The country’s export earnings and import receipts continued to post double-digit growth in August 2021, according to the preliminary data released by the Philippine Statistics Authority (PSA).
Based on the country’s External Trade Performance report, exports grew 17.6 percent in August 2021, the fifth consecutive month of double-digit growth this year.
Imports, meanwhile, posted a growth of 30.8 percent in August 2021, the fourth consecutive month of double digit growth.
It can be noted that this is the sixth consecutive month imports posted a double-digit or better growth this year. In April, imports grew 153.1 percent while in March, imports posted a 22.1 percent growth.
In terms of products, the country’s exports that posted the highest growth in August was led by cathodes & sections of cathodes, of refined copper which grew 162.5 percent.
This was followed by electronic equipment and parts which grew 41.8 percent and coconut oil which posted a 31.8 percent growth in August.
For imports, data showed mineral fuels, lubricants and related materials posted the highest growth of 116.2 percent in August 2021.
PSA said this was followed by medicinal and pharmaceutical products which posted a growth of 73.2 percent and iron and steel which grew 55.6 percent.
The country’s external trade performance amounted to $16.51 billion, growing at an annual rate of 25.3 percent.
In the previous month, the annual increase was recorded at 22.9 percent, while in August 2020, it posted a contraction of 15.6 percent.
The country’s balance of trade in goods (BoT-G) posted a deficit in August 2021 amounting to $3.58 billion. The trade deficit increased 64.1 percent.
The trade deficit in the previous month recorded an annual increase of 71.4 percent, while in August 2020, it contracted 27.5 percent.