-
Philippine merchandise trade grew 24% in November 2021, the 10th consecutive month of improvement
-
Imports increased 36.8% while exports grew 6.6%
-
The trade deficit in November 2021 surged 119.5% to $4.71 billion
-
Electronic products remained the country’s top imported and exported commodity
-
The top major types of imports were raw materials and intermediate goods, and for exports manufactured goods
Philippine merchandise trade grew 24% in November 2021, the country’s 10th consecutive month of improvement as both imports and exports recorded increases, according to data from the Philippine Statistics Authority.
In November 2021, the country’s total external trade in goods amounted to US$17.25 billion, up from $13.91 billion recorded in the same month in 2020.
Of the total external trade in November last year, 63.6% were imported goods, while the rest were exported goods.
Trade deficit in November 2021 amounted to $4.71 billion, an annual surge of 119.5% from $2.144 billion deficit in November 2020.
Imports rose 36.8% to $10.98 billion in November 2021 from $8.027 billion in November 2020.
The annual increment was due to the increase of all the top 10 major commodity groups, which was led by medicinal and pharmaceutical products with 231.1% annual increase. This was followed by imports increases in mineral fuels, lubricants, and related materials (141.2%); and cereals and cereal preparations (132.4%).
For the period January to November 2021, imports rose 30.4% to $106.30 billion from $81.51 billion in the same period of 2020.
Exports likewise grew 6.6% to $6.27 billion in November 2021 from $5.883 billion in the same month in 2020.
Of the top 10 major commodity groups, six recorded annual increases, led by coconut oil (95%), and followed by electronic equipment and parts (33.9%) and chemicals (31.8%).
From January to November 2021, exports amounted to $68.37 billion, a 15.2% increase compared to the export value earned from January to November 2020.
Electronic products continued to be the country’s top imported commodity, accounting for $2.94 billion or 26.8% of the November 2021 import bill. It was also still the top exported commodity with $3.71 billion or 59.2% share in the total exports for November 2021.
By major types of goods, raw materials and intermediate goods accounted for the largest share in imports with $4.25 billion or 38.7% of the total, while manufactured goods had the biggest share in total exports with $5.29 billion or 84.4%.
Imports of personal protective equipment (PPE) and medical supplies, including COVID-19 vaccines, increased 1,670.8% to $341.04 million in November 2021.
In November 2021, the total import of the COVID-19 vaccine was valued at $311.61 million.
Exports of PPE and medical supplies continued to drop by 71.6% to $1.29 million in November 2021, the 10th consecutive month of decline.
In terms of trading partners, China was still the country’s biggest supplier of imported goods, valued at $2.28 billion or 20.8% in November 2021.
It was followed by South Korea (10%), Japan (9.8%), Indonesia, (8.4%), and Thailand (6.1%).
In terms of exports, the US was on top with $997.85 million or 15.9% of the total export bill. This was followed by China (14.1%), Japan (14%), Hong Kong (13.3%), and Singapore (5.7%).
