The Philippines’ trade deficit further widened to a three-year high in 2021 as imports continued to outpace exports amid a coronavirus pandemic, latest data from the Philippine Statistics Authority (PSA) showed. READ:
Final results of the PSA’s international trade data showed the value of outbound shipment of goods jumped by an annual 14.5% to $74.653 billion last year, a turnaround from the 8.1% drop in 2020.Imports likewise surged by a record 31.3% year on year to $117.879 billion from $89.812 billion. Last year’s import growth was a turnaround from the 19.5% decline in 2020.
The country remained a net importer as the trade balance — the difference between merchandise exports and imports — reached a $43.226-billion deficit last year, wider than the $24.597-billion gap in 2020.The last time the Philippines became a net exporter was in 1999 and 2000 with trade surpluses of $4.294 billion and $3.587 billion, respectively.
He said 2021 was “an exceptional year,” as the economy gradually reopened. Trade levels in the past two years were still below 2019 levels. The country experienced an Omicron-driven COVID-19 surge in January this year, but infections have considerably declined since then. Metro Manila and other areas have been under the most lenient alert level since March.
Manufactured goods, which accounted for 82.9% of exports last year, rose by 15% annually to $61.867 billion. Exports of mineral products went up by 16% to $5.908 billion last year from $5.093 billion in 2020. These goods accounted for 7.9% of exports last year.Imports of raw materials and intermediate goods, which accounted for 40.7% of the total import bill last year, jumped by 32.7% to $47.988 billion.
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