As per the Philippines Export Data, between April 2020 and April 2021 the exports of the Philippines have increased by $2.95B (104%) from $2.3% to $5.78B, while imports increased by $5.89B (169%) from $3.49B to $ 9.38B.

The exports of the country unexpectedly rose in November, while its imports fell for the 19th consecutive month, the latest figures from Export Import Data by Country. The rise in the exports from 3% to $5.79 billion was mainly due to the 4.6% increase in electronics outward shipments.

Experts are of the view that the surge in exports may be due to the strong outbound shipments to China and Taiwan after both countries bounced back from the economic challenges due to the pandemic.

The major export partners were China, Japan, Hong Kong, Singapore, and the United States contributed the highest export value. The performance of the country continued to slow down in July 2021 as per the Export data. As per the data, the exports increased 12.7%, the third consecutive month exports slowed this year.

The performance of exports remained more robust compared to last year when the earning of the country contracted 8.9% in July 2020. The total exports sales in July 2021, amounting to $6.42 billion increased at an annual rate of 12.7% from an increase of 18.8% in the previous month.

The cumulative export earnings from January to July 2021 amounted to $42.39 billion, a 19.7% increase from the export value earned from January to July 2020.

Of the top 10 major commodity groups in terms of the value of exports, nine recorded annual increases led by coconut oil at 207.7%. This was followed by cathodes and section of cathodes of refined copper which grew 84.6% and ignition wiring set and other wiring sets used in vehicles, aircraft, and ships at 28.6%.

The top export market of the Philippines in July was China, which posted the highest export value of $1.04 billion or a 16.1% share in the total exports for the month.

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