[ad_1]
The country’s lackluster trade performance continued in August as exports and imports contracted over the period, data from the Philippine Statistics Authority (PSA) showed.
Based on the performance of foreign trade, total trade contracted 21 percent to $ 12.33 billion from $ 15.61 billion in August 2019. In July, total trade decreased 18.1 percent to $ 13.22 billion.
The country’s trade deficit also contracted. In August, the deficit reached $ 2.08 billion, representing a trade deficit with an annual drop of 30.9 percent. In July, the trade deficit contracted 48.9 percent and in August 2019, 16.5 percent.
Exports and imports
Data showed that exports reached $ 5.128 billion in August, a decrease of 18.6 percent from $ 6.3 billion in August 2019. In July, exports contracted 9.1 percent to $ 5 , 68 billion.
PSA data showed that cumulative export earnings from January to August 2020 amounted to $ 39.29 billion, a decrease of 16.6 percent from the export value earned in the same period last year.
Of the top 10 commodity groups in terms of export value, PSA said eight groups posted an annual decline, with the fastest declines being led by gold (-31.3 percent); electronic products (-20.1 percent); and fresh banana (-19.4 percent).
However, electronics exports continued to be the country’s top export with total revenue of $ 2.93 billion. This amount represented 57.1 percent of total exports in August 2020.
Imports, meanwhile, amounted to $ 7.2 billion, a 22.6 percent contraction from $ 9.3 billion in August 2019. In July, imports contracted 23.8 percent to $ 7.54 billion.
PSA data also showed that imports between January and August 2020 amounted to $ 53.9 billion, representing a decrease of -27.4 percent compared to the import value of $ 74.2 billion. registered in the same period of 2019.
The annual decline in imported goods in August 2020 was due to declines in the top 10 imported commodities. The annual rate of decline was fastest in transportation equipment (-50.5 percent); mineral fuels, lubricants and related materials (-47.7 percent); and various manufactures (-28.3 percent).
The data showed that the majority of imported goods were electronic products with an import value of $ 2.27 billion or a 31.5 percent share of total imports in August 2020.
Medical supplies
PSA data showed that the total import value of personal protective equipment (PPE) and medical supplies in August 2020 reached $ 27.02 million.
This represented an annual increase of 27.7 percent in the same month of the previous year.
Annual growth in the value of imports of these medical items in the previous month was over 113.6 percent.
In August 2019, the annual increase in the import value of items was less than 21.6 percent.
Markets
Meanwhile, the country’s top export markets were led by Japan, which accounted for 17.3 percent or $ 887.38 million of the country’s export earnings in August.
The other top five export markets were the United States with $ 751.68 million, or 14.7 percent of total exports; People’s Republic of China, $ 732.57 million or 14.3 percent; Hong Kong, $ 724.27 million or 14.1 percent; and Singapore, $ 330.67 million or 6.4 percent.
The Philippines’ top import sources were led by China with goods valued at $ 1.82 billion, or 25.3 percent of total imports in August 2020.
The other main sources of imports for the country were Japan with $ 623.69 million or 8.7 percent of total imports; US $ 517.77 million, 7.2 percent; Singapore, $ 495.11 million or 6.9 percent; and Republic of Korea, $ 493.11 million or 6.8 percent.
