Sunday, February 5, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

January exports, imports shrank on lingering impact of pandemic

Julito G. RadabyJulito G. Rada
March 12, 2021, 9:20 pm
in Economy & Trade
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Exports and imports contracted in January on the lingering impact of the coronavirus pandemic on the global trade.

Data from the Philippine Statistics Authority showed Friday merchandise export sales amounted to $5.49 billion in January, down 5.2 percent from $5.8 billion a year ago. The figure was a reversal of an annual increase of 1.7 percent in December and 9.4-percent growth in January 2020.

The PSA said of the top 10 major commodity groups in terms of value, four recorded annual decreases led by fresh bananas (-46.9 percent). This was followed by other manufactured goods (-12.8 percent); machinery and transport equipment (-11.9 percent), and coconut oil (-11.7 percent).

By commodity group, electronic products continued to be the top export with total earnings of $3.24 billion. This amount accounted for 59.1 percent of the total exports in January 2021.

Meanwhile, imports tumbled 14.9 percent in January to $7.91 billion from $9.3 billion a year earlier. This represented 21 consecutive months of negative growth since May 2019.

ADVERTISEMENT

Data also showed that the annual decline was lower at -8.2 percent in December.

The PSA said the annual decrement of imported goods in January was due to the decrease in nine of the top 10 major import commodities. The annual rate of decline was fastest in industrial machinery and equipment (-36.9 percent), followed by transport equipment (-36.8 percent), and mineral fuels, lubricants and related materials (-33.6 percent).

ING Bank Manila senior economist Nicholas Mapa said the sustained drop in imports highlighted the negative impact of the recession, with the 14.8-percent drop in capital goods mirroring falling capital formation and the 12.9-percent contraction in consumer goods reflecting fast-fading household consumption.

“The ongoing slump in imports suggests that growth pains for the Philippines will be around for some time with the sustained drop in capital goods and raw materials suggesting that potential output is falling as well,” Mapa said.

He said demand for heavy machineries for construction, commercial aircraft and road vehicles fell sharply, which would dent capital formation and cap any recovery effort for an economy still struggling with recession.

The country’s total external trade in goods in January amounted to $13.40 billion, down 11.1 percent from the same month last year. This was faster than the annual decrease in the previous month of -4.2 percent.

The country incurred a trade-in-goods deficit of $2.42 billion in January, down 30.9 percent a year ago.

Exports tumbled 10.1 percent in 2020 to $63.77 billion, while imports fell 23.3 percent to $85.61 billion.

Tags: electronic productsglobal tradeNicholas MapaPhilippine Statistics Authority
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Related Posts

PH and S. Korea in talks for supply of green metals

byOthel V. Campos
February 5, 2023, 7:05 pm
0
8
Exporters urged to tap plant-based meat mart

The Philippine government is in talks with South Korea on three economic cooperation agreements on green metals processing, new industries...

Read more

BSP expected to increase rate by 25 bps to match Fed action

byJulito G. Rada
February 2, 2023, 7:55 pm
0
8
Policy rate kept at 2% in MB’s last meeting this year

The Bangko Sentral ng Pilipinas may be compelled to match the latest 25-basis-point hike in interest rate by the US...

Read more

National gov’t debt slightly fell to P13.42 billion in December

byJulito G. Rada
February 2, 2023, 7:00 pm
0
8
Revenue collection up 16.6% in November

The government’s total outstanding debt declined to P13.42 trillion as of end-December 2022 from P13.644 trillion in November, thanks to...

Read more

PH, Cambodia eye rice supply deal

byOthel V. Campos
February 2, 2023, 6:55 pm
0
8
Binance’s Changpeng Zhao, the undisputed king of crypto

By Othel V. Campos The Philippines is studying a rice supply deal with Cambodia under an open trade system, according...

Read more

HK economy shrank 3.5% on exports plunge, COVID impact

byAFP
February 2, 2023, 6:45 pm
0
8
Banaag assumes post as Bright Kindle director

HONG KONG, China—Hong Kong’s economy shrank by 3.5 percent in 2022, with exports plunging and the city’s worst-ever coronavirus outbreak...

Read more

Manufacturing index sustained growth in January

byOthel V. Campos
February 1, 2023, 6:55 pm
0
8
Manufacturing index sustained growth in January

The manufacturing industry’s purchasing managers index rose to 53.5 percent in January from 53.1 percent in December 2022, according to...

Read more

Print Edition

View More

Recent Posts

  • ‘Agimat ng Agila’ is PMPC’s best drama series
  • Can Beyonce finally take home the top Grammy?
  • Queen of the arts
  • Vancouver… in Washington?
  • Rediscovering Makati’s hip and happening side 
  • Fall in love with City of Dreams’ seductive gastronomic offerings
  • IWF wins cement Diaz’s 3rd Athlete of Year award
  • Cavitex nails 1st PBA 3×3 title

Advertisement

Latest News

Fall in love with City of Dreams’ seductive gastronomic offerings

byManila Standard Lifestyle
February 5, 2023, 8:30 pm
0
8
Fall in love with City of Dreams’ seductive gastronomic offerings

City of Dreams Manila highlights seductive offerings set to impress loved ones this Valentine’s season. For a swoon-worthy celebration, the...

Read more

IWF wins cement Diaz’s 3rd Athlete of Year award

byManila Standard Sports
February 5, 2023, 8:20 pm
0
8
All set for Army Navy Club200 Endurance Race on Feb. 11

Hidilyn Diaz is still dominant as ever. More than a year since giving the Philippines its first gold medal in...

Read more

Cavitex nails 1st PBA 3×3 title

byManila Standard Sports
February 5, 2023, 8:11 pm
0
8
Cavitex nails 1st PBA 3×3 title

LEG 4 of the PBA 3x3 belonged to Cavitex as it pulled off a 19-15 win against Pioneer Elastoseal for...

Read more

PNVF names men’s pool members ahead of camp

byManila Standard Sports
February 5, 2023, 8:10 pm
0
8
All set for Army Navy Club200 Endurance Race on Feb. 11

The Philippine National Volleyball Federation announced on Sunday the members of the national men’s pool from which the national team...

Read more

Beermen hold ground, edge Hotshots for 4th win

byManila Standard Sports
February 5, 2023, 8:08 pm
0
8
Beermen hold ground, edge Hotshots for 4th win

By Peter Atencio The San Miguel Beermen stood their ground in the last 90 seconds to escape with a 100-98...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App