The country's export and import performance continued to post double-digit growth in May 2021, according to the latest data released by the Philippine Statistics Authority (PSA).

The PSA said the country's total export sales in May 2021 reached $5.89 billion representing a growth of 29.8 percent from $4.54 billion in May 2020. This growth was slower than the 74.1 percent in April 2021 but faster than the contraction of 26.7 percent in May last year.

Imports, meanwhile, grew 47.7 percent to $8.65 billion in May 2021 from  $5.855 billion in May 2020. The growth was slower than the 152.8 percent in April 2021 but faster than the decline of 40.5 percent in May 2020.

PSA said the country's cumulative export earnings from January to May 2021 amounted to $29.35 billion, a 21.4-percent increase from the export value earned from January to May 2020.

In the first five months of the year, imports amounted to $43.53 billion, representing a growth of 27.6 percent from the import value of $34.12 billion in the same period of 2020.

The PSA said the country's total external trade in goods in May 2021, which amounted to $14.54 billion, representing a growth of 39.9 percent. In the previous month, the annual increase was recorded at 114.5 percent, while in May 2020, the decline was 35.2 percent.

"Of the total external trade in May 2021, 59.5 percent were imported goods, while the rest were exported goods," PSA said.

PSA said the Balance of trade in goods (BoT-G), in May 2021 amounted to $2.76 billion, representing a trade deficit with an annual increase of 109.7 percent.

The trade deficit in the previous month recorded an annual increase of 1,548.9 percent, while in May 2020, it declined 64 percent.

The PSA said the BOT-G is the difference between the value of export and import.

Goods

The PSA said electronic products continued to be the country's top export in May 2021 with total earnings of $3.43 billion. This amount accounted for 58.2 percent of the total exports during the period.

This was followed by other manufactured goods with an export value of $374.62 million or 6.4 percent of the total and export of cathodes and sections of cathodes of refined copper, which amounted to $194.97 million or 3.3 percent of the total.

However, in terms of growth rate, the top exports are Other Sugar and Products posted the fastest growth at 1,090 percent followed by Travel Goods and Handbags, which grew 884.1 percent and Christmas Decor which grew 433.6 percent.

Exports over the past five months saw Christmas Decor posting the fastest growth of 507.2 percent followed by Other Sugar and Products at 377.7 percent; and Ceramic Tiles and Décor, 292.9 percent.

In terms of imports, PSA data showed electronic products were the country's top import with a value of $2.39 billion or a share of 27.7 percent to the total imports in May 2021.

This was followed by mineral fuels, lubricants and related materials, valued at $973.57 million which accounted for 11.3 percent of the total and transport equipment which amounted to $585.06 million or 6.8 percent.

In terms of growth rate, Chemical Compounds posted the fastest growth at 303.4 percent followed by Mineral Fuels, Lubricants and Related Materials which posted 301.6 percent and Home Appliances, 253 percent.

PSA data showed that in the past five months, the top imports in terms of growth rates are Chemical Compounds which posted an average growth of 134.2 percent; Home Appliances, 84.1 percent; and Metalliferous Ores and Metal Scrap, 75.7 percent.

Markets

The country's top export markets in May 2021 were the People's Republic of China, which accounted for $954.28 million or a share of 16.2 percent to the total exports during the month.

Other top export markets included the United States of America (USA) with $918.11 million or 15.6 percent of the total; Japan, $829.01 million or 14.1 percent; Hong Kong, $792.05 million or 13.4 percent; and Singapore, $324.95 million or 5.5 percent.

The Philippines's imports in May 2021 were sourced mainly from the People's Republic of China worth $2.21 billion or 25.6 percent of the total imports in May 2021.

The country's top import sources also included Japan with imports worth $758.91 million or 8.8 percent of the total; Republic of Korea, $615.09 million or 7.1 percent; Indonesia, $601.04 million or 6.9 percent; and the USA, $584.84 million or 6.8 percent.

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