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For the 17th month running, the country’s merchandise trade grew 16.1% in June 2022
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Imports improved 26% while exports grew 1%
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This led to the widening of the trade deficit by 75.4% to US$5.84 billion
The Philippines’ external trade grew 16.1% in June 2022, mainly due to a surge in imports that drastically widened the trade deficit, preliminary data from the Philippine Statistics Authority showed.
Trade increased to US$19.13 billion in June from $16.483 billion a year ago, its 17th consecutive month of growth.
Of the total trade in June, 65.3% were imported goods, while the rest were exported goods.
The trade deficit grew 75.4% year-on-year to $5.84 billion in June.
Imports also recorded its 17th consecutive month of expansion in June, jumping 26% y-o-y to $12.49 billion from $9.907 billion.
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The annual growth in the value of imported goods in June 2022 came mainly from higher value of nine of the top 10 major commodity groups, led by mineral fuels, lubricants, and related materials at 125.1%.
This was followed by iron and steel, which rose 34.3% y-o-y; and telecommunication equipment and electrical machinery, up 23.1%.
From January to June 2022, imports amounted to $68.32 billion, a 26.7% increase from $53.93 billion in the same period last year.
Exports grew 1% in June to $6.64 billion from $6.576 billion in June last year. This is export’s 16th straight month of increases.
Of the top 10 major commodity groups, five posted annual increases in terms of export value. These were led by other mineral products, up 75.8%, followed by coconut oil, up 63.2%, and chemicals, 31.4%.
For the first six months of the year, exports rose 7.1% y-o-y to $38.53 billion.
By commodity group, electronic products remained the country’s top export in June with total earnings of $3.52 billion, or 53% of the total. Electronic products were also the most imported commodity group, accounting for $2.87 billion or 22.9% of the total in June this year.
By major type of goods, exports of manufactured goods had the biggest share of total exports with $5.22 billion, or a 78.6%. For imports, raw materials and intermediate goods had the largest share of total with $4.63 billion or 37.1%.
Imports of personal protective equipment (PPE) and medical supplies, including COVID-19 vaccines, fell to $17.42 million in June, a drop of 76.7% y-o-y.
In June 2022, total imports of COVID-19 vaccines were valued at $2.02 million.
Exports of PPE and medical supplies, meanwhile, rose 65.6% to $0.96 million from $0.58 million in June 2021. This was the first increase recorded for exports of PPE and medical supplies after 16 consecutive months of decrease.
By major trading partners, China remained the country’s biggest supplier of imported goods valued at $2.55 billion, or 20.4% of the total in June. It was followed by Indonesia, $1.32 billion; Japan, $1.18 billion; South Korea, $1.18 billion; and Singapore, $801.27 million.
The United States was the top export destination, with a $1.05 billion or a 15.8% share of the total.
Other major export destinations were Japan, $1.03 billion; China, $868.68 million; Hong Kong, $826.73 million; and Singapore, $482.89 million.
