5 billion with exports worth of $62.1 billion and imports amounting to $65.4 billion.
The country’s trade deficit in 2014 has eased to $3.3 billion from a deficit of $5.7 billion.