Exports and imports pick up in March

The country’s exports and imports resumed in March with double-digit growth, according to data released Friday by the Philippines Statistics Authority (PSA).

Based on the data, the country’s export earnings rose 31.6% to $ 6.68 billion, while imports rose 16.6% to $ 9.1 billion in March .

In the first quarter, PSA data showed that exports rose 7.6% to $ 17.56 billion, while imports rose 3.2% to $ 25.56 billion.

PSA data showed that in March, the top 10 product groups in terms of export value registered annual increases led by other mineral products, which rose 195.8 percent. Next come chemicals at 159.8% and other manufactures at 115.7%.

By major trading partner, exports to the People’s Republic of China accounted for the highest export value, at $ 1.07 billion, or a 16 percent share of total exports in the month.

The United States of America (USA), which accounted for $ 992.93 million or 14.9 percent of the country’s total exports, were the top five export trading partners with their export values ​​and share in percentage of total exports.

Data show that exports to Japan reached $ 984.18 million, or 14.7 percent of the total; Hong Kong, $ 835.07 million or 12.5%; and Singapore, $ 347.01 million or 5.2 percent.

Meanwhile, import growth was driven by eight of the top 10 commodity groups, led by other food and live animals, which posted growth of 30.9 percent.

Telecommunications equipment and electrical machinery followed, which increased by 28%, as well as mineral fuels, lubricants and related materials, which increased by 21.4%.

The Philippines’ main source of imports was the People’s Republic of China, the country’s largest supplier of imported goods worth $ 2.13 billion, or 23.4 percent of total imports in March 2021.

Japan, which reached $ 887.15 million or 9.8 percent of the total, completed the top five import trading partners; Republic of Korea, $ 663.24 million or 7.3 percent; Indonesia, $ 656.64 million or 7.2 percent; and the United States, $ 618.01 million or 6.8 percent.

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