External Trade Performance: October 2016

Reference Number: 

2016-169

Release Date: 

Friday, December 9, 2016

EXTERNAL TRADE PERFORMANCE

OCTOBER 2016

(Preliminary)

 

 

October

 

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)

 

 

6,920.96

5.9

 

1,729.84

-17.2

 

 

 6,534.11

16.9

 

2,089.40

70.0

 

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

Gainers

Losers

Transport Equipment
55.0
Electronic Products
-17.2
Iron and Steel
33.6
Telecommunication Equipment and Electrical Machinery
-2.8
Miscellaneous Manufactured Articles
26.8
Cereals and Cereal Preparations
-2.3
Mineral Fuels, Lubricants and Related Materials
22.3    

Plastics in Primary and Non-Primary Forms

21.3
 
 
Other Food and Live Animals
7.1    
Industrial Machinery and Equipment
1.6    

p-preliminary, r-revised

 

IMPORTS INCREASE BY 5.9 PERCENT IN OCTOBER 2016

The   total   imported   goods by the country for the month of October 2016 amounted to $6.921 billion, an increase of 5.9 percent from $6.534 billion recorded during the same period a year ago.   The increase was due to the positive growth rates of seven out of the top ten major imported commodities for the month led by transport equipment (55.0%).  The other eight were:  iron and steel (33.6%), miscellaneous manufactured articles (26.0%), mineral fuels, lubricants and related materials (22.3%), plastics in primary  and  non-primary forms (21.3%), other food and live animals (7.1%), and industrial machinery and equipment (1.6%) (Table 3).

Cumulative imports for January to October 2016 amounted to $66.426 billion, an increase of 13.1 percent compared with $58.728 billion during the same period of last year. The balance of trade in goods (BOT-G) for the Philippines in October 2016, registered a deficit of $2.163 billion, higher than the $1.944 billion trade deficit in the same month last year (Table 1).

ELECTRONIC PRODUCTS ACCOUNT FOR 25.0 PERCENT SHARE OF IMPORT BILL

Total   payment   for   the   country’s   top ten imports for October 2016 reached $5.179 billion or 74.8 percent share of the total import bill (Table 3).

Inbound shipments   of   Electronic   Products    in October 2016     accounted for    25.0 percent share of the total import bill with value amounting   to   $1.730 billion.  It decreased by 17.2 percent over the last year's figure of $2.089 billion.  Components/Devices (Semiconductors)   had the biggest   share of 16.9 percent among electronic   products.  However, it went down by 26.7 percent from $1.592 billion in October 2015 to $1.166 billion in October 2016.

Transport Equipment, contributing 15.0 percent to the total import bill was the country’s    second top import for   the   month amounting to $1.035 billion.   It rose by 55.0 percent compared to last year’s value of $667.58 million.

Minerals   Fuels,   Lubricants    and    Related   Materials placed third with 10.0 percent share to total imports valued at $689.16 million.  This registered an increase of 22.3 percent from its previous year’s level of $563.62 million.

Imports of Industrial Machinery and Equipment ranked fourth with 6.9 percent share and a reported value of $479.52 million in October 2016.   It grew by 1.6 percent from $472.01 million in October 2015.

Iron and Steel ranked fifth, with 3.9 percent share to the total imports which was valued at $272.27 million in October 2016.  It registered a 33.6 percent increase from its year ago level of $203.80 million.

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

  • Other Food and Live Animals, $240.32 million;  
  • Miscellaneous Manufactured Articles, $200.49 million;  
  • Plastics in Primary and Non-Primary Forms, $182.75 million;
  • Telecommunication Equipment and Electrical Machinery, $182.57 million; and
  • Cereals and Cereal Preparations, $166.83 million.

PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 36.7 PERCENT OF THE TOTAL IMPORTS

Total importation of Raw Materials and Intermediate Goods in October 2016 was valued at $2.537 billion, accounting for 36.7 percent share of the total imports.  It decreased by 7.3 percent over last year's figure of $2.737 billion.  Semi-Processed Raw Materials, having    the    biggest   share of this commodity group at 33.9 percent was valued at
$2.343 billion.  It went down by 7.7 percent compared with $2.539 billion value in October 2015.

Payments for inward shipments of Capital Goods accounted for 34.8 percent of the total imports.  It increased by 13.1 percent to $2.411 billion in October 2016 from
$2.131 billion in October 2015 (Table 5).

Purchases of Consumer Goods recorded 18.0 percent share with a total import bill valued at $1.244 billion in October 2016.  It recorded a growth of  6.6 percent from $1.067 billion registered in October 2015.

Mineral Fuels, Lubricants and Related Materials with 10.0 percent share to total imports, increased by 22.3 percent to $689.16 million in October 2016 from $563.62 million in October 2015.  Other mineral fuel and lubricants such as gas oils, regular and premium unleaded motor spirit and aviation spirit increased by 19.2 percent contributing the biggest share of imports for this commodity group at 6.2 percent and valued $429.95 million (Table 5).

Furthermore,   imports of Special Transactions went up by 10.1 percent in October 2016 at $39.42 million from $35.80 million in October 2015.

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 16.7 PERCENT

Aggregate payments from the top ten imports countries for October 2016 amounted to $5.592 billion or 80.8 percent of the total import bill (Table 7).

People’s Republic of China remained as the country’s biggest source of imports at 16.7 percent share in October 2016.  Payments were recorded at $1.153 billion, an increase of 9.7 percent from $1.051 billion in October 2015.   Revenue from the country’s exports to People’s Republic of China,   on   the   other   hand,   reached $571.87 million, generating a total trade value of $1.725 billion and $581.59 million trade deficit (Tables 7 and 9).

Japan including Okinawa, came second, contributing 12.2 percent or $844.73 million to the total import bill in October 2016.  It   grew by 19.0 percent from its October 2015 value of $709.67 million.  Export   receipts   from   Japan in October 2016 reached $983.84 million yielding a total   trade value of $1.829 billion and a favorable balance of trade of $139.11 million (Tables 7 and 9).

United States of America (USA), including Alaska and Hawaii, was the third biggest source of imports for October 2016 with 8.9 percent share to the total import bill amounting to $614.86 million, a decrease by 1.5 percent from $624.23 million in October 2015.  Exports to USA amounted to $737.21 million, yielding a two-way trade value of $1.352 billion and a trade surplus of $122.34 million.

Thailand ranked fourth, accounting for 7.6 percent share of the total import bill in October 2016, a positive growth of 4.3 percent to $529.43 million in October 2016 from $507.64 million   in   October 2015.  Exports to this country amounted to $180.25 million   resulting to a total trade value of $709.69 million and a trade deficit of $349.18 million.

Singapore placed fifth, accounting for 7.4 percent share of the total import bill worth  $508.76 million   in   October   2016.  It   increased by 6.7 percent from $476.85 million  in  October 2015.  Exports   to   this country amounted to $317.40 million resulting to a total trade value of $826.17 million and a trade deficit of $191.36 million (Tables 7 and 9).

Other   major sources of imports for the month of October 2016 included in Top Ten Countries were: Taiwan, $446.78 million; Republic of Korea, $435.12 million; Indonesia, $426.43 million; Germany, $368.09 million; and Malaysia, including Sabah and Sarawak, $264.04 million.

Moreover, imports from Other Countries was valued at $1.329 billion and accounted for 19.2 percent of the total imports for the month of October 2016.  Among the other countries, Hong Kong recorded the highest import source at $192.64 million or 2.8 percent of the total.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 44.4 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 October 2016 as it accounted for 44.4 percent of the total imports valued at $3.074 billion.  It increased by 5.4 percent from $2.915 billion in October 2015.  Total exports to countries of East Asia amounted to $2.427 billion resulting to a total trade of
$5.501 billion and a trade deficit of $646.82 million (Table 8 and 10).

Commodities    imported   from   ASEAN   member   countries were valued at $1.888 billion,    contributing    27.3  percent  share to total and registered an increase of 5.9 percent from $1.784 billion recorded in October 2015.  Proceeds from exports to ASEAN member countries were worth $740.21 million, resulting to a total trade of    $2.629 billion and a trade deficit of $1.148 billion (Table 8 and 10).

Imports     from    European   Union were valued at $710.48 million.  It increased by 12.0 percent compared to a year ago value of $634.21 million.  Exports to member countries of European Union were worth $525.29 million, resulting to a total trade of $1.236 billion and a trade deficit of $185.18 million (Table 8 and 10).

 

 

 

 

Technical Notes

 

Press Releases (PR) for Imports and Exports are now disseminated at the same date.  Therefore, the both PR are released every 10th day of each month. However, if the 10th day falls on a Saturday, release will be on Friday but if it falls on a Sunday or Monday the release will be on Tuesday.  If the release date falls on holiday, the date of release is moved accordingly.

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.

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).

 

 

 

FOR THE NATIONAL STATISTICIAN:

 

 

(Sgd.) ROMEO S. RECIDE
(Deputy National Statistician, SSO)
Officer-in-Charge

 

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