EXTERNAL TRADE PERFORMANCE
August 2010
(Preliminary)
p - preliminary
r - revised
JANUARY TO AUGUST 2010 TOTAL TRADE STOOD AT $68.308 BILLION
Total external trade in goods for January to August 2010 reached $68.308 billion, a 31.3 percent increment from $52.034 billion registered during the same period in 2009. Total imports posted a 26.1 percent annual increase to $35.324 billion from $28.023 billion. Similarly, an increase of 37.4 percent for merchandise exports was noted to $32.984 billion in January to August of 2010 from $24.011 billion during the same period in 2009. Thus, the balance of trade in goods (BOT-G) for the Philippines registered a deficit of $2.341 billion during the 8-month period in 2010, a value lower than the $4.012 billion deficit in the same 8-month period last year.
Figure 1A Philippine Trade Performance in January - August : 2010 and 2009
(F.O.B. Value in Million US Dollars)
Figure 1B Philippine Trade Performance in August : 2010 and 2009
(F.O.B. Value in Million US Dollars)
AUGUST 2010 IMPORTS UP BY 22.0 PERCENT
Combined import and export merchandise trade for August 2010 increased by 29.3 percent to $9.171 billion from $7.090 billion in August 2009. Total merchandise imports increased at 22.0 percent to $4.412 billion from $3.617 billion in August 2009. Total exports, on the other hand, rose by 37.0 percent to $4.759 billion from $3.473 billion in August 2009. The balance of trade in goods (BOT-G) in August 2010 posted a surplus of $347.00 million compared to last year�s recorded deficit of $144.00 million. On a month-on-month basis, total imports for August 2010 decreased by 5.7 percent from $4.679 billion recorded in July 2010.
ELECTRONIC PRODUCTS ACCOUNTED FOR 37.3 PERCENT OF IMPORT BILL
Accounting for 37.3 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in August 2010 amounted to $1.645 billion. It went up by 27.2 percent over last year's figure of $1.293 billion. On a monthly basis, it grew by 0.7 percent from $1.633 billion recorded in July 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 30.4 percent, expanded by 42.7 percent to $1.341 billion from $939.38 million in August 2009.
Imports of Mineral Fuels, Lubricants and Related Materials in August 2010 ranked second with 14.4 percent share and posted a positive growth of 0.7 percent to $634.75 million from $630.17 million in August 2009.
Transport Equipment was the RP�s third top imports for the month with 4.9 percent share to total imports at $216.26 million. The value improved by 0.4 percent from it�s previous year level of $215.41 million.
Industrial Machinery and Equipment, contributing 4.3 percent to the total import bill, was the RP�s fourth top import for the month with payments placed at $189.33 million, an increase of 43.7 percent from last year�s level of $131.72 million.
Fifth in rank and with 3.5 percent share to the total imports, Cereals and Cereal Preparations accelerated by 67.9 percent or $152.48 million, the highest annual growth rate among the top ten imports from its year ago level of $90.82 million.
Iron and Steel ranked sixth, comprising 3.0 percent of the total imports, recorded $131.73 million, higher by 41.8 percent from its year ago level of $92.91 million.
Rounding up the list of the top ten imports for August 2010 were Organic and Inorganic Chemicals worth $122.69 million, gained by 16.6 percent; Metalliferous Ores and Metal Scrap amounting to $113.90 million increased by 28.0 percent; Plastics in Primary and Non-Primary Forms, valued at $107.23 million up by 64.0 percent; and Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment) with purchases placed at $71.31 million rose by 21.7 percent.
Aggregate payment for the country�s top ten imports for August 2010 reached $3.385 billion or 76.7 percent of the total import bill.
Figure 2 Philippine Top Six Imports in August : 2010 and 2009
(F.O.B. Value in Million US Dollars)
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 42.4 PERCENT OF THE TOTAL IMPORTS
Accounting for 42.4 percent of the total imports, payments in August 2010 for Raw Materials and Intermediate Goods amounted to $1.872 billion or a 36.5 percent increment over last year's figure of $1.371 billion. Compared to the previous month�s level, purchases increased by 0.8 percent from $1.857 billion. From among this group, Semi-Processed Raw Materials representing the biggest share of 37.4 percent was valued at $1.650 billion or 40.5 percent annual growth.
Capital Goods, which comprised 27.8 percent of the total imports, grew by 8.6 percent year-on-year to $1.227 billion from $1.130 billion in August 2009.
Mineral Fuels, Lubricants and Related Materials with 14.4 percent share, went up by 0.7 percent to $634.75 million from $630.17 million in August 2009.
Purchases of Consumer Goods amounted to $603.04 million or a 38.5 percent increment from $435.27 million in August 2009. Similarly, Special Transactions advanced by 48.5 percent to $75.57 million from $50.90 million in August 2009.
Figure 3 Philippine Imports by Major Type of Goods in August : 2009 and 2010
(F.O.B. Value in Million US Dollars)
IMPORTS FROM JAPAN ACCOUNTED FOR 13.6 PERCENT
Japan including Okinawa, was the country�s biggest source of imports for August 2010 with 13.6 percent share of the total import bill, higher by 32.0 percent to $600.53 million from $454.81 million in August 2009. Exports to Japan amounted to $604.00 million, yielding a two-way trade value of $1.205 billion and a trade surplus for RP of $3.47 million.
United States of America (USA) including Alaska and Hawaii, the second biggest source of imports with 10.4 percent share, recorded payments worth $460.29 million, up by 12.6 percent from $408.97 million recorded in August 2009. Revenue from RP�s exports to USA, on the other hand, reached $642.48 million, generating a total trade value of $1.103 billion and $182.20 million trade surplus for the Philippines.
Singapore came third, accounting for 10.0 percent share of the total import bill in August 2010 increased by 48.1 percent to $442.76 million from $299.03 million during the same month in 2009. Exports to Singapore amounted to $962.20 million resulting to a total trade value of $1.405 billion and a trade surplus of $519.44 million.
People�s Republic of China settled fourth, accounting for 8.4 percent share of the total import bill in August 2010 or a 2.5 percent increment to $369.38 million from $360.35 million during the same month in 2009. Exports to People�s Republic of China amounted to $589.40 million resulting to a total trade value of $958.78 billion and a trade surplus for the Philippines of $220.02 million.
Fifth in rank is Thailand, representing 8.2 percent of the total import bill in August 2010, amounted to $360.87 million. Meanwhile, export receipts from Thailand in August 2010 reached $157.19 million yielding a total trade value of $518.07 million and a trade deficit of $203.68 million.
Other major sources of imports for the month of August 2010 were Taiwan, $313.51 million; Republic of Korea, $310.22 million; Malaysia, $241.69 million; Indonesia, $157.74 million; and Saudi Arabia, $147.53 million.
Payments for imports from the top ten sources for August 2010 amounted to $3.405 billion or 77.2 percent of the total.
Figure 4 Philippine Imports by Country in August : 2010
IMPORTS FROM EASTERN ASIA WORTH $1.711 BILLION
Philippines total imports in August 2010 from Eastern Asia accounted for 38.8 percent of the county�s total imports with total payments of $1.711 billion or a positive annual growth of 20.3 percent from August 2009 level of $1.422 billion. Total exports to member-countries of Eastern Asia was valued at $1.980 billion, resulting to a total trade of $3.690 billion and a balance of trade in goods (BOT-G) surplus of $268.83 million.
Imports from ASEAN member-countries in August 2010 amounted to $1.324 billion, a 30.0 percent share contribution to total imports. It was higher by 47.5 percent from $897.49 million registered in August 2009. Exports to ASEAN member-countries amounted $1.320 billion, resulting to a total trade of $2.644 billion and a trade deficit of $3.92 million.
August 2010 imports from European Union were valued at $307.18 million while exports to member-countries of European Union were worth $537.35 million. It aggregated to a total trade of $844.53 million and a trade surplus of $230.18 million for the Philippines.
Figure 5 Philippine Imports by Selected Economic Bloc in August : 2009 & 2010
(F.O.B. Value in Million US Dollars)
Notes:
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
Technical Notes:
1. Adjustments on electronic import statistics are based on the transactions that pass through the Automated Cargo Operating System (ACOS) 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
Administrator
Source: Foreign Trade Statistics Section
Industry and Trade Statistics Department
National Statistics Office
Manila, Philippines
