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Philippine imports jumped 31.4% while exports increased 21.1% in the first half of the year
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The total merchandise trade grew 27.1% to US$89.96 billion
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Trade deficit rose 58.4% to $18.02 billion
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Electronic products was still the top imported and exported commodity, while the top type of goods was raw materials and intermediate goods for imports and manufactured goods for exports
Philippine imports and exports registered double-digit increases in the first half of the year from the same period last year.
Imports jumped 31.4% to $53.99 billion from $41.080 billion while exports grew 21.1% to $35.97 billion from $29.71 billion, according to the Philippine Statistics Authority.
Total merchandise trade increased 27.1% in the first half of 2021 to US$89.96 billion from $70.79 billion.
Trade has been recording monthly improvements since February 2021 after posting 12 straight months of decline. Restrictions in production supply chains and global trade flow as well as local lockdowns due to the COVID-19 pandemic affected local trade last year, especially in the second quarter.
Imported goods represented 60% of the total external trade and exported goods the rest.
Trade deficit grew 58.4% to $18.02 billion in the first half of 2021 from $11.374 billion year-on-year. This is a reversal from the 44.3% decline in deficit in the same semester last year and 34.7% decrement in the second half of 2020.
The jump in imports was due to increases in all of the top 10 major import commodities. The annual rate of increase was observed to be fastest in mineral fuels, lubricants and related materials (51.8%); plastics in primary and non-primary forms (42.3%); and other food and live animals (41.2%).
Of the top 10 major commodity groups in terms of export value, nine recorded annual increases, led by chemicals (66.3%); metal components (63.4%); and ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (57.7%).
By commodity group, electronic products remained the country’s top import with an import value of $14.81 billion or a share of 27.4% in the first semester of 2021. It was also the top exported commodity with $20.27 billion or 56.3% share to total.
By major type of goods, imports of raw materials and intermediate goods accounted for the largest share with$21.85 billion or 40.5% share of the total in the first semester of 2021. In terms of exporters, manufactured goods hadthe highest share, amounting to $29.97 billion or 83.3% share.
China remained the Philippines’ biggest supplier, while Japan, South Korea, Indonesia and the United States were the other major import trading partners.
For exports, the US was the top destination, followed by China, Japan, Hong Kong and Singapore.
