High diamond exports extend trade surplus

Isaac Pinielo | Thursday August 24, 2017 16:39

 

Total exports for that month were valued at P5.38 billion, showing an increase of 41.5% from the April 2017 value of P3.80 billion.

According to SB, the increase is mainly due to a rise of 41.3% in diamond exports, from P3.53 billion in April 2017 to P4.99 billion in May 2017.

The total exports value for May 2017, compared to that of the same month in 2016 shows a decrease of 38.9% from P8.81 billion to P5.38 billion.

The decrease is blamed on the drop in exports of diamonds, which fell by 37.2% from P7.95 billion in May 2016 to P4.99 billion during the period under review.

Copper and nickel also registered a decrease of 97.5% from P265.7 million in May 2016 to P6.5 million reported in the current month. During the month under review, exports destined for Asia were valued at P3.26 billion, representing 60.6% of total exports. India and the United Arab Emirates (UAE) received exports representing 17.7% and 16.9% respectively, during the month under review.

Singapore, Israel and Hong Kong followed with 10%, 9.5% and 4.8% respectively, of total exports. The major commodity exported to Asia was diamonds, representing 99.8% of all goods exported to that region. The European Union (EU) region received exports valued at P1.19 billion, representing 22.1% of total exports during the period under review. Belgium was the main destination of exports to the EU, having received 21.1% of total exports during May 2017, mainly attributed to exports of diamonds.

Exports destined to the Southern African Customs Union region were valued at P558.9 million, representing 10% of total exports for the month. Namibia and South Africa received exports accounting for 5.3% and five percent respectively, of total exports during the same period.

The major commodity exported to Namibia was diamonds, representing 91.2% of total exports to the country. The United States of America (USA) and Switzerland received 2.8% and 1.9% respectively.

The major commodity exported to the USA and Switzerland was diamonds, representing 99.7% and 70.6% of total exports to the respective countries, during the month under review.

On the other hand, total imports for May 2017 were valued at P4.25 billion showing a decrease of 17.9% from the April 2017 value of P5.17 billion.

This decrease was mainly attributed to the decrease of 31.6% in diamonds imports from P1.75 billion in April 2017 to P1.19 billion in May 2017.

Machinery and electrical equipment also contributed to the decrease, having recorded a decrease of 29.3% from P667.4 million during April 2017 to P471.8 million in May 2017. Fuel recorded a decrease of 22.4% from P829.6 million during April 2017 to P643.4 million during the month under review. Comparison of imports for May 2017 and May 2016 shows a decrease of 9.9%, from P4.71 billion recorded during May 2016 to P4.25 billion recorded during the reference month. The decrease was mainly due to the 37.2% decrease in imports of fuel, from P1.03 billion during May 2016 to P643.4 million in May 2017.

Machinery and electrical equipment also decreased by 38%, from P761.4 million during May 2016 to P471.8 million during the month under review.