EXTERNAL TRADE PERFORMANCE
IMPORTS WENT UP BY 3.0 PERCENT IN APRIL 2014
Total external trade in goods for April 2014 amounting to $5.309 billion, increased by 3.0 percent from $5.153 billion recorded during the same period a year ago. The increase in total imports was due to the positive performance of six out of the top ten major commodities for the month. These are: plastics in primary and non-primary forms; iron and steel; telecommunication equipment and electrical machinery; mineral fuels, lubricants and related materials; organic and inorganic chemicals; and other food & live animals.
Cumulative imports for the first four months of 2014 amounted to $21.530 billion and showed a 9.9 percent increase compared with $19.590 billion in the same period of last year.
The balance of trade in goods (BOT-G) for the Philippines in April 2014 registered a deficit of $743 million compared to the $647 million deficit in the same period last year.
MINERAL FUELS, LUBRICANTS AND RELATED MATERIALS ACCOUNT FOR 27.0 PERCENT OF IMPORT BILL
Imported merchandise on Mineral Fuels, Lubricants and Related Materials was the top imported commodity in April 2014, accounting for 27.0 percent of the aggregate import bill and value amounting to $1.433 billion. It increased by 11.5 percent over last year's figure of $1.285 billion.
Imports of Electronic Products ranked second with 19.5 percent share and reported value of $1.037 billion in April 2014. It went down by 3.1 percent from $1.070 billion in April 2013. Among the major groups of electronic products, Components/Devices (Semiconductors), having the biggest share of 14.9 percent among electronic products, increased by 5.1 percent from $752.76 million in April 2013 compared to $791.36 million in April 2014.
Transport Equipment placed third with 9.9 percent share to total imports valued at $525.98 million. It decelerated by 12.0 percent from previous year’s level of $597.91 million.
Industrial Machinery and Equipment, contributing 4.8 percent to the total import bill was the country’s fourth top import for the month amounting to $253.83 million. It went down by 9.9 percent compared to last year’s value of $281.74 million.
Fifth in rank and with 3.3 percent share to the total imports, Plastics in Primary and Non-Primary Forms recorded $175.79 million worth of imports. It recorded the highest increased among the top ten imports by 50.7 percent from its year ago level of $116.66 million.
Rounding up the list of the top ten imports for April 2014 were: Other Food and Live Animals valued at $153.82 million; Iron and Steel, $150.29; Organic and Inorganic Chemicals, $124.72 million; Miscellaneous Manufactured Articles amounting to $115.83 million; and Telecommunication Equipment and Electrical Machinery, $111.01 million.
Aggregate payment for the country’s top ten imports for April 2014 reached $4.081 billion or 76.9 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 38.6 PERCENT OF THE TOTAL IMPORTS
Total bill for purchases of Raw Materials and Intermediate Goods in April 2014 valued at $2.052 billion and accounted for 38.6 percent of the total imports. It increased by 17.6 percent over last year's figure of $1.744 billion. Semi-Processed Raw Materials had the biggest share of 36.4 percent valued at $1.933 billion.
Payments for inward shipments of Capital Goods accounting for 22.2 percent of the total imports, declined by 19.9 percent from $1.473 billion in April 2013 to $1.179 billion in April 2014.
Mineral Fuels, Lubricants and Related Materials with 27.0 percent share to total imports increased by 11.5 percent to $1.433 billion in April 2014 from $1.285 billion in April 2013. Petroleum crude contributed the biggest share of imports in this commodity group by 14.0 percent.
Purchases of Consumer Goods recorded 11.6 percent share with a total import bill valued at $615.41 million in Aprilh 2014. It slightly increased by 0.2 percent from $613.89 million registered in April 2013.
Special Transactions declined by 21.1 percent from $37.96 million to $29.96 million in April 2014.
IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 15.7 PERCENT
People’s Republic of China remained as the country’s biggest source of imports with 15.7 percent share in April 2014. Payments were recorded at $833.51 million, an increase of 20.0 percent from $694.31 million in April 2013. Revenue from country’s exports to China, on the other hand, reached $572.67 million, generating a total trade value of $1.406 billion and $260.84 million trade deficit.
Second in rank was Saudi Arabia accounting for 8.4 percent share of the total import bill in April 2014 or an increase of 246.7 percent to $443.31 million from $127.88 million compared to same period last year. Exports to Saudi Arabia amounted to $8.31 million resulting to a total trade value of $451.62 million and a trade deficit of $435.00 million.
Republic of Korea came third, contributing 8.3 percent of the total import bill in April 2014, with import value of $442.33 million. Export receipts from Republic of Korea in April 2014 reached $213.55 million yielding a total trade value of $655.88 million and a trade deficit of $228.78 million.
Japan including Okinawa was the fourth biggest source of imports for April 2014 with 7.6 percent share to the total import bill amounting to $402.59 million and decreased by 11.6 percent from $455.53 million in April 2013. Exports to Japan amounted to $943.32 million, yielding a two-way trade value of $1.346 billion and a trade surplus of $540.74 million.
United States of America (USA) including Alaska and Hawaii ranked fifth, accounting for 7.1 percent share of the total import bill in April 2014 with a negative growth of 46.8 percent from $711.99 million to $379.07 million in April 2014. Exports to this country amounted to $735.64 million resulting to a total trade value of $1.115 billion and a trade surplus of $356.57 million.
Other major sources of imports for the month of April 2014 were: Taiwan, $349.31 million; Singapore, $348.56 million; Germany, $291.27 million; Indonesia, $266.67 million; and Malaysia, $225.15 million.
Aggregate payments for imports from the top ten sources for April 2014 amounted to $3.982 billion or 75.0 percent of the total.
IMPORTED GOODS FROM EAST ASIA ACCOUNT FOR 40.2 PERCENT
Philippines’ total imports from East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) was the biggest source of the country’s imports in April 2014 as it accounted for 40.2 percent of the total imports valued at $2.135 billion. It increased by 1.7 percent from $2.098 billion in April 2013. Total exports to member-countries of East Asia amounted to $2.252 billion resulting to a total trade of $4.387 billion and a trade surplus of $117.30 million.
Merchandise imported from ASEAN member-countries were valued at $1.129 billion, contributing 21.3 percent share and increased by 3.0 percent from $1.097 billion recorded in April 2013. Proceeds from exports to ASEAN member-countries were worth $787.67 million, resulting to a total trade of $1.917 billion and a trade deficit of $341.66 million.
Imports from European Union were priced at $681.02 million. It increased by 103.1 percent compared to a year ago value of $335.39 million. Exports to member-countries of European Union were worth $503.07 million, resulting to a total trade of $1.184 billion and a trade deficit of $177.95 million.
Starting with the February 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) PAULA MONINA G. COLLADO
Interim Deputy National Statistician