The country’s exports and imports recovered in March with double-digit growths, according to data released by the Philippine Statistics Authority (PSA) on Friday.
Based on the data, the country’s export earnings grew 31.6 percent to $6.68 billion while imports grew 16.6 percent to $9.1 billion in March.
In the first quarter, PSA data showed exports grew 7.6 percent to $17.56 billion while imports grew 3.2 percent to $25.56 billion.
PSA data showed that in March, the top 10 major commodity groups in terms of value of exports, recorded annual increases led by other mineral products which grew 195.8 percent. This was followed by chemicals at 159.8 percent and other manufactured goods at 115.7 percent.
By major trading partner, exports to People’s Republic of China comprised the highest export value amounting to $1.07 billion or a share of 16 percent to the total exports during the month.
Completing the top five major export trading partners with their export values and percent shares to the total exports were the United States of America (USA) which accounted for $992.93 million or 14.9 percent of the country’s total export.
Data showed exports to Japan reached $984.18 million or 14.7 percent of the total; Hong Kong, $835.07 million or 12.5 percent; and Singapore, $347.01 million or 5.2 percent.
Meanwhile, the growth in imports was driven by eight of the top 10 major commodity groups led by other food and live animals which posted a 30.9 percent growth.
This was followed by telecommunication equipment and electrical machinery which grew 28 percent as well as mineral fuels, lubricants and related materials which grew 21.4 percent.
The Philippines’ top import source was the People’s Republic of China was the country’s biggest supplier of imported goods valued at $2.13 billion or 23.4 percent of the total imports in March 2021.
Completing the top five major import trading partners were Japan which reached $887.15 million or 9.8 percent of the total; Republic of Korea, $663.24 million or 7.3 percent; Indonesia, $656.64 million or 7.2 percent; and USA, $618.01 million or 6.8 percent.
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