Exports fared better than expected for the full year of 2020, contracting 6.1% from the previous year, driven by an unexpected rise in December, ending a seven-month decline.
The Commerce Ministry reported that customs-cleared exports fetched US$20.1 billion in December, up 4.71% year-on-year, with imports rising 3.62% to $19.1 billion, resulting in a trade surplus of $964 million.
Products with strong expansion in December were mainly from three groups: food products; work-from-home products and home appliances; and Covid-19 protection products such as rubber gloves, medical equipment and parts.
Other gainers were major industrial products such as plastic pellets; chemicals; electronic integrated circuits; computers, equipment and parts; automobiles and parts.
For the full year, exports contracted by 6.01% to $231 billion while imports dropped 12.4% to $207…
