Philippines trade gap in August slightly down to $3.51 billion

October 10, 2018

The Philippines' trade deficit in August went down slightly to P3.51 billion from July's P3.55 billion, the Philippine Statistics Authority (PSA) said Wednesday.

Exports reached $6.16 billion while imports amounted to $9.68 billion.

Electronic products continued to be the country's top export with total earnings of $3.35 billion, representing a share of 54.3 percent of the total exports revenue in August.

Inbound shipments of electronic products accounted for 25.4 percent of total imports valued at $2.46 billion.

China ranked first with exports valued at $939.98 million or 15.3 percent of the total exports.

United States of America (USA), including Alaska and Hawaii, placed second with an export value of $934.04 million or a share of 15.2 percent of total exports.

Hong Kong came in third with export shipments valued at $851.94 million or a share of 13.8 percent.

Japan including Okinawa, placed fourth with $846.64 million or 13.7 percent of the total exports.

China was the country’s biggest supplier of imports with 19.9 percent.

South Korea, which ranked second, contributed a percent share of 9.6 percent or an import value of $932.21 million.

Japan, including Okinawa, ranked third with an import value of $857.93 million in August 2018 or a share of 8.9 percent. DMS