The country’s trade performance ended 2021 on a positive note as both exports and imports posted growth last year, the first time in at least two years, according to the Philippine Statistics Authority (PSA).
PSA data showed the country’s export earnings grew 14.5 percent while imports increased 31.1 percent in 2021.
The last time the country posted a positive annual export growth was in 2017 at 19.7 percent while imports posted a growth of 13.4 percent in 2018.
In December, exports grew 7.1 percent while imports surged 38.3 percent. The last time import growth posted a positive growth in December was in 2017 at 25.9 percent.
Meanwhile, total external trade grew 24.1 percent at $17.75 billion. However, the increase in 2021 is the highest external trade growth at least in the past three years.
Balance of trade in goods (BoT-G) is the difference between the value of export and import. BoT-G in December 2021 amounted to a decline of $5.21 billion, indicating a trade deficit with an annual increase of 112.8 percent.
The Philippines top export markets last year were the United States, China, and Japan accounting for 15.9 percent, 15.5 percent, and 14.4 percent of total earnings.
The country’s top import sources for 2021 were China, Japan, and Korea accounting for 22.7 percent; 9.4 percent; and 7.9 percent of total shipments.