PH merchandise trade up 18.1% in Feb

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  • Philippine imports and exports in February expanded in double digits for the 13th month in a row
  • Merchandise trade grew 18.1%
  • Trade deficit, however, increased 30.3%
  • Imports jumped 20.1% while exports rose 15%
  • Electronic products remained the top import and export commodities

Philippine merchandise trade in February grew 18.1% for the 13th month in a row as both imports and exports recorded double-digit increases, according to preliminary data from the Philippine Statistics Authority.

Total external trade in February amounted to $15.85 billion, higher than the $13.421 billion recorded in February 2021.

Of the total, 61.1% were imported goods while the rest were exported goods.

The trade deficit increased 30.3% to $3.53 billion in February from $2.708 billion in the same month last year.

Imports registered growth for the 13th month running, increasing 20.1% to $9.69 billion from $8.064 billion in February 2021.

The annual growth in imports was due to increases in six of the top 10 major commodity groups led by mineral fuels, lubricants and related materials, which soared 131.6% year-on-year. This was followed by cereals and cereal preparations, which surged 83.8%; and other food and live animals, which jumped 23.3%.

For January-February this year, imports amounted to $20.45 billion, up 24% from $16.49 billion in the same period in 2021.

Exports grew for the 12th straight month to $6.16 billion from $5.357 billion, an improvement of 15%.

The growth was driven by year-on-year increases in eight of the top 10 major commodity groups, led by cathodes and sections of cathodes of refined copper, which soared 130.2%. This was followed by coconut oil, which climbed 118.2%, and other mineral products, up 27.5%.

For January-February, export earnings reached $12.21 billion, advancing 11.9% from the same period last year.

Among commodity groups, electronic products remained the country’s top export goods in February with $3.44 billion or 55.9% of total earnings. Electronic products were likewise the top imported goods with a value of $2.40 billion, or a share of 24.8%, of the total.

By major type of goods, exports of manufactured goods still made up the biggest portion of total exports in February at $5.03 billion representing 81.7% of the total. For imports, raw materials and intermediate goods also accounted for the largest share at $3.65 billion or 37.7%.

Imports of personal protective equipment (PPE) and medical supplies, including COVID-19 vaccines, increased 55.3% to $63.55 million in February.

This was the first time imports of COVID-related medical supplies recorded a slower increase, as it had been posting three-digit and four-digit increases since June 2021, following a decline in the import of COVID-19 vaccines in February 2022.

For the month, total imports of COVID-19 vaccines were valued at $40.60 million.

Exports of PPE and medical supplies during the month, meanwhile, dropped 46% to $0.95 million, its 13th consecutive month of decrease.

By major trading partner, China remained the country’s biggest supplier of imported goods, with a value of $1.77 billion or 18.3% of the total. The next-largest was South Korea at $1.05 billion; followed by Japan at $908.06 million; Indonesia, $705.26 million; and United States, $610.97 million.

In terms of export destinations, the US still led receiving Philippine goods worth $966.66 million or 15.7% of the total. It was followed by Japan at $900.02 million; China, $805.92 million; Hong Kong, $782.94 million; and Singapore, $409.89 million.

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