External Trade Performance: November 2016

Reference Number: 

2017-004

Release Date: 

Tuesday, January 10, 2017

EXTERNAL TRADE PERFORMANCE

NOVEMBER 2016

(Preliminary)

 

 

November

 

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)

 

 

7,297.95

19.7

 

1,956.37

-7.0

 

 

 6,094.66

10.1

 

2,104.30

66.7

 

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

Gainers

Losers

Iron and Steel
100.0
Electronic Products
-7.0
Transport Equipment
76.3
 
 
Industrial Machinery and Equipment
52.2
 
 
Miscellaneous Manufactured Articles
51.6    

Medicinal and Pharmaceutical Products

51.1
 
 
Plastics in Primary and Non-Primary Forms
50.3    
Telecommunication Equipment and Electrical Machinery
32.3    
Other Food and Live Animals
27.3    
Mineral Fuels, Lubricants and Related Materials
1.3    

p-preliminary, r-revised

IMPORTS INCREASE BY 19.7 PERCENT IN NOVEMBER 2016

The total imported goods by the country for the month of November 2016 amounted to $7.298 billion, an increase of 19.7 percent from $6.095 billion recorded during the same period a year ago. The increase was due to the positive growth rates of nine out of the top ten major imported commodities for the month led by iron and steel (100.0%).  The other eight were: transport equipment (76.3%), industrial machinery and equipment (52.2%), miscellaneous manufactured articles (51.6%), medicinal and pharmaceutical products (51.1%), plastics in primary and non-primary forms (50.3%), telecommunication equipment and electrical machinery (32.3%), other food and live animals (27.3%), and mineral fuels, lubricants and related materials (1.3%) (Table 3).
 
Cumulative imports for January to November 2016 amounted to $73.724 billion, an increase of 13.7 percent compared with $64.822 billion during the same period of last year. The balance of trade in goods (BOT-G) for the Philippines in November 2016, registered a deficit of $2.566 billion, higher than the $976.87 million trade deficit in the same month last year (Table 1).
 
 

ELECTRONIC PRODUCTS ACCOUNT FOR 26.8 PERCENT SHARE OF IMPORT BILL

Total payment for the country’s top ten imports for November 2016 reached $5.298 billion or 72.6 percent share of the total import bill (Table 3).  Inbound shipments of Electronic Products in November 2016 accounted for    26.8 percent share of the total import bill with value amounting to $1.956 billion.  It decreased by 7.0 percent over the last year's figure of $2.104 billion.  Components/Devices (Semiconductors)   had the biggest share of 16.9 percent among electronic products.  However, it went down by 22.6 percent from $1.589 billion in November 2015 to $1.230 billion in November 2016.  
 
Transport Equipment, contributing 11.1 percent to the total import bill was the country’s second top import for the month amounting to $810.59 million.  It rose by 76.3 percent compared to last year’s value of $459.89 million.
 
Minerals   Fuels,   Lubricants and Related Materials placed third with 8.9 percent share to total imports valued at $648.37 million.  This registered an increase of 1.3 percent from its previous year’s level of $640.18 million.
 
Imports of Industrial Machinery and Equipment ranked fourth with 7.3 percent share and a reported value of $533.73 million in November 2016.   It grew by 52.2 percent from $350.68 million in November 2015.
 
Other Food and Live Animals ranked fifth, with 4.0 percent share to the total imports which was valued at $292.28 million in November 2016.  It registered a 27.3 percent increase from its year ago level of $229.55 million.
 
Rounding up the list of the top ten imports for November 2016 were:  
  • Iron and Steel, $284.01 million;   
  • Miscellaneous Manufactured Articles, $246.44 million;   
  • Plastics in Primary and Non-Primary Forms, $207.12 million;
  • Telecommunication Equipment and Electrical Machinery, $185.51 million; and
  • Medicinal and Pharmaceutical Products, $133.64 million. 
 

PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 38.0 PERCENT OF THE TOTAL IMPORTS

Total importation of Raw Materials and Intermediate Goods in November 2016 was valued at $2.774 billion, accounting for 38.0 percent share of the total imports.  It increased by 11.1 percent over last year's figure of $2.497 billion.  Semi-Processed Raw Materials, having the biggest share of this commodity group at 34.9 percent was valued at $2.546 billion.  It went up by 10.7 percent compared with $2.301 billion value in November 2015.
 
Payments for inward shipments of Capital Goods accounted for 33.1 percent of the total imports.  It increased by 29.7 percent to $2.418 billion in November 2016 from $1.864 billion in November 2015 (Table 5).
 
Purchases of Consumer Goods recorded 19.3 percent share with a total import bill valued at $1.409 billion in November 2016.  It recorded a growth of 32.6 percent from $1.063 billion registered in November 2015.
 
Mineral Fuels, Lubricants and Related Materials with 8.9 percent share to total imports, increased by 1.3 percent to $648.37 million in November 2016 from $640.18 million in November 2015. 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 5.0 percent and valued $362.31 million (Table 5).
 
Furthermore, imports of Special Transactions went up by 57.0 percent in November 2016 at $48.22 million from $30.71 million in November 2015.  
 
 

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 20.3 PERCENT

Aggregate payments from the top ten imports countries for November 2016 amounted to $5.826 billion or 79.8 percent of the total import bill (Table 7).
 
People’s Republic of China remained as the country’s biggest source of imports at 20.3 percent share in November 2016.  Payments were recorded at $1.484 billion, an increase of 48.3 percent from $1.00 billion in November 2015.   Revenue from the country’s exports to People’s Republic of China,   on the other hand,   reached $555.04 million, generating a total trade value of $2.039 billion and $929.02 million trade deficit (Tables 7 and 9).
 
Japan including Okinawa, came second, contributing 11.1 percent or $812.47 million to the total import bill in November 2016.  It grew by 15.1 percent from its November 2015 value of $705.91 million.  Export receipts from Japan in November 2016 reached $898.83 million yielding a total trade value of $1.711 billion and a favorable balance of trade of $86.36 million (Tables 7 and 9).
 
United States of America (USA), including Alaska and Hawaii, was the third biggest source of imports for November 2016 with 8.3 percent share to the total import bill amounting to $606.49 million, a decrease by 4.2 percent from $632.77 million in November 2015.  Exports to USA amounted to $655.46 million, yielding a two-way trade value of $1.262 billion and a trade surplus of $48.97 million.
 
Thailand ranked fourth, accounting for 7.7 percent share of the total import bill in November 2016, a positive growth of 22.1 percent to $559.84 million in November 2016 from $458.46 million in November 2015.  Exports to this country amounted to $201.61 million resulting to a total trade value of $761.45 million and a trade deficit of $358.22 million.
 
Singapore placed fifth, accounting for 7.6 percent share of the total import bill worth  $555.90 million in November 2016.  It increased by 30.6 percent from $425.66 million in November 2015. Exports to this country amounted to $307.01 million resulting to a total trade value of $862.91 million and a trade deficit of $248.89 million (Tables 7 and 9).
 
Other major sources of imports for the month of November 2016 included in Top Ten Countries were: Republic of Korea, $450.86 million; Indonesia, $443.22 million; Taiwan, $405.13 million; Malaysia including Sabah and Sarawak, $261.21 million; and Hong Kong , $247.65 million.
 
Moreover, imports from Other Countries was valued at $1.471 billion and accounted for 20.2 percent of the total imports for the month of November 2016.  Among the other countries, Vietnam recorded the highest import source at $160.54 million or 2.2 percent of the total.
 
 

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 46.6 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 November 2016 as it accounted for 46.6 percent of the total imports valued at $3.401 billion.  It increased by 16.5 percent from $2.920 billion in November 2015.  Total exports to countries of East Asia amounted to $2.472 billion resulting to a total trade of  $5.873 billion and a trade deficit of $928.55 million (Table 8 and 10).
 
Commodities imported from ASEAN member countries were valued at $1.985 billion, contributing 27.2 percent share to total and registered an increase of 31.0 percent from $1.515 billion recorded in November 2015.  Proceeds from exports to ASEAN member countries were worth $751.06 million, resulting to a total trade of    $2.736 billion and a trade deficit of $1.234 billion (Table 8 and 10).
 
Imports from European Union were valued at $528.36 million.  It increased by 26.1 percent compared to a year ago value of $419.12 million.  Exports to member countries of European Union were worth $554.28 million, resulting to a total trade of $1.083 billion and a trade surplus of $25.92 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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