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Total Philippine merchandise trade grew 26.8% in June 2021, its fifth consecutive month of improvement
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Imports increased for the fifth straight month by 34.2%
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Exports rose for the fourth straight month by 17.6%
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Trade deficit jumped 98.5%
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Electronic products remained the country’s top import and export commodity group
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Top import type was raw materials and top export type, manufactured goods
The Philippines’ merchandise trade grew 26.8% in June 2021, its fifth consecutive month of improvement, as both imports and exports recorded double-digit increases, according to the Philippine Statistics Authority.
Trade in June 2021 amounted to US$15.84 billion from $12.487 billion in June 2020. This is the fifth month in a row of improvement in trade after the February 2021 modest growth broke 12 straight months of decline since February 2020. Trade in March 2020 and the succeeding months was affected by restrictions in both production supply chains and global trade flow due to the COVID-19 pandemic.
Of the total trade in June 2021, imported goods represented 58.9% and exported goods the rest.
Trade deficit, however, increased 98.5% to $2.83 billion in June 2021, but slower than the 141.4% increase in May 2021.
Imports rose 34.2% in June 2021 to $9.33 billion from $6.956 billion in the same month last year due to higher shipments in nine of the top 10 major commodity groups led by mineral fuels, lubricants and related materials with a 131.8% growth. This was followed by transport equipment (129.5%) and iron and steel (120.4%).
June was likewise the fifth consecutive month of growth for imports after registering a downward trend from May 2019 to January 2021.
For the first six months of the year, imports posted a 29.8% increment to $53.34 billion from $41.08 billion year-on-year.
Exports grew 17.6% to $6.51 billion from $5.532 billion in June 2020. This is the fourth month in a row of improvement for exports.
Of the top 10 major commodity groups for exports, nine recorded annual increases led by cathodes and sections of cathodes, of refined copper (161.1%). This was followed by ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (53.4%), and other manufactured goods (40.5%).
For the January to June 2021 period, exports amounted to $35.90 billion, 20.9% higher than in the same period last year.
Electronic products remained the country’s top import commodity, accounting for 26.7% share or $2.49 billion. It was also still the top exported commodity, contributing 57.1% or $3.72 billion to the total.
By major type of goods, imports of raw materials and intermediate goods still accounted for the largest share of 40.8% or $3.81 billion. Exports of manufactured goods also had the biggest share with 83.5% or $5.43 billion.
Imports of personal protective equipment and medical supplies, including COVID-19 vaccine, in June 2021 jumped 103.4% year-on-year to $71.96 million. For the month, the total import of the COVID-19 vaccine was valued at $43.49 million.
Exports of PPE and medical supplies, meanwhile, continued to decline, posting a 74.4% drop to $0.58 million in June 2021.
In terms of trading partners, China remained the Philippines’ biggest supplier while Japan, South Korea, US, and Indonesia were the other major import trading partners.
For exports, the US was the top destination, followed by China, Japan, Hong Kong, and Singapore.
