13 MARCH 2019
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MOST<br />
INNOVATIVE<br />
BROADSHEET<br />
2018<br />
44TH<br />
PHILIPPINES<br />
BUSINESS<br />
EXPO<br />
RACE<br />
LEADER‘S<br />
DOGS QUIT<br />
SCENT OF<br />
CONFIDENCE<br />
CASH-RICH<br />
BTr SNUBS<br />
TAP OPTION<br />
P<strong>13</strong><br />
P17<br />
P10<br />
Jun Vallecera, Editor<br />
Wednesday, <strong>13</strong> March <strong>2019</strong><br />
Daily Tribune<br />
BUSINESS<br />
9<br />
Trade deficit widens as imports rebound<br />
THE trade imbalance widened further in January<br />
to a deficit totaling $3.76 billion from only $3.16<br />
billion a year ago, trade statistics show.<br />
By AJ Bajo<br />
The country’s balance of trade in goods<br />
stood as a deficit of $3.76 billion in January,<br />
wider than the imbalance of $3.16 billion<br />
in the same month last year, the Philippine<br />
Statistics Authority (PSA) said on Tuesday.<br />
This was also a notch higher than the<br />
deficit of $3.75 billion recorded in December<br />
last year.<br />
Total external trade reached $14.31 billion,<br />
up by 2.9 percent from the $<strong>13</strong>.91 billion in<br />
the January 2018.<br />
Exports made up 36.9 percent or $5.28<br />
billion of the total external trade, while<br />
imports accounted for 63.1 percent or $9.03<br />
billion of the total.<br />
The Department of Agriculture is<br />
currently in talks with Singapore, Russia<br />
and Monaco for possible arrangements<br />
to increase Philippine agricultural<br />
export products to these countries<br />
The National Economic and Development<br />
Authority (NEDA) linked the trade imbalance<br />
during the month to a rebound in imports,<br />
aided by increases in the import values of<br />
consumer goods, capital goods, raw materials<br />
and intermediate goods.<br />
Imports went up by 5.8 percent to $9.03<br />
billion in January <strong>2019</strong>, owing to growth in<br />
eight of the top 10 major import commodities.<br />
Exports declined by 1.7 percent to $5.28<br />
billion, which NEDA attributed to lower<br />
receipts from manufactures and minerals<br />
offsetting the gains in exports of forest and<br />
total agro-based products.<br />
“The Department of Agriculture is<br />
currently in talks with Singapore, Russia<br />
and Monaco for possible arrangements to<br />
increase Philippine agricultural export<br />
products to these countries,” Socioeconomic<br />
Planning Secretary Ernesto Pernia said in a<br />
statement.<br />
NEDA is also banking on the planned<br />
conclusion of the Regional Comprehensive<br />
Economic Partnership (RCEP) agreement<br />
this year to open up market opportunities<br />
for exporters.<br />
“The RCEP would significantly benefit<br />
exporters considering that its member<br />
economies — which include ASEAN countries,<br />
Australia, China, India, Japan, Korea and<br />
New Zealand — constitute a third of global<br />
output and more than a quarter of the world’s<br />
population,” Pernia added.<br />
On the other hand, NEDA said that the<br />
delayed approval of the <strong>2019</strong> national budget<br />
and the election-spending ban is expected to<br />
stall imports growth.<br />
Japan ranked first in exports value,<br />
amounting to $884.95 million or 16.8 percent<br />
of the total exports in January <strong>2019</strong>. This is<br />
3.0 percent lower than the value in the same<br />
month, 2017.<br />
The United States of America, Hong Kong,<br />
China and Singapore were also among the<br />
top export destinations in January.<br />
Imports from China accounted for 22.2<br />
percent of the total, a 24.5 percent increase<br />
from January of 2018. Other top importers<br />
were Korea, Japan, US and Thailand.<br />
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