PH imports, exports post double-digit growth in March

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Philippine imports rose 16.6% in March while exports grew by 31.6%. Image by Hands off my tags! Michael Gaida from Pixabay
  • Philippine merchandise trade grew for the second consecutive month in March 2021, registering a double-digit growth of 22.5% as both imports and exports grew
  • Imports and exports grew 16.6% and 31.6%, respectively
  • Electronic products remained the country’s top import and export commodity group, while top type of imported good is still raw materials and intermediate goods and manufactured goods for exports
  • China was the main source and destination of the country’s trade in March 2021

The Philippines’ merchandise trade grew for the second consecutive month in March 2021, registering a double-digit growth of 22.5% as both imports and exports grew, data from the Philippine Statistics Authority showed.

Trade in March 2021 increased to US$15.78 billion from $12.884 billion in the same month last year. This is the second consecutive month of improvement, after the February 2021 modest growth broke 12 straight months of declines since February 2020. Trade in March 2020 and the succeeding months was affected by the restrictions in both production supply chains and global trade flow due to the coronavirus disease pandemic.

Of the total external trade in March 2021, 57.6% were imported goods while the rest were exported goods.

Imports rose 16.6% in March 2021 to $9.10 billion from $7.805 billion in March 2020. This is also the second straight month of increase after registering a downward trend from May 2019 to January 2021.

The increment was due to the increase in sales of eight of the top 10 major commodity groups, which were led by other food and live animals. This was followed by telecommunication equipment and electrical machinery; and mineral fuels, lubricants and related materials.

Exports likewise grew 31.6% to $6.68 billion from $5.079 billion in March 2020.

All the top 10 major export commodity groups recorded annual increases led by other mineral products and followed by chemicals and by other manufactured goods.

Electronic products remained the country’s top import and export commodity group in March 2021, accounting for $2.50 billion, or a share of 27.5% of total imports and $3.60 billion or 53.8% of total exports.

By major type of goods, imports of raw materials and intermediate goods accounted for the largest share of $3.66 billion or 40.3% of the total in March 2021. Manufactured goods, meanwhile, was the top export with $5.57 billion or 83.3% of the total.

Imports of personal protective equipment and medical supplies including COVID-19 vaccine in March 2021 increased to $45.87 million, an increment of 173.5% from their value in the same month of the previous year.

In March 2021, the total import of COVID-19 vaccine was valued at $14 million.

Exports of PPE and medical supplies in March 2021, on the other hand, dropped 85.8% to $2.42 million. Decreases were noted in the export of other face mask (non-surgical/non-medical masks including masks made of cloth), and surgical face mask. However, export value of protective clothing climbed at an annual rate of 342.5% during the month.

By major trading partners, exports to China comprised the highest value, followed by the US, Japan, Hong Kong, and Singapore.

In terms of imports, China remained as the Philippines’ biggest supplier, with Japan, South Korea, Indonesia, and the US among the other major import partners.