The Philippines ended 2014 with a trade imbalance as wide as $3.29 billion, which was higher than preliminary government estimates for the period, according to the Philippine Statistics Authority (PSA).
PSA data show the government anticipating a trade deficit of only $2.71 million, as import activities outpace exports.
The increase was traced mostly to the $874- million increase in imports to $65.4 million in the January-to-December period last year, from the initial estimate of $64.52 million.
Much larger deficits were reported in August, October and November, where the difference
between the final and preliminary estimates reached $236 million, $247 million and $128 million, respectively.
Last August the deficit was adjusted to $373 million from the initial estimate of $137 million, while October was adjusted to $441 million from $194 million.
The November trade deficit was increased to $361 million from the initial $233 million by the PSA.
In terms of final estimates, the highest trade imbalance the Philipines reported was in January 2014 when the deficit stood at $1.65 billion followed by April that year with the deficit as $802 million and finally last December when the imbalance totaled $667 million.
The country’s foreign trade statistics
relates to commerce between the Philippines and other countries by sea or by air, whether for private or government use, or for commercial purposes, gifts or samples.
Data is compiled by the PSA from copies of import and export documents submitted by importers and exporters or their authorized representatives to the Bureau of Customs as required by law.
The $272-billion Philippine economy typically runs a trade imbalance due to the high need to import raw materials and intermediate goods.
In 2013, for example, the much larger economies of Thailand, South Korea, Taiwan and Saudi Arabia posted trade imbalances larger than that reported by the PSA that year.
1 comment
OOPS ! Somebody missed math at school, also how did 2014 change to 2013 at the end of the article ?
That is $3.2 Billion and the estimate was $2.71 Million ?? But but but the President said there was a 7 percent growth rate . So the country is importing more than it exports ? Like me spending more than I earn ? So it is going on a downward spiral into the Abyss, as I can never cover that debt and nor can the government . By the way Saudi, Trade Deficit , are you serious ? However, the Philippines government wants to give $1.6Bn ( Dollars US ) to the terrorists . Yeah , that makes perfect sense !