Published April 12, 2021, 6:00 AM
The Philippines, one of the top pork importers in the world, is seen doubling its pork imports to 350,000 metric tons (MT) this year amid the Duterte Administration’s decision to temporarily cut the tariff rates for the commodity.
This is based on the latest report released by the US Department of Agriculture (USDA), which ranked the Philippines as the world’s sixth world largest pork importer.
The world’s top pork importers China and Japan are expected to import 4.85 million MT and 1.43 million MT of pork this year, respectively. Hong Kong is seen importing 360,000 MT of pork this year and South Korea, which may import 645,000 MT of pork.
SunStar Trade in goods reached $12.91B in February
TRADE. The United States comprised the highest export value amounting to $895.74 million or a share of 16.9 percent to the total exports in February. China, on the other hand, was the country’s biggest supplier of imported goods valued at $1.90 billion or 24.9 percent of the total imports during the month. / Cebu Port Authority Facebook Page
+ April 11, 2021 THE country’s total external trade in goods in February 2021, which amounted to US$12.91 billion, grew at an annual rate of 0.6 percent.
Of the total external trade in February 2021, 58.9 percent were imported goods, while the rest were exported goods, the Philippine Statistics Authority said.
Inflation seen to remain elevated throughout Q2 bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
MANILA, April 8 (Reuters): The Philippine economy shrank by 9.6% last year, the Philippine Statistics Authority has announced, revising the figure from an initial estimate of a 9.5% contraction, which already was the worst slump on a yearly basis on record.
The pandemic-hit economy s contraction in the fourth quarter of 2020 on an annual basis was unchanged at 8.3%, it said in a statement.
The government has projected the domestic economy, which faces fresh challenges from a resurgence of Covid-19 infections, will bounce back this year with growth of 6.5%-7.5%.
The Philippines also recorded a US$2.29 billion trade deficit in February, the smallest in three months, as the value of imports fell to the lowest since June last year, while a decline in exports slowed, official data showed on Thursday.
PHL factory output continues 12-month losing streak
April 9, 2021 | 12:33 am
Preliminary results of the Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries for February showed factory output, as measured by the Volume of Production Index (VoPI), plunged by 43.6% year on year in February. This was faster than the revised 12% drop in January, and a reversal of the 0.4% growth a year earlier.
The February decline marked the steepest in five months or since the 56.7% year-on-year slump seen in September 2020.
The index has been on steady a decline since March last year, around the time when strict lockdown restrictions were implemented to contain the spread of the coronavirus disease 2019 (COVID-19).