THE country’s export performance continued to slow in July 2021, according to data released by the Philippine Statistics Authority (PSA) on Thursday.
Based on the External Trade Performance data, exports grew 12.7 percent, the third consecutive month exports slowed this year. The slowdown started in May 2021 when exports slowed to a year-on-year growth of 30.8 percent from the year-on-year growth of 74.1 percent posted in April, the highest for 2021.
Export performance, however, remained more robust compared to last year, when the country’s earnings contracted 8.9 percent in July 2020.
“The country’s total export sales in July 2021, amounting to $6.42 billion, increased at an annual rate of 12.7 percent, from an increase of 18.8 percent in the previous month,” PSA said in a statement.
“The cumulative export earnings from January to July 2021 amounted to $42.39 billion, a 19.7- percent increase from the export value earned from January to July 2020,” PSA also said.
Coconut oil tops list
Of the top 10 major commodity groups in terms of the value of exports, nine recorded annual increases led by coconut oil at 207.7 percent.
This was followed by cathodes & sections of cathodes, of refined copper which grew 84.6 percent, and ignition wiring set and other wiring sets used in vehicles, aircrafts and ships at 28.6 percent.
The data also showed the country’s imports receipts grew 24 percent, also the third consecutive month when import performance slowed this year.
Import growth peaked in April 2021 with a growth of 153.1 percent. After this, import growth slowed to 55.8 percent in May; 43.4 percent in June; and 24 percent in July.
The country’s top export market in July is China, which posted the highest export value of $1.04 billion or a 16.1-percent share in the total exports for the month.
“Total imported goods in July 2021, which amounted to $9.71 billion, increased at an annual rate of 24 percent,” PSA said.
“The cumulative import value from January to July 2021 amounted to $63.7 billion, representing an increment of 30.2 percent from the import value of $48.91 billion in the same period of 2020,” PSA also said.
The growth in the country’s import receipts in July 2021 was due to the increase in nine of the top 10 major commodity groups, led by mineral fuels, lubricants and related materials with 84.9 percent increase.
This was followed by iron and steel which posted growth of 62.9 percent and transport equipment with growth of 59.7 percent.
China was also the country’s top source of imports for July 2021. Beijing supplied imported goods valued at $2.15 billion or 22.1 percent of the total imports in July 2021.
Meanwhile, the country’s total external trade in goods in July 2021, which amounted to $16.13 billion, represented growth of 19.2 percent.
In the previous month, the annual increase was recorded at 32.5 percent, while in July 2020, the decline was -16.2 percent.
“Of the total external trade in July 2021, 60.2 percent were imported goods, while the rest were exported goods,” PSA said.
The country’s trade deficit expanded to $3.29 billion, representing growth of 54.1 percent.
The trade deficit in the previous month recorded an annual increase of 138.5 percent, while in July 2020, it was at -41.4 percent.
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