PHL external trade growth slows to 6.3% in September – PSA


THE country’s export and import performance slowed in September, according to the preliminary External Trade Performance report released by the Philippine Statistics Authority (PSA) on Friday.

PSA data showed exports growth is back in single-digit growth to 6.3 percent in September following a growth of 18.9 percent in August 2021.

Imports, the data also showed, slowed to 24.8 percent in September following a growth of 30.9 percent in August.

However, both exports and imports growth remained higher than the 3.4 percent and contraction of 9.9 percent in September 2020, respectively.

PSA data showed the country’s total export sales in September 2021 amounting to $6.68 billion.

Of the top 10 major commodity groups in terms of the value of exports, seven recorded annual increases led by chemicals at 55.4 percent.

This was followed by gold at 44.3 percent, and cathodes & sections of cathodes, of refined copper at 39.8 percent.

Meanwhile, import receipts amounted to $10.67 billion. The cumulative import value from January to September 2021 amounted to $84.87 billion, representing an increment of 30.3 percent from the import value of $65.15 billion in the same period of 2020.

“The annual increment of imported goods in September 2021 was due to the increase in all the top 10 major commodity groups which was led by mineral fuels, lubricants and related materials with 117.4 percent increase,” PSA said.

This was followed by medicinal and pharmaceutical products which posted growth of 105.8 percent and iron and steel,  67.1 percent.

Trading partners
By major trading partner, exports to the United States of America (USA) comprised the highest export value of $1.17 billion or a share of 17.5 percent to total exports during the month.

The major export trading partners with their export values and percent shares to the total exports were led by the People’s Republic of China which purchased 1.05 billion worth of goods from the Philippines, representing 15.7 percent of the country’s export earnings for September.

Other top export markets were Japan with $936.63 million or 14 percent of total export earnings; Hong Kong, $917.19 million or 13.7 percent; and Singapore, $402.58 million or 6 percent.

In terms of import sources, the People’s Republic of China was the country’s biggest supplier of imported goods valued at $2.33 billion or 21.8 percent of the total imports in September 2021.

The top five import sources in September included Japan which accounted for $970.65 million or 9.1 percent of the country’s total import receipts.

This was followed by the Republic of Korea with $862.61 million or 8.1 percent of the total; Indonesia, $810.96 million or 7.6 percent; and USA, $659.50 million or 6.2 percent.

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