Metro Manila (CNN Philippines, March 11) — The Philippines has recorded a narrower trade deficit at the start of 2022 after its swiftest export growth in five months, Philippines Statistics Authority figures released Friday show.
The difference between values of exports and imports stood at $4.69 billion in January, the smallest since the $4.02 billion recorded in October 2021. Annually, the deficit grew by 63.2%.
Export sales also reached $6.04 billion during the month, rising by 8.9%. This is the quickest pace since August which saw an 18.9% increase. It is also the eleventh consecutive month of growth for exports, said the PSA.
Coconut oil led the major commodity groups which logged positive growth rates in January, with sales up by 110.1%. Other manufactured goods, cathodes of refined copper, electronic products, and electronic equipment likewise registered expansions during the said stretch.
Ignition wiring sets, meanwhile, posted the worst decline in value at 21.8%. Drops in sales were also observed among machinery and transport equipment, fresh bananas, metal components, and chemicals.
The United States is the country’s top export trading partner in January, accounting for $934.77 million or 15.5% of total exports. China, Japan, Hong Kong, and Singapore came next.
The country’s imported goods had a total value of $10.74 billion – equivalent to a 27.5% year-on-year increase. January also marks imports’ twelfth straight month of expansion, added the agency.
Medicinal and pharmaceutical products registered a 240.9% growth rate, the strongest among all commodity groups. It was followed by mineral fuels, transport equipment, cereals, and other food and live animals.
Electronic products, industrial machinery and equipment, miscellaneous manufactured articles, and telecommunication equipment likewise logged positive growth in January.
Iron and steel, however, saw a 4.7% annual decline in value.
The PSA listed China as the country’s biggest supplier of imported goods, representing $2.07 billion or 19.3% of total imports during the month.
Other major import trading partners were South Korea, Japan, the US, and Singapore.
