EXTERNAL TRADE PERFORMANCE
p - preliminary
r - revised
JANUARY TO APRIL 2011 TOTAL TRADE STANDS AT $37.630 BILLION
Total external trade in goods for the first four months of 2011 (January to April) reached $37.630 billion, a 16.6 percent increment from $32.284 billion registered during the same period in 2010. Total imports posted a 21.7 percent annual increase to $21.110 billion from $17.341 billion. Similarly, total exports were up by 10.6 percent to $16.521 billion in January to April of 2011 from $14.943 billion in 2010. Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit of $4.589 billion during the 4-month period in 2011, a value higher than the $2.398 billion deficit in the same 4-month period last year.
Figure 2A Philippine Trade Performance in January - April : 2011 and 2010
Figure 2B Philippine Trade Performance in April : 2011 and 2010
APRIL 2011 IMPORTS UP BY 20.3 PERCENT
The country’s total merchandise imports for April 2011 were estimated at $5.497 billion, an increase by 20.3 percent from $4.568 billion in 2010. However, month-on-month, it decline slightly by 0.9 percent from $5.549 billion recorded in March 2011. Total trade for April 2011 was registered at $9.799 billion, higher by 19.8 percent from $8.180 billion in April 2010. Thus, the balance of trade in goods (BOT-G) in April 2011 posted a deficit of $1.195 billion compared to last year’s recorded deficit value of $957.00 million.
ELECTRONIC PRODUCTS ACCOUNT FOR 30.7 PERCENT OF IMPORT BILL
Accounting for 30.7 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in April 2011 amounted to $1.690 billion. It rose by 11.5 percent over last year's figure of $1.516 billion. On a monthly basis, it contracted by 17.7 percent from $2.054 billion recorded in March 2011. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 26.1 percent, expanded by 27.2 percent to $1.437 billion from $1.130 billion last year.
Imports of Mineral Fuels, Lubricants and Related Materials in April 2011 ranked second with 25.3 percent share and posted the highest positive annual growth among the top ten imports in April 2011 at 60.5 percent to $1.393 billion over the previous year’s level of $868.01 million.
Transport Equipment registered as the country’s third top import for the month with 4.7 percent share to total imports valued at $258.75 million. The value expanded by 8.9 percent from previous year level of $237.54 million.
Industrial Machinery and Equipment registered as the country’s third top import for the month with 4.3 percent share to total imports valued at $235.05 million. This value was higher by 14.2 percent from previous year level of $205.90 million.
Transport Equipment, contributing 3.4 percent to the total import bill was the PH’s fourth top import for the month with payments placed at $184.67 million, decelerated by 16.4 percent from last year’s $220.98 million.
Fifth in rank and with a 2.8 percent share to the total imports, Organic and Inorganic Chemicals recorded $151.46 million, higher by 19.6 percent from its year ago level of $126.69 million.
Plastics in Primary and Non-Primary Forms ranked sixth, comprising 2.4 percent of the total imports registered $132.88 million, up by 46.4 percent from April 2010 level of $90.78 million.
Rounding up the list of the top ten imports for 2011 were Iron and Steel valued at $130.43 million (2.4%); Cereals and Cereal Preparations amounting to $107.39 million (2.0%); Telecommunication Equipment and Electrical Machinery including telecommunications and sound recording and reproducing apparatus and equipment, $96.48 million (1.8%); and Medicinal and Pharmaceutical Products, $80.53 million (1.5%).
Aggregate payment for the country’s top ten imports for 2011 reached $4.202 billion or 76.4 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 43.2 PERCENT OF THE TOTAL IMPORTS
Accounting for 43.2 percent of the total imports, payments in April 2011 for Raw Materials and Intermediate Goods amounted to $2.373 billion or a 43.2 percent increment over last year's figure of $1.657 billion. Compared to the previous month’s level, purchases went down by 15.4 percent from $2.805 billion. Semi-Processed Raw Materials had the biggest share of 40.1 percent and valued at $2.206 billion grew by 47.0 percent from $1.500 billion.
Capital Goods which comprised 20.0 percent of the total imports, declined by 16.2 percent from $1.311 billion in April 2010 to $1.099 billion.
Mineral Fuels, Lubricants and Related Materials with 25.3 percent share, accelerated by 60.5 percent to $1.393 billion from $868.01 million in April 2010.
Purchases of Consumer Goods amounted to $565.30 million or a decrease of 13.7 percent from $655.17 million in April 2010. Likewise, Special Transactions fell by 13.5 percent from $77.39 million in April 2010 to $66.98 million in April 2011.
IMPORTS FROM THE USA ACCOUNTS FOR 11.1 PERCENT
Comprising 11.1 percent share of the total import bill, United States of America (USA) including Alaska and Hawaii was reported as the country’s biggest source of imports for April 2011 with $609.50 million, an increase of 26.5 percent from $481.74 million in April 2010. Exports to USA amounted to $567.38 million, yielding a two-way trade value of $1.177 billion and a trade deficit for PH of $42.12 million.
People’s Republic of China was the second biggest source of imports with 9.5 percent share and recorded payments worth $519.88 million. This number represents a 45.9 percent increment from $356.41 million in April 2010. Revenue from PH’s exports to People’s Republic of China, on the other hand, reached $490.27 million, generating a total trade value of $1.010 billion and $29.61 million trade deficit for the Philippines.
Singaporecame third, accounting for 8.4 percent share of the total import bill in April 2011 with negative growth of 4.4 percent from $480.85 million to $459.52 million during the same month in 2010. Exports to Singapore amounted to $458.56 million resulting to a total trade value of $918.08 million and a trade deficit of $0.95 million.
Taiwan settled fourth, accounting for 8.3 percent share of the total import bill in April 2011 and a 59.9 percent annual increment to $453.83 million from $283.87 million in April 2010. Exports to Taiwan amounted to $219.89 million resulting to a total trade value of $673.72 million and a trade deficit of $233.95 million.
Fifth in rank was Japan, including Okinawa, representing 8.0 percent of the total import bill in April 2011 amounting to $440.04 million. Meanwhile, export receipts from Japan reached $742.01 million yielding a total trade value of $1.182 billion and a trade surplus of $301.97 million.
Other major sources of imports for April 2011 were Iran, $335.77 million (6.1%); Republic of Korea, $319.54 million (5.8%); Thailand, $303.14 million (5.5%); Russian Federation, $277.25 million (5.0%); and Saudi Arabia, $238.65 million (4.3%).
Payments for imports from the top ten sources for April 2011 amounted to $3.957 billion or 72.0 percent of the total.
IMPORTS FROM EASTERN
Total imports of the Philippines from Eastern Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 33.5 percent with payments posted at $1.842 billion or a 12.9 percent increment from April 2010 level of $1.631 billion. Total exports to member-countries of Eastern Asia on the other hand, were valued at $2.092 billion, resulting to a total trade of $3.934 billion and a balance of trade in goods (BOT-G) surplus of $250.07 million.
Philippine imports from ASEAN member-countries representing 22.8 percent share in April 2011 amounted to $1.255 billion, a decline by 9.9 percent from $1.394 billion registered in April 2010. Meanwhile, exports to ASEAN member-countries were worth $846.94 million, resulting to a total trade of $2.102 billion and a trade deficit of $408.38 million.
Total imports from European Union were valued at $393.37 million (7.2%) while exports to member-countries of European Union were worth $551.67 million. This aggregated to total trade of $945.04 million and a trade surplus of $158.30 million for the Philippines.
1/ - includes China, Hong Kong, Japan, Macau, Mongolia, N, Korea, S. Korea, Taiwan
2/ - includes Brunei Darusalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Vietnam
3/ - includes Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Latvia, and UK Great Britain & N. Ireland
1. Adjustments on electronic import statistics are based on the transactions that pass through the Electronic to Mobile (e2m) of the Bureau of Customs (BOC).
2. Starting with the January 2007 Press Release, analysis and tables are based on the 2004 Philippine Standard Commodity Classification (PSCC) groupings. This is in compliance with NSCB Resolution No. 03, Series of 2005 entitled “Approving and Adopting the 2004 Philippine Standard Commodity Classification” by all concerned government agencies and instrumentalities
(Sgd.) CARMELITA N. ERICTA
Source: Foreign Trade Statistics Section
Industry and Trade Statistics Department
National Statistics Office