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13 MARCH 2019

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INNOVATIVE<br />

BROADSHEET<br />

2018<br />

44TH<br />

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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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