Export earnings, import payments grow double digits in JUNE–PSA

THE country’s export earnings and import payments continued to post double-digit growth in June 2021, according to the Philippine Statistics Authority (PSA).

Based on the PSA data released on Friday, export earnings grew 17.6 percent while imports grew 34.2 percent in June 2021.

The data also showed that exports grew an average of 20.9 percent while imports grew 29.8 percent in the first six months of the year.

Products

By commodity group, electronic products continued to be the country’s top export in June 2021 with total earnings of $3.72 billion. It accounted for 57.1 percent of the country’s earnings for June.

In the January-to-june period, PSA data showed exports grew 18.5 percent to $20.27 billion in 2021. Export earnings reached $17.1 billion in the same period in 2020.

However, commodities that recorded the top 5 fastest growth in June were manufactured fertilizers with a growth of 574.1 percent; Christmas decors, 308.2 percent; and fine jewelry, 269.6 percent.

Rounding up the exports with the fastest growth in June were

Telecommunication at 186.5 percent and Other Forest Products at 161.4 percent.

In the January-to-june period, the commodity that posted the fastest growth was Christmas decorations with an average growth of 382.4 percent.

This was followed by basketworks at 131.2 percent; Medical/industrial Instrumentation, 130.9 percent; Natural Rubber, 127.3 percent; and Other Forest Products, 120.5 percent.

Imports

MEANWHILE, in terms of imports, the country’s top export was electronic products with an import value of $2.49 billion or a share of 26.7 percent to the total imports in June 2021. It grew 18 percent from $2.11 billion in June 2020.

In the January-to-june period, the import of electronic products grew 24.3 percent to $14.687 billion in 2021 from $11.818 billion in 2020.

However, commodities that recorded the top 5 fastest import growth in June were Artificial Resins with a growth of 153.2 percent and Other Special Transactions at 144.3 percent.

Other commodities that recorded high import growth during the month were Mineral Fuels, lubricants and Related Materials at 131.8 percent; transport equipment at 129.5 percent; and Iron and Steel, 120.4 percent.

For the January-to-june period, the commodities that posted the highest import growth were led by Artificial Resins which posted an average growth of 85.5 percent.

This was followed by home appliances with a growth of 84 percent in the first six months of the year followed by non-ferrous metals at 70.3 percent; rubber manufacture, 67.8 percent; and Feeding Stuff For Animals (Not Including Unmilled Cereals), 64.9 percent.

Markets

In terms of exports, the country’ s top market in June was the United States which accounted for $1.09 billion or 16.8 percent of the total exports during the month.

Other top export markets were the People’s Republic of China which accounted for $1.06 billion or 16.2 of total exports; Japan, $966.51 million or 14.9 percent of the total; Hong Kong, $907.40 million or 13.9; and Singapore, $320.83 million or 4.9 percent.

For imports, the PSA data showed the country’s main import source was China which accounted for $2.25 billion or 24.1 percent of the country’s total import payments in June 2021.

Other top import sources for June were Japan with imports reaching $872.79 million or 9.4 percent of the total; Republic of Korea, $681.89 million or 7.3 percent; US, $619.01 million or 6.6 percent; and Indonesia, $608.97 million or 6.5 percent.