The Philippines’ total merchandise trade in January 2020 amounted to US$15.08 billion, a 4.1% increase from the $14.48 billion in the same month of the previous year, according to the Philippine Statistics Authority.
Of the total external trade, 38.4% were exported goods and 61.6% were imported goods. The improvement in January 2020 was the second straight month of increase after eight consecutive months of decline.
The country’s balance of trade in goods in January 2020 posted a $3.50 billion deficit, which was lower by 10.7% from the $3.92 billion deficit in January 2019.
Imports went up 1% to $9.29 billion from $9.20 billion in January 2019 due to the increases in seven of the top 10 major import commodities. These were mineral fuels, lubricants and related materials (20.2%); miscellaneous manufactured articles (11.6%); other food and live animals (11%); iron and steel (7.2%); transport equipment (5%); industrial machinery and equipment (2.9%); and telecommunication equipment and electrical machinery (1.7%).
This is imports’ first positive performance after nine straight months of decline last year.
Exports likewise went up 9.7% to $5.79 billion from $5.28 billion in January 2019. This was due to the increases in the export sales of seven of the top 10 major export commodities, namely, other mineral products (68.3%); gold (46%); electronic products (15.8%); cathodes and sections of cathodes, of refined copper (10.1%); other manufactured goods (7.4%); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (1.3%); and chemicals (1.2%).
By commodity group, electronic products continued to be the country’s top import, accounting for 25.3% share or $2.35 billion of the total, while also remaining as the top export with 81.3% share or $4.70 billion.
By trading partner, the United States (US) accounted for the highest value of exports, followed by Japan, Hong Kong, China, and Singapore.
China remained as the Philippines’ biggest supplier of imported goods, while the other major import trading partners were Japan, South Korea, US, and Indonesia.
READ: PH trade recovers in Dec with 2.4% growth; imports down, exports up
