-
A 13.2% growth in exports drove up the Philippines’ external trade by 3.6% in November 2022, even as imports fell for the first time since 2021
-
The export growth narrowed the country’s trade deficit by 21.9% as imports fell 1.9%
-
It was the first time imports contracted after growing for 21 straight months
-
China was still the country’s top import source and Hong Kong was the largest export destination
Exports grew 13.2% in November as imports fell for the first time since 2021, preliminary data from the Philippine Statistics Authority showed.
External trade as a result grew 3.6% in November 2022 to US$17.88 billion from $17.3 billion in the same month last year. It was the 22nd consecutive month of expansion for trade.
Of the total trade volume, 60.3% were imported goods while the rest were exported goods.
The trade deficit decreased 21.9% to $3.68 billion from $4.7 billion in November 2021, faster than the 13.4% narrowing in October 2022.
Imports declined 1.9% to $10.78 billion in November 2022, the first time after 21 consecutive months of growth that reached $10.984 billion in value a year ago.
The year-on-year narrowing of the trade gap was mainly due to declining values of four of the top 10 major commodity groups, with electronic products falling 10.1% y-o-y, the fastest drop among imports.
This was followed by transport equipment, whose value fell 8.8%; cereals and cereal preparations, which slipped 5.9%; and industrial machinery and equipment, which shed 3.5%.
Still, imports grew 20.3% y-o-y to $105.49 billion from January to November 2022.
Exports, meanwhile, rose for the third straight month in November 2022 to $7.10 billion, up 13.2% from $6.27 billion.
The export expansion was propelled by five of the top 10 commodity groups registering annual increases. These were other mineral products such as nickel oxide sinters and other intermediate products of nickel metallurgy and nickel ores, which grew 51%; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, up 23.1%; electronic products, up 22.9%; cathodes and sections of cathode, of refined copper, up 8.7%; and other manufactured goods, such as blister copper and other unrefined copper and other cigarettes containing tobacco, which rose 4.8%.
From January to November 2022, exports increased 7% to $73.17 billion from $68.37 billion in the same period in 2021.
Electronic products were still the country’s top import and export commodity groups in November 2022. Electronics accounted for 24.5% of imports, or a $2.64 billion share of the total; in exports, it shared 64.3% or $4.57 billion of the total.
By major types of goods, imports of raw materials and intermediate goods accounted for the largest share at $4.06 billion or 37.7% of the total in November 2022.
Manufactured goods, meanwhile, continued to account for the biggest share of the total exports in November 2022 at $6.05 billion or 85.2% of the total.
By major trading partner, China was again the country’s top supplier of imported goods valued at $2.6 billion or 24.1% of the Philippines’ total imports in November 2022. Next was Indonesia at $1.14 billion; followed by Japan, $927.5 million; US, $735.4 million; and South Korea, $691.74 million.
For exports, Hong Kong was the top destination with $1.16 billion or a share of 16.3% of the total exports in November 2022. It was followed by the US with $1.14 billion; Japan, $938.3 million; China, $876.27 million; and Singapore, $369.25 million.
