LATEST TRADE growth data showed exports snapped a six-month losing streak in September, while imports declined, albeit at a slower pace that same month.

Merchandise exports grew by 2.2% to $6.22 billion in September following a 12.8% yearly decline in August, preliminary data by the Philippine Statistics Authority showed.

September marked the first expansion in exports in seven months or since February when it posted an annual growth of 2.8%.

Meanwhile, merchandise imports declined by 16.5% to $7.92 billion, lower than the 21.3% contraction recorded in August, as well as the slowest since February’s minus 11.6% .

Trade deficit in September was recorded at $1.71 billion, smaller than the $3.41-billion gap in the same month last year.

Year to date, exports of goods figured in at $45.87 billion, down by 13.8% compared to the $53.21 billion in 2019’s comparable months. Still, this was below the 16% contraction expected this year by the Development Budget Coordination Committee (DBCC).

Meanwhile, imports were down 26% to $61.95 billion on a cumulative basis against the DBCC’s target of an 18% contraction for the year.

That brought the year-to-date trade balance to a $16.07 billion deficit, smaller than the $30.48-billion shortfall in the same nine months last year.

The country’s total external trade in goods – the sum of export and import goods – was $14.14 billion in September, 9.2% down year on year. This brought the total trade in the nine-month period to $107.82 billion, 21.2% lower than the $136.90 billion a year ago.

For the month, China was the top market for Philippine goods, accounting for 19.6% of the total or $1.22 billion. It was followed by Japan with a 15.7% share ($974.78 million) and the United States’ 14.5% share ($903.46 million).

China was also the country’s biggest source of foreign goods purchased in September, accounting for 25.3% of the total at $2.01 billion. Other major import trading partners were Japan and Korea, which make up 9.1% ($723.74 million) and 8.1% ($642.85 million) of total imports, respectively. — Marissa Mae M. Ramos

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