Total external trade in goods amounted to $17.75 billion which indicates an annual growth rate of 25.4 percent, the Philippine Statistics Authority (PSA) said Thursday.

In the previous month, the annual increase was slower at 24 percent. On the other hand, total external trade in December 2020 recorded a decline of -2.1 percent.

Of total external trade, 64.7 percent were imported goods, while the rest were exported goods.

Balance of trade in goods (BoT-G) is the difference between the value of export and import.

BoT-G in December 2021 amounted to $ -5.21 billion, indicating a trade deficit with an annual increase of 112.8 percent.

The trade deficit in the previous month recorded an annual increase of 119.5 percent, while in December 2020, it was at -17.3 percent.

Total export sales amounted to $6.27 billion, an increase of 7.1 percent, from 6.6 percent in the previous month. In December 2020, total export sales increased at an annual rate of 1.8 percent.

By commodity group, electronic products continued to be the country’s top export with total earnings of $3.67 billion. This amount accounted for 58.5 percent of the total exports during the period. This was followed by other manufactured goods with an export value of $ 435.60 million (6.9 percent); and coconut oil which amounted to $166.04 million (2.6 percent).

By major type of goods, exports of manufactured goods shared the biggest to the total exports amounting to $5.27 billion (84.1 percent). This was followed by total agro-based products with a share of $496.43 million (7.9 percent); and mineral products which contributed $374.20 million (6 percent).

By major trading partner, exports to the United States of America comprised the highest export value amounting to $1.01 billion or a share of 16.1 percent to the total exports during the month.

Completing the top five major export trading partners with their export values and percent shares to the total exports were:

a. People’s Republic of China, $ 925.15 million (14.8 percent);

b. Hong Kong, $861.61 million (13.7 percent);

c. Japan, $859.39 million (13.7 percent); and

d. Singapore, $ 441.92 million (7 percent).

Total imported goods, which amounted to $11.48 billion, increased at an annual rate of 38.3 percent. In November 2021, the annual increase was lower at 36.8 percent, while in December 2020, imports value decreased by -4.7 percent annually.

The annual increment of imported goods was due to the increase in nine of the top 10 major commodity groups which was led by medicinal and pharmaceutical products with 615.3 percent annual increase.

This was followed by mineral fuels, lubricants, and related materials which rose by 146.1 percent annually; and cereals and cereal preparations which rose by 47.7 percent.

Most of the imported goods were electronic products with an import value of $2.71 billion or a share of 23.6 percent to the total imports.

This was followed by mineral fuels, lubricants, and related materials, valued at $1.67 billion (14.5 percent); and transport equipment which amounted to $927.75 million (8.1 percent).

China was the country’s biggest supplier of imported goods valued at $ 2.14 billion or 18.7 percent of the total imports .

Completing the top five major import trading partners with their corresponding import values and percent shares to the total imports were:

a. Republic of Korea, $1.02 billion (8.9 percent);

b. Japan, $971.39 million (8.5 percent);

c. Indonesia, $882.08 million (7.7 percent); and

d. USA, $877.50 million (7.6 percent). PSA