PHL posts trade surplus in September

By Kris M. Crismundo

MANILA, Nov 25 (PNA) — The Philippines has posted trade surplus of USD280.97 million in September 2014, a turnaround from last year’s deficit of USD663 million.

This is after the country’s imports payment slowed down anew in September by 2.6 percent while exports continued to post positive revenue at 15.7 percent in the same month.

Data from the Philippines Statistics Authority (PSA) showed that total trade for September 2014 amounted to USD11.417 billion in favor to the country.

Imports were valued at USD5.568 billion lower than exports amount of USD5.849 billion bringing trade surplus of USD280.97 million.

In September, the country’s top trading partners were East Asian countries such as Japan and China.

Trade with Japan in the said month posted at USD2.16 billion. Balance of trade with Japan in September was a surplus of USD1.3 billion as imports from Japan was only pegged at USD429 million and exports to Japan hit USD1.73 billion.

China, despite the territorial dispute with the Philippines, remained the top trade partner of the country in the last month of third quarter. Trade transaction with China in the said month was at USD1.39 billion with imports amounting to USD781 million and exports of USD613 million.

Another East Asian economy that was among the top five trade partners of the Philippines in September was Taiwan. Imports from Taiwan pegged at USD490 million and exports revenue of USD181 million.

Meanwhile, aggregate trade in the first nine months of the year increased by 6.54 percent to USD95.73 billion from last year’s same period of USD88.92 billion.

Total imports from January to September period reached USD48.13 billion while total export earnings hit USD46.6 billion; thus a deficit of USD1.54 billion. Still, the trade deficit this year was slower than same period in 2013 at USD4.14 billion. (PNA)