US top market for PH exports, China top supplier of imports

DAVAO CITY (MindaNews/ 11 December) – The United States was the top market of the country’s export products valued at $999.86 million in October 2018 while China was the biggest supplier of import products worth $2.12 billion in the same period, data released on Tuesday by the Philippine Statistics Authority (PSA) showed.

PSA said the country’s export revenues reached $6.11 billion in October 2018, or 3.3% more than the $5.91 billion recorded in the same period last year.

The increase was noted after sales from the country’s top export commodities went up for the month of October such as copper concentrates, machinery and transport equipment, fresh banana, other manufactured goods, miscellaneous manufactured articles, metal components and electronic products.

The electronic products remained the top export with total revenues of $3.25 billion, comprising more than half of the country’s export sales in October this year.

Exports to the USA comprised 16.3% of the total export sales.

Japan was the second biggest market of the country’s export goods with sales of $850.46 million. Sales from China reached $804.53 million; Hong Kong, $774.27 million; Singapore, $351.74 million; Republic of Korea, $254 million; Thailand, $248.59 million; Germany, $231.43 million; Taiwan, $200.86 million; and France, $197.44 million.

Sales from the top 10 export destinations comprised at least 80% of the country’s total export sales.

Also, the country recorded $10.32 billion in imports in October 2018, an increase of 21.4% from $8.50 billion posted in the same month of 2017.

Most of the imported goods were cereals and cereal preparations, mineral fuels, lubricants and related materials, other food and live animals, telecommunication equipment and electrical machinery, miscellaneous manufactured articles, plastics in primary and non-primary forms, industrial machinery and equipment, transport equipment , electronic products, and iron and steel.

Products from China comprised 20.6% of the country’s total imports in October 2018. Korea had $1.078 billion; Japan, $918.53 million; USA, $721.7 million; Thailand, $639.8 million; Indonesia, $597.83 million; Singapore, $537.71 million; Taiwan, $458.71 million; Malaysia, $420.16 million; and Vietnam, $310.84 million. (Antonio L. Colina IV/MindaNews)