The Philippines registered headline-grabbing increases in imports and exports mainly due to base effects, or a jump in percentages due to sharp falls the previous year, latest figures from the Philippine Statistics Authority showed.

Exports jumped 72.1% with a total value of $5.7 billion in April 2021. In April 2020, exports dipped 41.3% amid the coronavirus pandemic.

Exports in March 2021 amounted to $6.68 billion, which means that outbound shipments dipped on a month-on-month basis.

All the top 10 major commodity groups in terms of value exports recorded annual increases, led by ignition wiring set and other wiring sets used in vehicles, aircraft, and ships (1,237%), followed by metal components (345%), and miscellaneous manufactured articles (256%).

Year-to-date, cumulative export earnings amounted to $23.4 billion, 19% higher than in the same period in 2020.

China comprised the highest export value in April amounting to $953.2 million, followed by the United States ($857.5 million), Japan ($819.3 million), Hong Kong ($735 million), and Singapore ($315.7 million).

Meanwhile, total imported goods in April amounted to $8.45 billion, an increase of 140.9%. In April 2020, imports slipped 62.9%.

Imports in March 2021 reached $9.1 billion, indicating a dip on a month-on-month basis.

The increase in imported goods in April was due to the jump in all top 10 major commodity groups led by transport equipment (547.4%), mineral fuels and lubricants (387.9%), and food and live animals (283%).

China was also the Philippines’ top supplier of imports with a value of $2.2 billion, followed by Japan ($811.8 million), United States ($602.4 million), Indonesia ($596.8 million), and South Korea ($542.3 million).

The cumulative import value from January to April 2021 amounted to
$34.5 billion, representing a 21.9% increase from the import value of
$28.3 billion in the same period in 2020.

“Despite posting headline-grabbing growth, both imports and exports were actually down for the month as authorities reinstated tighter restrictions to quell a surge in COVID-19 infections last March,” said ING Bank Manila senior economist Nicholas Mapa.

He also noted that lockdowns hindered both inbound and outbound shipments.

“[W]e can expect a sustained pickup for both exports and imports in the near term as mobility curbs are relaxed,” Mapa said. – Rappler.com