The increased merchandise trade figures show the economy is on its way to recovery from the devastating impact of the COVID-19 pandemic, the Department of Finance said over the weekend.
It said in an economic bulletin merchandise trade rose 25.3 percent in August to $16.5 billion from a year ago, with imports jumping 30.8 percent to $10 billion and exports rising 17.6 percent to $6.5 billion.
The figures brought total merchandise trade in the first eight months to $123.1 billion, up by 26.3 percent from the same period last year. It was also 1.5 percent higher than the figure recorded in the same period in 2019, the last normal year before the pandemic.
Exports reached $48.9 billion, or 3.8 percent higher than the pre-pandemic level, while the cumulative imports of nearly $74.2 billion were short by $25 million to be at par with the 2019 level.
“As the country continues to grapple with the risks posed by COVID-19, the government will continue to be vigilant and be ready to respond with the appropriate measures, lest the green shoots in the economy be stamped out completely,” the DOF said.
“With trade activity continuing to show recovery, the constant arrival of additional vaccines, combined with a sustained vaccination drive for Filipinos, and a calibrated reopening of the economy will be key in helping the Philippines maintain the gains in containing the virus and eventually lead the way to economic recovery,” it said.
The latest Manufacturing Purchasing Managers’ Index for September available from IHS Markit was recorded at 50.9, indicating the recovery of the manufacturing sector.
This is a reversal of the contraction observed in August which was largely due to the imposition of tighter quarantine measures during the month.