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PH merchandise trade grew 24.2% in 2021
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Merchandise trade jumped to $192.53 billion in 2021 from $155.03 billion in 2020 as both imports and exports recovered from declines in 2020
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Imports grew 31.3% while exports rose 14.5%
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The country recorded a trade deficit of $43.23 billion in 2021
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Electronic products remained the top imported and exported commodity, while manufactured goods and raw materials were the top exported and imported type of goods, respectively
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China remained the country’s top import source while the USA accounted for the largest share of exports
The Philippines’ merchandise trade grew 24.2% to US$192.53 billion in 2021 from $155.03 billion in 2020 as both imports and exports recovered from declines in 2020, data from the Philippine Statistics Authority showed.
The growth in 2021 followed a 15.1% decline in 2020 as a result of the COVID-19 pandemic. Trade also finally recorded an increase in February 2021, breaking 12 consecutive months of decline.
Still, a trade deficit of $43.23 billion was recorded in 2021, reflecting a 31.3% annual increase.
Imports amounted to $117.88 billion, 31.3% higher than the $89.812 billion in 2020.
The annual increment was due to increase in all the top 10 major commodity groups led by medicinal and pharmaceutical products which soared 99%. This was followed by mineral fuels, lubricants and related materials which rose by 91.5%, and iron and steel by 40.9%.
Except in January, imports recorded growth in all months of 2021.
Exports likewise went up 14.5% to $74.65 billion from $65.21 billion in 2020, as a result of growth in nine of the top 10 major commodity groups. The improvement was led by coconut oil, which advanced 59.2%, followed by chemicals (48.8%), and cathodes and sections of cathodes, of refined copper (45%).
Exports have recorded growth every month since March 2021.
In terms of commodity group, exports of electronic products continued to be the country’s top export in 2021 with total earnings of $42.49 billion or 56.9% of the total. It was also still the most imported commodity, accounting for 26.9% or $31.74 billion of the total import bill.
By major type of goods, exports of manufactured goods represented the biggest chunk of total exports, amounting to $61.87 billion or an 82.9%.
Accounting for the largest share of imports is raw materials and intermediate goods with $47.99 billion or a 40.7% share.
Imports of personal protective equipment and medical supplies, including COVID-19 vaccines, increased 598.1% to $2.11 billion in 2021. Imports of COVID-19 vaccines was valued at $1.73 billion last year.
Exports of PPE and medical supplies, on the other hand, dropped 81.6% to $20.09 million, after recording declines in all months of 2021 except January.
For major trading partners, China remained the country’s biggest supplier of imported goods valued at $26.80 billion or 22.7% of the total imports in 2021. It was followed by Japan (9.4%), South Korea (7.9%), Indonesia (7.2%), and the US (6.6%).
For exports, the US accounted for the largest share of $11.85 billion or 15.9% of the total export bill. It was followed by China (15.5%), Japan(14.4%), Hong Kong(13.3%), and Singapore (5.6%).
