EXTERNAL TRADE PERFORMANCE
p - preliminary
r - revised
JANUARY TO AUGUST 2011 TOTAL TRADE STANDS AT $73.735 BILLION
Total external trade in goods for January to August 2011 reached $73.735 billion, representing a 7.6 percent increment from $68.547 billion registered during the same period a year earlier. Similarly, total imports grew by 13.8 percent to $40.426 billion from $35.526 billion. On the other hand, aggregate exports slightly inched up by 0.9 percent to $33.308 billion in January to August of 2011 from $33.021 billion of the previous year. Thus, the balance of trade in goods (BOT-G) for the Philippines posted deficit at $7.118 billion for the first eight-month period of 2011, a value higher than the $2.505 billion deficit recorded during the same period in 2010.
Figure 2A Philippine Trade Performance in January - August : 2011 and 2010
Figure 2B Philippine Trade Performance in August : 2011 and 2010
AUGUST 2011 IMPORTS UP BY 10.4 PERCENT
The country’s total merchandise imports for August 2011 were estimated at $4.926 billion, higher by 10.4 percent from $4.461 billion in 2010. On the other hand, month-on-month, it fell by 1.5 percent from $4.999 billion recorded in July 2011. Total trade for August 2011 was registered at $9.049 billion, down by 2.0 percent from $9.236 billion in August 2010. Thus, the balance of trade in goods (BOT-G) registered deficit at $804.00 million, compared to last year’s surplus at $313.00 million.
ELECTRONIC PRODUCTS ACCOUNT FOR 28.3 PERCENT OF IMPORT BILL
Accounting for 28.3 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) emerged as the country’s leading imports in August 2011 with value placed at $1.395 billion. It decreased by 15.2 percent from $1.645 billion registered in August 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share at 21.2 percent, contracted by 22.0 percent from $1.340 billion last year to $1.046 billion in August 2011.
Imports Mineral Fuels, Lubricants and Related Materials ranked second in August 2011 amounting to $985.21 million. It grew by 55.0 percent over last year's figure of $635.57 million. On a monthly basis, it fell by 25.0 percent from $1.313 billion recorded in July 2011.
Transport Equipment, registered as the country’s third top import for the month with 6.2 percent share to total imports and valued at $304.68 million. The amount was higher by 40.1 percent from $217.52 million registered a year ago.
Industrial Machinery and Equipment contributing 5.5 percent to the total import bill was the PH’s fourth top import for the month with payments placed at $269.41 million, an annual growth of 40.2 percent from last year’s $192.20 million.
Fifth in rank and with a 3.5 percent share to the total imports, Plastics in Primary and Non-Primary Forms posted the highest annual growth rate of 59.6 percent among the top ten imports. FOB value was recorded at $170.97 million from its year ago level of $107.12 million.
Organic and Inorganic Chemicals ranked sixth, comprising 2.5 percent of the total imports registered $121.62 million worth of imports, lower by 1.7 percent from August 2010 level of $123.66 million.
Rounding up the list of the top ten imports for 2011 were Iron and Steel valued at $121.21 million (2.5%); Cereals and Cereal Preparations amounting to $107.65 million (2.2%); Telecommunication Equipment and Electrical Machinery including telecommunications and sound recording and reproducing apparatus and equipment, valued at $95.84 million (2.0%); and Chemical Materials and Products, n.e.s., $75.37 million (1.5%).
Aggregate payment for the country’s top ten imports for 2011 reached $3.646 billion or 74.0 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 37.0 PERCENT OF THE TOTAL IMPORTS
Accounting for 37.0 percent of the total imports, payments in August 2011 for Raw Materials and Intermediate Goods amounted to $1.825 billion or a 4.8 percent decline over last year's figure of $1.916 billion. Compared to the previous month’s level, purchases increased by 8.4 percent from $1.683 billion. Semi-Processed Raw Materials had the biggest share at 32.7 percent and valued at $1.611 billion or an annual decline of 2.7 percent from $1.657 billion registered last year.
Expenditures for Capital Goods comprising 29.0 percent of the total imports, increased by 16.1 percent to $1.430 billion from $1.231 billion in August 2010.
Mineral Fuels, Lubricants and Related Materials with 20.0 percent share, expanded by 55.0 percent to $985.21 million from $635.57 million in August 2010.
Purchases of Consumer Goods was down by 1.5 percent from $603.41 million to $594.31 million. However, Special Transactions higher by 22.3 percent to $92.16 million from $75.33 million in August 2010.
IMPORTS FROM JAPAN ACCOUNTS FOR 11.8 PERCENT
Comprising 11.8 percent share of the total import bill, Japan, including Okinawa was reported as the country’s biggest source of imports for August 2011 with $580.06 million, a decrease of 3.2 percent from $599.32 million in August 2010. Exports to Japan amounted to $651.95 million, yielding a two-way trade value of $1.232 billion and a trade surplus for PH of $71.89 million.
People’s Republic of China was the second biggest source of imports with 10.6 percent share and recorded payments worth $521.71 million. This number represents a 41.1 percent increase from $369.81 million in August 2010. Revenue from PH’s exports to People’s Republic of China, on the other hand, reached $616.51 million, generating a total trade value of $1.138 billion and $94.79 million trade surplus for the Philippines.
United States of America (USA) including Alaska and Hawaii followed as the third biggest source of imports with 9.9 percent share, up by 2.5 percent to $485.55 million from $473.82 million during the same month in 2010. Exports to USA amounted to $613.53 million resulting to a total trade value of $1.099 billion and a trade surplus of $127.98 million.
Saudi Arabia settled fourth, accounting for 7.3 percent share of the total import bill in August 2011 or an annual growth of 144.4 percent to $360.97 million from $147.68 million in August 2010. Exports to Saudi Arabia amounted to $4.31 million resulting to a total trade value of $365.28 million and a trade deficit of $356.67 million.
Fifth in rank was Thailand, representing 7.1 percent of the total import bill in August 2011 amounted to $351.91 million or a year-on year decrease of 2.6 percent. Meanwhile, export receipts from Thailand reached $183.71 million yielding a total trade value of $535.62 billion and a trade deficit of $168.20 million.
Other major sources of imports for August 2011 were Singapore, $349.95 million (7.1%); Republic of Korea, $334.17 million (6.8%); Taiwan, $307.61 million (6.2%); Malaysia, $205.02 million (4.2%); and Indonesia, $195.67 million (4.0%).
Payments for imports from the top ten sources for August 2011 amounted to $3.693 billion or 75.0 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 38.5 percent with payments posted at $1.894 billion or a 10.7 percent increase from August 2010 level of $1.711 billion. Total exports to member-countries of Eastern Asia on the other hand, were valued at $1.979 billion, resulting to a total trade of $3.873 billion and a balance of trade in goods (BOT-G) surplus of $84.96 million.
Philippine imports from ASEAN member-countries representing 24.1 percent share in August 2011 amounted to $1.189 billion, a decline by 10.6 percent from $1.330 billion registered in August 2010. Meanwhile, exports to ASEAN member-countries were worth $752.43 million, resulting to a total trade of $1.941 billion and a trade deficit of $436.20 million.
Total imports from European Union were valued at $357.66 million (7.3%) while exports to member-countries of European Union were worth $513.65 million. This aggregated to total trade of $871.30 million and a trade surplus of $155.99 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