External Trade Performance : December 2016

Reference Number: 

2017-017

Release Date: 

Friday, February 10, 2017

EXTERNAL TRADE PERFORMANCE

DECEMBER 2016

(Preliminary)

 

 

December

 

2016 p

2015 r

 

TOTAL IMPORTS

     FOB Value in Million US Dollars

     Year-on-Year Growth (Percent)  

Electronic Products

     FOB Value in Million US Dollars

     Year-on-Year Growth (Percent)

 

 

7435.03

19.1

 

1,980.37

18.9

 

 

 6245.02

14.2

 

1665.11

-9.4

 

Top 10  Philippine Imports from All Countries: November 2016 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Transport Equipment Iron and Steel
74.6 Mineral Fuels, Lubricants and Related Materials -18.7
Power Generating and Specialized Machinery
56.2
Other Food and Live Animals
-1.8
Telecommunication Equipment and Electrical Machinery
37.2
 
 
Industrial Machinery and Equipment
36.8    

Plastics in Primary and Non-Primary Forms

35.0
 
 
Iron and Steel
19.2    
Electronic Products
18.9    
Miscellaneous Manufactured Articles
18.7    

p-preliminary, r-revised

IMPORTS INCREASE BY 19.1 PERCENT IN DECEMBER 2016

The   total   imported   goods by the country for the month of December 2016 amounted to $7.435 billion, an increase of 19.1 percent from $6.245 billion recorded during the same period a year ago.   The increase was due to the positive growth rates of eight out of the top ten major imported commodities for the month led by transport equipment (74.6%).  The other seven were:  power generating and specialized machinery (56.2%), telecommunication equipment and electrical machinery (37.2%), industrial machinery and equipment (36.8%), plastics in primary and non-primary forms (35.0%), iron and steel (19.2%), electronic products (18.9%), and miscellaneous manufactured articles (18.7%) (Table 3).

Cumulative imports for January to December 2016 amounted to $81.159 billion, an increase of 14.2 percent compared with $71.067 billion during the same period of last year. The balance of trade in goods (BOT-G) for the Philippines in December 2016, registered a deficit of $2.564 billion, higher than the $1.586 billion trade deficit in the same month last year (Table 1).

ELECTRONIC PRODUCTS ACCOUNT FOR 26.6 PERCENT SHARE OF IMPORT BILL

Total   payment   for   the   country’s   top ten imports for December 2016 reached $5.527 billion or 74.3 percent share of the total import bill (Table 3).

Inbound shipments   of   Electronic   Products    in December 2016     accounted for    26.6 percent share of the total import bill with value amounting   to $1.980 billion.  It increased by 18.9 percent over the previous year's figure of $1.665 billion.  Components/Devices (Semiconductors)   had the biggest   share of 19.4 percent among electronic products, it went up by 21.3 percent to $1.441 billion in December 2016 from $1.188 billion in December 2015.

Transport Equipment, contributing 14.5 percent to the total import bill was the country’s    second top import for   the   month amounting to $1.079 billion.   It rose by 74.6 percent compared to last year’s value of $618.30 million.

Minerals   Fuels,   Lubricants    and    Related   Materials placed third with 9.6 percent share to total imports valued at $714.86 million.  This registered a decrease of 18.7 percent from its previous year’s level of $878.97 million.

Imports of Industrial Machinery and Equipment ranked fourth with 6.7 percent share and a reported value of $498.60 million in December 2016.  It grew by 36.8 percent from $364.34 million in December 2015.

Iron and Steel ranked fifth, with 3.6 percent share to the total imports which was valued at $264.67 million in December 2016.  It registered a 19.2 percent increase from its year ago level of $222.10 million.

Rounding up the list of the top ten imports for December 2016 were: 

  •  Miscellaneous Manufactured Articles, $230.43 million;  
  •  Other Food and Live Animals, $228.19 million;  
  •  Telecommunication Equipment and Electrical Machinery, $204.16 million;
  •  Plastics in Primary and Non-Primary Forms, $176.91 million; and
  •  Power Generating and Specialized Machinery, $149.12 million.

PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 38.4 PERCENT OF THE TOTAL IMPORTS

Total importation of Raw Materials and Intermediate Goods in December 2016 was valued at $2.852 billion, accounting for 38.4 percent share of the total imports.  It increased by 21.9 percent over last year's figure of $2.340 billion.  Semi-Processed Raw Materials, having    the    biggest   share of this commodity group at 34.3 percent was valued at $2.547 billion.  It went up by 17.8 percent compared with $2.162 billion value in December 2015.

Payments for inward shipments of Capital Goods accounted for 34.0 percent of the total imports.  It increased by 36.9 percent to $2.528 billion in December 2016 from $1.846 billion in December 2015 (Table 5).

Purchases of Consumer Goods recorded 17.5 percent share with a total import bill valued at $1.300 billion in December 2016.  It recorded a growth of 13.2 percent from $1.149 billion registered in December 2015.

Mineral Fuels, Lubricants and Related Materials with 9.6 percent share to total imports, decreased by 18.7 percent from $878.97 million in December 2015 to $714.86 million in December 2016.  Other mineral fuel and lubricants such as gas oils, regular and premium unleaded motor spirit and aviation spirit contributing the biggest share of imports for this commodity group at 4.7 percent and valued $348.89 million (Table 5).

Furthermore, imports of Special Transactions went up by 28.4 percent in December 2016 at $39.46 million from $30.72 million in December 2015.

 

 

PEOPLE’S REPUBLIC OF CHINA REMAIN AS THE BIGGEST SOURCE OF IMPORTS

Aggregate payments from the top ten imports countries for December 2016 amounted to $5.915 billion or 79.6 percent of the total import bill (Table 7).

People’s Republic of China remained as the country’s biggest source of imports at 16.9 percent share in December 2016.  Payments were recorded at $1.260 billion, an increase of 9.7 percent from $1.148 billion in December 2015.   Revenue from the country’s exports to People’s Republic of China,   on   the   other   hand,   reached $602.81 million, generating a total trade value of $1.863 billion and $656.93 million trade deficit (Tables 7 and 9).

Japan including Okinawa, came second, contributing 12.3 percent or $915.29 million to the total import bill in December 2016.  It   grew by 47.5 percent from its December 2015 value of $620.45 million.  Export   receipts   from   Japan in December 2016 reached $946.28 million yielding a total trade value of $1.862 billion and a favorable balance of trade of $30.99 million (Tables 7 and 9).

United States of America (USA), including Alaska and Hawaii, was the third biggest source of imports for December 2016 with 10.6 percent share to the total import bill amounting to $785.18 million, an increase of 28.1 percent from $612.71 million in December 2015.  Exports to USA amounted to $685.96 million, yielding a two-way trade value of $1.471 billion and a trade deficit of $99.22 million.

Thailand ranked fourth, accounting for 7.8 percent share of the total import bill in December 2016, a positive growth of 10.3 percent to $579.84 million in December 2016 from $525.62 million in December 2015.  Exports to this country amounted to $170.91 million resulting to a total trade value of $750.75 million and a trade deficit of $408.93 million.

Republic of Korea placed fifth, accounting for 7.1 percent share of the total import bill worth  $529.86 million in December 2016.  It increased by 22.6 percent from $432.04 million  in  December 2015.  Exports   to   this country amounted to $190.59 million resulting to a total trade value of $720.45 million and a trade deficit of $339.27 million (Tables 7 and 9).

Other   major sources of imports for the month of December 2016 included in Top Ten Countries were: Indonesia, $456.80 million; Taiwan, $453.30 million; Singapore, $428.70 million; Malaysia including Sabah and Sarawak, $299.29 million; and Hong Kong, $207.20 million.

Moreover, imports from Other Countries was valued at $1.520 billion and accounted for 20.4 percent of the total imports for the month of December 2016.  Among the other countries, France recorded the highest import source at $195.32 million or 2.6 percent of the total.

 

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 45.3 PERCENT

By economic bloc, East Asia comprising of China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan, was the biggest source of the country’s imports in December 2016 as it accounted for 45.3 percent of the total imports valued at $3.368 billion.  It increased by 22.0 percent from $2.761 billion in December 2015.  Total exports to countries of East Asia amounted to $2.556 billion resulting to a total trade of $5.924 billion and a trade deficit of $812.57 million (Table 8 and 10).

Commodities    imported   from   ASEAN   member   countries were valued at $1.910 billion,    contributing 25.7 percent share to total and registered an increase of 17.7 percent from $1.623 billion recorded in December 2015.  Proceeds from exports to ASEAN member countries were worth $702.55 million, resulting to a total trade of $2.613 billion and a trade deficit of $1.208 billion (Table 8 and 10).

Imports from European Union were valued at $579.90 million.  It increased by 31.6 percent compared to a year ago value of $440.53 million.  Exports to member countries of European Union were worth $521.64 million, resulting to a total trade of $1.102 billion and a trade deficit of $58.26 million (Table 8 and 10).

 

Technical Notes

 

Import trade statistics are compiled by the Philippine Statistics Authority (PSA) from copies of import documents submitted to the Bureau of Customs (BOC) by importers or their authorized representatives as required by law.  Following are the source documents for imports:

  • Import Entry and Internal Revenue Declaration (BOC IEIRD Form 236)
  • Informal Import Declaration and Entry (BOC Form 177)
  • PEZA Warehousing Entry (BOC Form 242 CEWE)

Moreover, an electronic copy of the IEIRD, or called Single Administrative Document (SAD), is utilized to capture the monthly import figures.  SAD-IEIRD is an on-line submission of import documents either by brokers or companies.  These are transactions that pass through the Automated Cargo Operating System (ACOS) or now called the e2m (electronic to mobile) customs system; a system implemented through the BOC e-Customs Project. The output of this system is provided by BOC to PSA on a monthly basis through email.

All documents (hard copies and e-files) received before the cut-off date which is every 10th day of the month are compiled, processed and generated in a monthly statistical tables for the preparation of Press Release.  All documents received after the cut-off date, however, are processed and included in the generation of the revised statistical tables.  Processing includes coding, editing, review and validation. Revised statistical tables are made available 10 to 15 working days after the press release date.

Press Releases (PR) for Imports are disseminated at the same date of the PR for Export.  These are released every 10th day of each month.

The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the 10-Digit level for statistical purposes.

Detailed data on international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).

 

 

(Sgd.)  LISA GRACE S. BERSALES, Ph. D.
National Statistician and Civil Registrar General

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