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The Philippines’ total external trade grew 18.9% year on year in the first semester of 2022 as both imports and exports increased
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Imports rose 26.7% y-o-y while exports improved 7.1% y-o-y
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The trade deficit grew 66.1% y-o-y
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Electronic products remained the leading import and export commodity group, with raw materials and intermediate goods being the top major imported items, and those for exports were manufactured goods
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China was still the top import source while the United States was the top export destination
The country’s total external trade grew 18.9% year on year in the first half of 2022 as imports and exports grew, but the greater value of imports increased the trade deficit further, Philippine Statistics Authority data show.
Trade in January to June 2022 rose to US$106.87 billion from $89.90 billion in the same semester of 2021.
Of the total, 64% were imported goods and the rest were exported goods.
The trade deficit, meanwhile, widened 66.1% to $29.82 billion from $17.95 billion in the first half of 2021.
Imports in the first half of 2022 increased 26.7% to $68.35 billion from $53.93 billion in the same period last year as the values of all the top 10 major commodity groups surged.
The value of mineral fuels, lubricants and related materials rose the fastest at 117.7%. Cereals and cereal preparations followed with a 42.9% increase while transport equipment grew 39.1%.
Exports improved 7.1% y-o-y to $38.53 billion from $35.98 billion as the value of six of the 10 major commodity groups rose. Coconut oil gained 121.3%, other mineral products surged 41.2%, chemicals grew 9.7%, cathodes and sections of cathodes of refined copper added 5.0%, electronic products expanded 4.4%), and other manufactured goods edged up 2.6%.
By commodity groups, electronic products remained the country’s top import and export segment, accounting for $16.27 billion or 23.8% of total imports, and $21.17 billion or 54.9% of total exports.
By major type of goods, exports of manufactured goods still took the lion’s share with $30.39 billion or 78.9% of the total. Raw materials and intermediate goods also remained the top imports with $26.54 billion or 38.8% of the total import bill.
Imports of personal protective equipment (PPE) and medical supplies, including COVID-19 vaccines, grew to $683.48 million in the first semester of 2022, up 118.7% from $312.49 million in first-half 2021.
COVID-19 vaccines accounted for $566.71 million of the total.
Exports of PPEs and medical supplies fell 46.1% y-o-=y to $6.44 million from $11.95 million.
In terms of major trading partners, China remained the country’s top import source, accounting for $13.5 billion or 19.8% of the Philippines’ total imports in the first semester of 2022.
Next was South Korea, which accounted for 10.2%, followed by Japan with 9.3%, Indonesia, 8.4%, and USA, 6.4%.
The US remained the Philippines’ top export market with a value of $5.94 billion or 15.4% of the total. Other leading export destinations were China at 14.5%; Japan, 14.3%; Hong Kong, 12.7%, and Singapore, 6.6%.
