The Philippines custom data shows the value of merchandise imports to Philippines totalled $10.5B. Imports to the country grew by 24.8% Year on Year to 36 months high of USD 10.67 billion in September 2021, after marginally revised gain of 30.9%.

As the economic slowly recovered from the Covid pandemic, Philippines imports and exports posted a double digit growth in August. As per Philippines Import Data the major imports of Philippines were electronic products, mineral fuels, and transport equipment. The main import partners were China, the United States, Japan and Taiwan.

As per the Philippines statistical data, total imported goods amounted to USD 7.60 billion in February this year, this showcases an increment at an annual rate of 2.7%. The value of imports in February registered a positive annual growth rate after registering a downfall because of the Covid-19 pandemic during the period from 2019 to January 2021.

The Import data showed that the annual increment of the imported goods in the beginning of the year 2021 was due to the increase in seven of the top 10 major commodity groups which has led by telecommunication equipment and electrical machinery. This was followed by food and live animals and plastics in primary and non-primary forms.

Electronics products accounted for the highest import value among commodity groups. The majority of the imported goods were electronics products with an import value of USD 2.12 billion or a share of 27.9% to the total imports in February 2021.

As per the Philippines Export Data, primary exports include semiconductors, electronic products, transport equipments, garments, copper products, petroleum products, coconut oil and fruits. The major trading export partners of the country are Japan, China, the United States, Singapore, South Korea, the Netherlands, Germany, Hong Kong, Taiwan and Thailand.

Exports of the country declined to 6411242.59 USD thousand in October from 6678983 USD thousand in September 2021.  Exports in Philippines account for one third of GDP. Of the total external trade in the initial months of 2021, 58.9% were imported goods and the rest were exported goods.

Electronic exports were the major export item in the February 2021 with the total earnings of USD 2.98 billion. This was followed by the manufacturing goods, machinery and transport equipments. The United States of America comprised of highest export value of the total exports during the year. The majority of the exports were for APEC member countries followed by ASEAN members.

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