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The PH external trade in July grew 11.4%
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Growth was fuelled by record 21.5% jump in imports but exports fell 4.2%, the first contraction since March 2021
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July trade deficit widened 69.1% year-on-year to US$5.93 billion
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Electronic products still led the top import and export commodities, while the top major types of imports were raw material and intermediate goods; those for exports were manufactured goods
The Philippines’ external trade in July grew 11.4% as imports continued to record increases while exports declined for the first time since March 2021, preliminary data from the Philippine Statistics Authority (PSA) showed.
Trade improved for the 18th month in a row in July, growing to US$18.35 billion from $16.476 billion in July 2021, the PSA said in a statement.
RELATED READ: PH trade grows 16.1% in June; deficit widens 75.4%
Of the PH external trade in July, 66.1% were imported goods while the rest were exported goods.
The trade deficit in July was $5.93 billion, increasing 69.1% from a year earlier.
Imports sustained growth for the 18th consecutive month in July, increasing 21.5% to $12.139 billion from $9.991 billion in the same month last year.
Imports grew mainly due to the values of nine of the top 10 major commodity groups mineral fuels, lubricants, and related materials growing at the fastest annual rate of 86.%. This was followed by values of cereals and cereal preparations, which rose 64.7% annually; and transport equipment by 46.6%.
From January to July 2022, imports amounted to $80.49 billion, up 25.9% from $63.92 billion in the same period last year.
Exports, on the other hand, dropped for the first time after 16 straight months of increases. They declined 4.2% to $6.212 billion from $6.485 billion in July 2021.
Four of the top 10 major commodity groups recorded annual decreases in export value, namely cathodes and sections of cathodes of refined copper (down 39.9%), metal components (down 11.3%), other mineral products (down 9.7%), and electronic products (down 7.9%).
From January to July 2022, however, exports rose 5.4% y-o-y to $44.74 billion.
Electronic products continued to be the country’s top export commodity group in July 2022 with total earnings of $3.39 billion, or a 54.6% share of the total. Electronics also remained as the country’s top imports, accounting for $2.77 billion or 22.8% of the total.
By major type of goods, exports of manufactured products accounted for the lion’s share with $4.98 billion, or 80.1% of the total in July 2022. Imports of raw materials and intermediate goods, meanwhile, still made up the largest share with $4.67 billion, or 38.5% of the total.
Imports of personal protective equipment (PPE) and medical supplies, including COVID-19 vaccines, declined 53.8% ,to $57.49 million in July 2022 from $124.34 million in the same month last year.
Of the total value, COVID-19 vaccines comprise $37.97 million.
Exports of PPEs and medical supplies likewise dove 55% to $0.61 million from $1.36 million in July 2021.
By major trading partners, China remained the country’s biggest supplier of imported goods valued at $2.43 billion, or 20% of the total imports in July 2022. This was followed by South Korea, $1.28 billion; Indonesia, $1.22 billion; Japan, $1.06 billion; and Singapore, $759.75 million.
For exports, the United States still accounted for the highest export value, which was $1.06 billion, or 17% of the total. It was followed by Japan, $903.62 million; China, $798.66 million; Hong Kong, $768.95 million; and Singapore, $427.25 million.
