Electronic products continued to be the Philippines’ top exports in August 2021 with total earnings of $3.69 billion, up from $3.1 billion in August 2020.
Data from the Philippine Statistics Authority (PSA) revealed that exports of electronic products accounted for 57.1 percent of the Philippines’ total exports during the period followed by other manufactured goods with an export value of $374.42 million (5.8%).
The country’s top export market is China with export value amounting to $1.05 billion which accounted for a 16.2 percent share to the total exports during the month.
The other top major export trading partners with their export values and percent shares to the total exports were USA, $1.02 billion (15.8%); Japan, $940.46 million (14.5%); Hong Kong, $ 930.83 million (14.4%); and Singapore, $392.12 million (6.1%).
On the other hand, the PSA noted that most of the imported goods in August 2021 were electronic products with an import value of $2.80 billion which accounted for 27.9 percent to the total imports.
The country’s total imported goods in August 2021 amounted to $10.04 billion up by 30.8 percent compared to August 2020. In July 2021, the annual increase was 29.5 percent, while in August 2020, imports value decreased by -17.5 percent annually.