Philippine trade deficit balloons in first seven months
Friday, 26 September 2008
MANILA, Sept 25 (AFP): The Philippines trade deficit for the first seven months of 2008 soared more than 200 per cent year-on-year on the back of higher oil, rice and steel costs, official data showed today.
Figures from the national statistics office also showed that the deficit had also risen almost 80 per cent in July from the same period last year.
The office said in a statement that the gap between imports and exports from January to July was 5.345 billion dollars, compared with 1.63 billion dollars in 2007, a hike of more than 200 per cent.
Imports rose 16 per cent to 5.85 billion dollars in the month compared with the same period last year, bringing total imports since January to 35.38 billion dollars, 15.8 per cent higher than the same period last year.
The July import figures brought the country's trade deficit in that month to 1.41 billion dollars, some 77.8 per cent higher than the deficit in July, 2007.
Mineral fuels, lubricants and other related materials were the country's single largest import in July, amounting to 1.764 billion dollars, or 30.2 per cent of the total.
This marked a 71.8-per cent increase from the same period last year, the office said.
Electronics products, which were formerly the country's biggest import, was second place, with 1.745 billion dollars, or 29.8 per cent of the total, the office said. This was a 17.4-per cent decrease from the same period last year.
Figures from the national statistics office also showed that the deficit had also risen almost 80 per cent in July from the same period last year.
The office said in a statement that the gap between imports and exports from January to July was 5.345 billion dollars, compared with 1.63 billion dollars in 2007, a hike of more than 200 per cent.
Imports rose 16 per cent to 5.85 billion dollars in the month compared with the same period last year, bringing total imports since January to 35.38 billion dollars, 15.8 per cent higher than the same period last year.
The July import figures brought the country's trade deficit in that month to 1.41 billion dollars, some 77.8 per cent higher than the deficit in July, 2007.
Mineral fuels, lubricants and other related materials were the country's single largest import in July, amounting to 1.764 billion dollars, or 30.2 per cent of the total.
This marked a 71.8-per cent increase from the same period last year, the office said.
Electronics products, which were formerly the country's biggest import, was second place, with 1.745 billion dollars, or 29.8 per cent of the total, the office said. This was a 17.4-per cent decrease from the same period last year.