accelerate in April, up by 72%
DTI-TPG-Export Marketing Bureau
June 9, 2021
MANILA – Allowing
100% operating capacity even during the Enhanced Community
Quarantine (ECQ), coupled by the gradual economic recovery of its
major trading partners from the COVID-19 pandemic, Philippine
exports in April 2021 were up again, this time by a hefty 72.1%, to
USD5.71B from USD3.32B in the same month last year, preliminary data
from the Philippine Statistics Authority (PSA) showed. The country’s
growth rate was the highest among select Asian economies surpassing
even that of Japan’s 38.0% and China's 32.3% growth rates.
Department of Trade and
Industry (DTI) Secretary Ramon Lopez noted that this was the second
consecutive month of positive year-on-year (YOY) growth, following
the 33.3% revised growth rate in March. Cumulative export earnings
from January to April 2021 amounted to USD23.37B, up by 19% from the
USD19.63B in the same period in 2020.
“Our latest export growth
rate shows that we are steadily recovering from the negative impact
of the COVID-19 pandemic. It can be considered a solid growth
considering that the performance was even stronger than the
pre-pandemic levels in 2019, and not just due to the low base in
2020. The recorded amount of USD5.71B for April 2021 was higher than
the recorded amount of USD5.65B in 2019."
year-to-date (YTD) exports, or from January to April, 2021 figures
still showed improvement, posing USD 23.37B. This is a huge increase
compared to the 2020 YTD of USD19.63B and also a growth from the
pre-pandemic YTD exports of USD22.23B.
Semiconductors are still
the top export product, comprising 42.2% of all exports. Exports of
the said product grew by 40.4% YOY.
Out of all the export
products, ignition wiring sets for vehicles, aircraft, and ships had
the highest growth at 1,237.6%. This was followed by metal
components at 345.2%.
Sec. Lopez shared that
looking at the total trade data, the YOY doubling in imports of
manufacturing inputs such as raw materials and intermediate goods
(118.6%) and capital goods (104.8%) also signals that local
manufacturing is ramping up.
China was the country’s
top export market in the review period, receiving 16.7% of all
exports, followed by the US at 15%. Both markets are experiencing
brisk economic recoveries, which bodes well for the Philippines.
In April, China’s imports
growth reached a decade high of 43.1%, the highest since 2011. In
the US, there were 742,000 new jobs in the private sector, with the
leisure and hospitality sector opening up and hiring 237,000 workers
in the said month.
Other top markets were
Japan (14.3%), Hong Kong (12.9%), and Singapore (5.5%). By region,
the Philippines exported half of its goods to East Asia.
To maximize the gains from
the revival of the global economy, Sec. Lopez mentioned DTI is
working to increase market access. He also stated that DTI is
pushing for the ratification of the Regional Comprehensive Economic
Partnership (RCEP) this year, to open more market opportunities and
further boost exports for the country.
"As we gradually and
safely reopen our economies both locally and abroad, we are
confident that we will see a sustained improvement in our export
growth rate this year,” said the trade chief.
According to the United
Nations Conference on Trade and Development (UNCTAD), the positive
outlook for 2021 remains largely dependent on subsiding pandemic
restrictions. Nevertheless, the fiscal stimulus packages,
particularly in developed countries, are expected to strongly
support the global trade recovery throughout 2021.