The trade imbalance widened further in July to USD4.9 billion from only USD4.1 billion a year ago as the economy bought far more foreign goods than it sold in world markets during the period, the Philippine Statistical Authority reported on Tuesday.
This was the widest the trade deficit had been since March last year and brought the nine-month trade imbalance to USD29.9 billion.
Data show imports grew 7.2 percent in July to USD11.1 billion on account of higher purchases of foreign goods, much of it in the form of electronic products equal to 11.8 percent of total imports.
But the biggest of the foreign purchases pertain to industrial machinery that accounted for 19.2 percent of imports and by transport equipment equal to 2.2 percent of total.
According to the PSA, the bulk of foreign purchases were from China aggregating 12.7 percent, from Indonesia 8.5 percent and from Japan with 8 percent.
The country’s exports grew by only 0.1 percent to USD6.2 billion in the form of manufactured goods comprising the bulk or 33.3 percent of exports, machinery and transport equipment accounting for 29.1 percent, mineral products of 18.2 percent and wiring sets for vehicles, ships and aircraft of another 4.2 percent.
These goods, data show, were shipped to the US (16.9 percent), Japan (14 percent) and China (12.7 percent.
