The Philippines’ total external trade in goods in January 2018 totaled US$13.75 billion, a growth of 7% from $12.85 billion registered in the same month in 2017, according to the Philippine Statistics Authority (PSA).
PSA, in its latest report, said exports grew 0.5% to $5.22 billion in January 2018 from $5.19 billion in January 2017. The modest growth in January 2018 follows the decline in exports in December 2017, the first month since November 2016 with a recorded negative growth.
Imports likewise increased 11.4% to $8.54 billion in January 2018 from $7.67 billion in January 2017.
The growth in January exports was due to increases reflected by six of the top 10 commodities led by exports of cathodes and sections of cathodes, of refined copper to $85.24 million, reflecting the highest growth compared with the minimal export value in January 2017. The other five commodities were: gold (up 358.7%); machinery and transport equipment (up 23.6%); metal components (up 18.9%); electronic equipment and parts (up 18.3%) and electronic products (up 10.8%).
Increases in import goods
The positive performance of imports was brought by increases in eight out of top 10 major import commodities for the month: industrial machinery and equipment (up 26%); iron and steel (25%); cereals and cereal preparations (22.9%); electronic products (18.9%); telecommunication equipment and electrical machinery (13.5%); miscellaneous manufactured articles (11.4%); other food and animals (9.6%) and plastics in primary and non-primary forms (5.2%)
The country’s balance of trade in goods expanded to a $3.32 billion deficit in January 2018, higher than the $2.47 billion deficit in January 2017.
Electronic products continued to be the country’s top export earner reaching $2.62 billion and accounting for 50.3% of the total exports revenue in January 2018. It likewise accounted for the biggest share in imports, with 26.1% of the total import bill valued at $2.23 billion.
Exports of manufactured goods, with a share of 83.2% of total exports, posted $4.34 billion, a decline of 4.4% compared with the $4.55 billion export value in January 2017.
Imports of raw materials and intermediate goods accounted for the largest with 40.9% of the total import bill in January 2018, up 14.9% to $3.49 billion in January 2018 from $3.04 billion in January 2017.
Japan remains the country’s top export destination with 17.2% while China was still the biggest source of imports with 18.9%.
Exports to the Association of South East Asian Nations, of which the Philippines is a member of, went up 1.2% and was valued at $760.37 million; while imports grew 4.4% amounting to $2.08 billion.
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