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Philippine merchandise trade grew 16.2% in April 2022
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This is the 15th consecutive month of improvement following increases in both imports and exports
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Imports grew 22.8% while exports rose 6%
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Trade deficit hit an annual increase of 54.1% to $-4.77 billion in April 2022
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Electronic products remained the top import and export commodity
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The top major types of goods for imports were raw materials and intermediate goods, and those for exports were manufactured goods
Philippine merchandise trade grew 16.2% in April 2022, the 15th consecutive month of improvement following increases in both imports and exports, according to the Philippine Statistics Authority.
Trade in April 2022 amounted to US$17.03 billion, higher than the $14.659 billion recorded year-on-year. Of the total, 64% were imported goods, while the rest were exported goods.
Highlights of the Philippine Export and Import Statistics April 2022 (Preliminary)
Trade deficit hit an annual increase of 54.1% to $-4.77 billion in April 2022.
April imports reached $10.90 billion, 22.8% more than the $8.878 billion posted in the same period last year. This is likewise the 15th straight month of increases for imports.
The growth was due to increases in eight of the top 10 major commodity groups, led by mineral fuels, lubricants and related materials with a 133.5% annual hike. This was followed by transport equipment, which rose by 44.2% annually; and cereals and cereal preparations, 39.3%.
From January to April, imports amounted to $44.22 billion, 26.7% higher than $34.90 billion year-on-year.
Exports likewise advanced 6% to $6.13 billion from $5.780 billion, the 14th consecutive month of improvement.
Of the top 10 major commodity groups, seven recorded annual increases in terms of export value, led by coconut oil (156.6%) followed by gold (53%), and other mineral products (51%).
From January to April, exports rose 8.9% year-on-year to $25.55 billion.
By commodity group, electronic products continued to be the country’s top import and export product in April 2022.
For imports, electronic products shared 23.5% or $2.56 billion of the total, and 53% or $3.25 billion of the total exports.
By major type of goods, imports of raw materials and intermediate goods accounted for the largest share of the total with $4.28 billion or 39.3% in April 2022. For exports, manufactured goods represented the biggest with $4.66 billion or 76.1%.
Imports of personal protective equipment (PPE) and medical supplies, including COVID-19 vaccines, declined 69.3% year-on-year to $16.10 million in April 2022. Of the total, imports of COVID-19 vaccines in April 2022 reached $2.44 million.
Exports of PPEs and medical supplies in April 2022 continued to drop 71.2% to $0.79 million, its 15th consecutive month of decrease.
By major trading partners, China was still the country’s biggest supplier of imported goods valued at $2.27 billion or 20.8% of the total imports in April 2022.
Other top import sources were South Korea, $1.20 billion; Indonesia, $1.01 billion; Japan, $922.55 million; and Singapore, $741.51 million.
China was likewise the top export destination in April 2022, accounting for 15.9% or $971.74 million of the total export bill. It was followed by the US, $955.17 million; Japan, $820.96 million; Hong Kong, $740.58 million; and Singapore, $419.82 million.
