Trade in goods reached $12.91B in February

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THE country’s total external trade in goods in February 2021, which amounted to US$12.91 billion, grew at an annual rate of 0.6 percent.

Of the total external trade in February 2021, 58.9 percent were imported goods, while the rest were exported goods, the Philippine Statistics Authority said.

The country’s total export sales in February 2021 reached $5.31 billion, down 2.3 percent compared to the same month last year.

Export earnings from January to February 2021 amounted to $10.83 billion, lower by 3.6 percent than the export value earned from January to February last year.

By commodity group, electronic products continued to be the country’s top export in February 2021 with total earnings of $2.98 billion, followed by other manufactured goods with an export value of $350.35 million (6.6 percent); and export of machinery and transport equipment which amounted to $205.86 million (3.9 percent).

By major type of goods, exports of manufactured goods shared the highest to the total exports in February 2021, amounting to $4.53 billion (85.3 percent). This was followed by total agro-based products with a share of $336.63 million (6.3 percent), and mineral products which contributed $318.03 million (six percent).

By major trading partner, exports to the US comprised the highest export value, amounting to $895.74 million or a share of 16.9 percent of the total exports during the month. Exports to Japan came second at $880.59 million (16.6 percent); Hong Kong, $659.22 million (12.4 percent); China, $639.42 million (12 percent); and Thailand, $260.24 million (4.9 percent)

Imports

Meanwhile, total imported goods in February 2021 amounted to $7.60 billion up by 2.7 percent after registering a downward trend from May 2019 to January 2021.

The annual increment of imported goods in February 2021 was due to the increase in seven of the top 10 major commodity groups which was led by telecommunication equipment and electrical machinery (23.2 percent) followed by other food and live animals (13.7 percent); and plastics in primary and non-primary forms (8.8 percent).

Import value in the first two months of the year reached $16 billion, down 5.6 percent from the import value of $16.96 billion in the same period of 2020.

Most of the imported goods were electronic products with an import value of $2.12 billion or a share of 27.9 percent to the total imports in February 2021.

This was followed by transport equipment, valued at $759.29 million (10 percent); and mineral fuels, lubricants and related materials which amounted to $692.46 million (9.1 percent).

China was the country’s biggest supplier of imported goods valued at $1.90 billion or 24.9 percent of the total imports in February 2021, followed by Japan, $693.19 million (9.1 percent); South Korea, $680.96 million (nine percent); Singapore, $560.16 million (7.4 percent); andIndonesia, $513.85 million (6.8 percent).(KOC)