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THE country’s trade deficit widened last year on the back of
higher imports across almost all major commodity groups, the Bangko
Sentral ng Pililpinas (BSP) said Tuesday.
The central bank said the trade-in-goods deficit
widened 22.3 percent to $8.2 billion last year from $6.7 billion the
previous year, as imports grew faster at 8.1 percent as against the
6 percent rise in exports.
“Notable increases of more than 20 percent
were observed in imports of mineral fuels and lubricants and
consumer goods while the expansion in capital goods imports remained
steady at 1.9 percent,” the BSP said.
In the fourth quarter alone, the trade-in-goods
deficit widened 50.6 percent to $2.7 billion year-on-year, as the
country’s purchases from abroad shot up 14.6 percent compared with
the slower 9.1 percent rise in Philippine sales of goods abroad.
Exports of goods reached $12.7 billion in that
quarter from $11.7 billion in the same period in 2006. The growth
was driven largely by higher shipments of manufactured goods with 83
percent of the total, led by electronics products, processed food
and beverages, chemicals, wood manufactures, and travel goods and
handbags.
Exports of machinery and transport equipment
also grew, while garments shipments dropped 16.1 percent but
remained the second leading source of dollars.
Shipments of mineral products and agricultural
products like coconut, fruits and vegetables, sugar, and other
agro-based posted gains year-on-year.
Imports of goods, however, rose to $15.5 billion
from the year-ago level of $13.5 billion. All major commodity groups
posted year-on-year increments during the last quarter.
In particular, imports of mineral fuels and
lubricants jumped 58.6 percent to $2.9 billion due to higher
procurement of petroleum crude and other mineral fuels and
lubricant. Purchases of consumer goods at $1.3 billion also posted a
hefty increase of 47.6 percent.
-- Chino S. Leyco
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