China is Philippines' top trading partner in first semester 2019: statistics authority

Source: Xinhua| 2019-10-14 19:44:50|Editor: Li Xia
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MANILA, Oct. 14 (Xinhua) -- China is the Philippines' top trading partner in the first semester of 2019 with a total trade worth 16.43 billion U.S. dollars or 18.8 percent of the total trade, the Philippine Statistics Authority (PSA) said on Monday.

According to the PSA, export receipts from China stood at 4.62 billion U.S. dollars, while payment for imports was valued at 11.80 billion U.S. dollars, resulting in a 7.18 billion U.S. dollars trade deficit.

Export-wise, the PSA said the biggest sales came from electronic products at 2.52 billion U.S. dollars or 54.6 percent of the Philippines' exports to China.

The PSA said imported goods purchased from China consisted of electronic products worth 2.83 billion U.S. dollars or 23.9 percent of the Philippines' total imports.

The PSA said China and the Philippines' nine other top trading partners contributed a total trade worth 67.95 billion U.S. dollars or 77.8 percent to the total external trade in the first semester of 2019.

The PSA said Japan was the country's second largest trading partner in the first semester of 2019, accounting for a total trade worth 10.16 billion U.S. dollars or 11.6 percent of the Philippines' total trade.

PSA data showed that exports to Japan totaled at 5.15 billion U.S. dollars while imports were valued at 5.01 billion U.S. dollars, posting a trade surplus of 134.22 million U.S. dollars.

The United States placed third, accounting for 10.9 percent or 9.53 billion U.S. dollars total trade in the first semester of 2019. Receipts from exports to the U.S. were valued at 5.63 billion U.S. dollars while payment for imports totaled to 3.91 billion U.S. dollars, reflecting a trade surplus of 1.72 billion U.S. dollars, the PSA said.