Philippines Exportations

Exports from the Philippines rose by 6.3% yoy to USD 6.68 billion in September 2021, easing sharply from an upwardly revised 18.9 percent growth in August. Still, this was the 7th straight month of increase in overseas sales, on the back of softening global demand and disruptions in logistics and supply chain. Sales mainly rose for chemicals (55.4%), gold (44.3%), cathodes and sections of cathodes, of refined copper (39.8%), coconut oil (21.1%), other mineral products (17%), other manufactured goods (7.1%), and electronic products (5.4%). In contrast, shipments mostly fell for both machinery and transport equipment (-27.8%), and metal components (-22.8%). Exports gained to the US (27.27%), Hong Kong (13.2%), Singapore (15.4%), Thailand (6.4%), Taiwan (16.2%), the ASEAN countries (12%), and the EU (0.6%). By contrast, exports fell to China (-14.7%), and the Netherlands (-13.5%). Considering the January to September period, shipments grew 18% yoy to USD 55.68 billion.