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Merchandise trade grew 15.2% in October 2021, its ninth consecutive month of improvement
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Imports increased 25.1% while exports rose 2%
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Trade deficit in October 2021 grew 96.1% to $-4.02 billion
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Electronic products remained the country’s top import and export commodity
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Raw materials and intermediate goods for imports and manufactured goods for exports were the top major types of goods
Philippine merchandise trade grew 15.2% in October 2021, its ninth consecutive month of improvement, according to data from the Philippine Statistics Authority.
The country’s trade amounted to US$16.84 billion in October 2021, up from $14.622 billion in the same month in 2020. This is the ninth month in a row of improvement after the February 2021 modest growth broke 12 straight months of decline since February 2020. Trade in March 2020 and the succeeding months was affected by restrictions in both production supply chains and global trade flow due to the COVID-19 pandemic.
Of the total external trade in October 2021, 61.9% were imported goods, while the rest were exported goods.
Trade deficit in October 2021 grew 96.1% to $4.02 billion from $2.048 billion in October 2020.
Imports amounted to $10.43 billion, higher by 25.1% from the $8.335 billion in October last year.
The annual increment was due to the increase in eight out of top 10 major commodity groups led by mineral fuels, lubricants and related materials with a 163.7% increase. This was followed by medicinal and pharmaceutical products (145.2%); and industrial machinery and equipment (38.4%).
From January to October 2021, imports rose 29.7% to $95.31 billion from $73.48 billion in the same period last year.
Exports likewise saw a 2% increment to $6.41 billion in October 2021 from $6.287 billion in October 2020.
Of the top 10 major commodity groups in terms of the value of exports, seven were recorded with annual increases led by coconut oil (76.9%). This was followed by cathodes and sections of cathodes, of refined copper (56.0%), and chemicals (53.7%).
From January to October 2021, exports grew 16.1% to $62.10 billion from the export value earned from January to October 2020.
Electronic products remained the country’s top imported commodity with a 27.5% or $2.85 billion share to the total. It also continued to be the country’s top export with 57% or $3.65 billion.
By major type of goods, imports of raw materials and intermediate goods still accounted for the largest share of 40.1% or $4.18 billion of the total. Manufactured goods, meanwhile, remained to have the biggest share to the total exports with 82% or $5.26 billion.
Imports of personal protective equipment (PPE) and medical supplies, including COVID-19 vaccines, increased to $186.11 million in October 2021, indicating an annual increment of 739.7% from its value in the same month of the previous year.
In October 2021, the total import of the COVID-19 vaccine was valued at $174.20 million.
Exports of PPE and medical supplies, meanwhile, continued to drop 85% to $1.35 million, marking its ninth month of decline.
In terms of trading partners, China remained the country’s top import source, accounting for $2.08 billion or 19.9% of the total in October 2021. This was followed by Japan (9.8%); South Korea (8.9%); Indonesia (7%); and the United States (6.9%).
For exports, China was also the country’s top destination in October 2021 with $1.01 billion or 15.8% share to the total export bill. This was followed by the US (15%); Hong Kong (13.5%); Japan (13.4%); and Singapore (6.1%).
