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The Philippines’ merchandise trade grew 16.9% in September 2021
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This is the eighth consecutive month of improvement as both imports and exports continued to grow
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Imports jumped 24.8% while exports rose 6.3%
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Trade deficit in September 2021 advanced 76.3%
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Electronic products remained the country’s top imported and exported commodity, while the top major types of goods were raw materials and intermediate goods for imports and manufactured goods for exports
The Philippines’ merchandise trade grew 16.9% in September 2021, its eighth consecutive month of improvement as both imports and exports continued to record growth, according to latest data from the Philippine Statistics Authority.
The country’s trade amounted to US$17.35 billion in September 2021, higher than the $14.839 billion recorded in the same month last year.
Imports grew for the eighth straight month in September 2021 to $10.67 billion, 24.8% higher than the $8.552 billion recorded in September 2020.
For the January to September 2021 period, imports rose 30.3% to $84.87 billion from $65.15 billion in the same period last year.
Exports recorded its seventh consecutive month of improvement in September 2021 with $6.68 billion, up 6.3% from $6.286 billion in September 2020.
From January to September 2021, exports increased 18% year-on-year to $55.68 billion.
Of the total trade, 61.5% was imported goods, while the rest was exported goods.
Trade deficit in September 2021 increased 76.3%, amounting to $4 billion from $2.266 billion in September 2020.
The annual increment in imports was due to the increase in all the top 10 major commodity groups, which was led by mineral fuels, lubricants and related materials with a 117.4% increase. This was followed by medicinal and pharmaceutical products (105.8%) and iron and steel (67.1%).
Of the top 10 major commodity groups in value of exports, seven recorded annual increases, led by chemicals (55.4%) and followed by gold (44.3%) and cathodes and sections of cathodes (39.8%).
Electronic products remained the country’s top imported and exported commodity in September 2021. Electronic products accounted for 26.2% or $2.80 billion of the total import bill, and 57.1% or $3.82 billion of the total export bill.
In terms of major types of goods, raw materials and intermediate goods continued to be the top imported item, with a share of 42.3% or $4.51 billion of the total. For exports, manufactured goods remained the top contributor with 81.2% or $5.43 billion share to the total.
Imports of personal protective equipment (PPE) and medical supplies, including COVID-19 vaccines, jumped 748.2% to $221.93 million in September 2021 from $26.16 million in September 2020.
The total import of COVID-19 vaccines in September 2021 was valued at $181.16 million.
Exports of PPE and medical supplies, meanwhile, continued to decline by 89.1% to $1.25 million in September 2021 from $11.42 million in the same month last year. This is the eighth month of decline for exports of PPE and medical supplies.
In terms of trading partners, China remained the country’s top import source, accounting for $2.33 billion or 21.8% of the total in September 2021. This was followed by Japan (9.1%); South Korea (8.1%); Indonesia (7.6%); and the United States (6.2%).
For exports, the US was the country’s top destination in September 2021 with $1.17 billion or 17.5% share to the total export bill. This was followed by China (15.7%); Japan (14%); Hong Kong (13.7%); and Singapore (6%).