PH Jan trade grows 20.1% on imports surge

0
700
Image by myUKhub2 from Pixabay
  • January’s 20.1% year-on-year Philippine merchandise trade growth marks 12th straight month of improvement
  • The trade deficit during the month widened 63.2% to -$4.7 billion as imports surged 27.5%, its 12th month of increase, and exports rose 8.9%
  • Electronics were the top import and export commodity

Philippine merchandise trade grew 20.1% year-on-year in January, marking its 12th consecutive month of expansion as both imports and exports increased, according to preliminary data from the Philippine Statistics Authority (PSA).

External trade in the first month of the year reached $16.78 billion, higher than the $13.972 billion recorded in January 2021.

Of the total, 64% were imported goods, while the rest were exported goods.

The country’s trade deficit widened by 63.2% to -$4.7 billion from -$2.878 billion a year ago as imports surged 27.5% year-on-year to $10.74 billion from $8.425 billion in January 2021.

This is likewise the 12th consecutive month of positive annual growth for imports, with imports of nine of the top 10 major commodity groups surging led by medicinal and pharmaceutical products, which shot up 240.9% y-o-y. This was followed by mineral fuels, lubricants, and related material imports, which grew 97.2% year-on-year, and transport equipment, 46.2%.

Exports rose 8.9% to $6.04 billion from $5.547 billion in January 2021, marking its 11th month of increase since March 2021.

Of the top 10 major commodity groups in terms of export value, five recorded annual increases, led by coconut oil at 110.1%; then other manufactured goods, 53.4%; and cathodes and sections of cathodes made of refined copper, 46%.

Among commodity groups, electronic products remained the country’s top import, with a 26% or $2.79 billion share of the total January 2022 bill. It was also the top exported commodity with a 58% or $3.51 billion share of the total.

By major type of goods, imports of raw materials and intermediate goods still accounted for the largest share or 41.3% of total imports worth $4.43 billion in January. Manufactured goods, on the other hand, were the top exports in January with an 83.7% share or $5.06 billion of the total.

Imports of personal protective equipment (PPE) and medical supplies, including COVID-19 vaccines, surged 1,103.6% to $303.74 million in January. The total import of COVID-19 vaccines was valued at $278.65 million in January.

Exports of PPE and medical supplies, meanwhile, dropped 53.2% to $1.33 million in December 2021, the segment’s 12thh consecutive month of decline.

By major trading partner, China remained the country’s biggest supplier of imported goods, accounting for $2.07 billion or 19.3% of the total value. Next was South Korea at $1.06 billion; Japan, $946.92 million; the US, $765.02 million; and Singapore, $616.74 million.

For exports, the US was still the top destination with $934.77 million or a 15.5% share of total exports during the month. China followed with $885.06 million; Japan, $826.59 million; Hong Kong, $738.94 million; and Singapore, $413.54 million.

RELATED ARTICLESMORE FROM AUTHOR