June 27, 2013

Trade deficit widens to $1 B

The Philippines trade deficit in April 2013 widened to $1.020 B from $153 M in the same period last year, the National Statistics Office (NSO) reported yesterday. This was due to an 11.1% slowdown in exports to $4.121 B in April 2013 from 4.635 B in the same period last year.

Merchandise imports, on the other hand, rose 7.4% to $5.141 B in April 2013 from $4.788  B in April 2012. The growth in merchandise imports in April was fueled by increased importation of transport equipment.

Imports of transport equipment with an 11.5% share to total imports in April was valued at $593.61  M, 148.6% higher than the previous year’s level of $238.78 M and the highest annual growth rate among the top ten imports.

The United States was the country’s biggest  source of imports for April. The increase was attributed to the purchase of an aircraft.- WealthSec