EXTERNAL TRADE PERFORMANCE
AUGUST 2012 TOTAL TRADE STANDS AT $8.855 BILLION
Total external trade in goods for August 2012 reached $8.855 billion, representing a 4.3 percent decrease from $9.249 billion recorded during the same month in 2011. The decrease can be attributed to the 9.0 percent negative growth of exports from $4.173 billion in the same month a year ago to $3.798 billion. Also, total imports slightly declined by 0.4 percent from $5.076 billion in August 2011 to $5.057 billion. Thus, the balance of trade in goods (BOT-G) for the Philippines in August 2012 registered a deficit of $1.259 billion from $903 million deficit in the same period last year.
AUGUST 2012 IMPORTS DROP BY 0.4 PERCENT
The country’s total merchandise imports for August 2012 went down by 0.4 percent from $5.076 billion in August 2011 to $5.057 billion. The decline in import payments can be traced to low purchases in goods such as plastic in primary and non-primary forms; industrial machinery and equipment; telecommunication equipment and electrical machinery; iron and steel; and transport equipment. However, purchases increased by 1.9 percent compared to previous month’s level at $4.963 billion. On the other hand, aggregate imports slightly went up by 0.1 percent to $40.769 billion value in the first eight months of 2012 from $40.731 billion for the same period in 2011.
ELECTRONIC PRODUCTS ACCOUNT FOR 29.1 PERCENT OF IMPORT BILL
Accounting for 29.1 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) expanded by 5.7 percent to reported value of $1.473 billion from $1.393 billion in August 2011. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 23.0 percent increased by 11.2 percent to $1.162 billion from $1.045 billion in August 2011. Similarly, compared to previous month, electronic products as well as semiconductors grew up by 20.5 percent and 28.7 percent from $1.222 billion and $902.65 million, respectively in July 2012.
Import bill payments for Mineral Fuels, Lubricants and Related Materials ranked second among the top ten imports with 19.8 percent share to total imports. The annual growth rate went up by 1.8 percent to $1.003 billion from $984.90 million registered a year ago. The expansion may be attributed to the 4.6 percent increase in volume of inward shipments.
Transport Equipment was the PH’s third top import for the month with 5.8 percent share to total imports valued at $294.17 million. It posted a negative year-on-year change at 3.4 percent from previous year’s value of $304.46 million. However, month-on-month, value of inward shipments showed a slight expansion of 0.2 percent.
Industrial Machinery and Equipment contributing about 5.0 percent to the total import bill was the fourth top import for the month amounting to $250.89 million. The value dropped by 6.5 percent compared to last year’s purchases at $268.40 million. However, volume purchases went up by 18.9 percent between the two periods. Similarly, a 15.8 percent month-on-month decrease in value was noted compared to $297.79 million recorded value in July 2012.
Fifth in rank and with 2.6 percent share to the total imports was Cereals and Cereal Preparations which recorded an annual positive growth of 23.2 percent to $132.52 million from its year ago level of $107.56 million. The increase was due to the 29.3 percent increase in volume of imports compared to August 2011.
Rounding up the list of the top ten imports for August 2012 were Organic and Inorganic Chemicals, $126.34 million; Plastics in Primary and Non-Primary Forms, $122.74 million; Iron and Steel, $115.63 million; Feeding Stuff For Animals (not including unmilled cereals), $97.26 million and exhibited the highest growth of 63.3 percent from among the top ten imports in August 2012; and Telecommunication Equipment and Electrical Machinery valued at $91.48 million.
Aggregate payment for the country’s top ten imports for August 2012 reached $3.707 billion or 73.3 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 39.0 PERCENT OF THE TOTAL IMPORTS
Raw Materials and Intermediate Goods, which comprised 39.0 percent of the total imports in August 2012, slightly went down by 0.2 percent from $1.977 billion in August 2011 to $1.973 billion. The contraction was brought about by the 19.8 percent decline in the value of unprocessed raw materials.
Accounting for 27.1 percent of the total imports, payments for Capital Goods amounted to $1.372 billion or 3.9 percent decrement over last year's figure of $1.428 billion. However, volume of inward shipment registered an increase of 9.2 percent compared to last year’s volume of purchases. Compared to previous month’s level, purchases went down by 4.4 percent from $1.436 billion.
Purchases of Consumer Goods amounted to $651.71 million or a positive growth of 9.7 percent from $594.16 million in August 2011. The increase was brought about by the 15.8 percent and 3.0 percent increase in purchases of non-durable and durable goods, respectively. On the other hand, volume of inward shipments showed a 19.4 percent increase compared to same month a year ago volume of shipments.
Imports of commodities under Special Transactions valued at $57.95 million dropped by 37.0 percent from $92.02 million recorded in August 2011. Similarly, total volume of inward manifests registered a 27.6 percent drop compared to it’s a year ago volume of importation.
IMPORTS FROM UNITED STATES OF AMERICA ACCOUNT FOR 11.7 PERCENT
United States of America (USA) including Alaska and Hawaii was the country’s biggest source of imports in August 2012 with 11.7 percent share. Payments were recorded at $594.15 million, an increase of 22.4 percent from $485.43 million in August 2011. Revenue from PH’s exports to USA, on the other hand, reached $499.30 million, generating a total trade value of $1.093 billion and $94.85 million trade deficit for the Philippines. The increase in the inward purchases from USA includes payments for commodities like telecommunication equipment and electrical machinery, materials/accessories for the manufacture of electrical equipment and feeding stuffs for animals.
People’s Republic of China was the second top source of imports with 10.8 percent share to the total import bill amounting to $546.65 million, higher by 4.8 percent from $521.53 million in August 2011. The expansion in inward value of shipments maybe accounted for in the following imported commodities like telecommunication equipment and electrical machinery, power generating and specialized machines and miscellaneous manufactures. Exports to People’s Republic of China amounted to $376.55 million, yielding a two-way trade value of $923.21 million and a trade deficit for PH of $170.10 million.
Taiwan came in third, accounting for 10.2 percent share of the total import bill in August 2012 with positive growth of 66.9 percent to $513.52 million from $307.66 million. The growth was attributed to the purchases of other minerals, fuels and lubricants and materials/accessories for the manufacture of electrical power. Exports to Taiwan amounted to $120.36 million resulting to a total trade value of $633.88 million and a trade deficit of $393.17 million.
Japan including Okinawa ranked fourth among the top sources of imports for the country accounting for about 10.0 percent share to total import bill in August 2012. It decreased by 13.3 percent from $580.51 million to $503.30 million. On the other hand, exports to Japan amounted to $686.71 million resulting to a total trade value of $1.190 billion and a trade surplus of $183.41 million. Mostly telecommunication equipment and electrical machinery were purchased from Japan in August 2012.
Fifth in rank was Singapore, representing 9.2 percent of the total import bill in August 2012 or an increase of 33.4 percent to $467.73 million from $350.49 million in the same month last year. Other crude materials, inedible were the highest imported goods from Singapore in August 2012. Exports to Singapore amounted to $561.99 million resulting to a total trade value of $1.030 billion and a trade surplus of $94.26 million.
Other major sources of imports for the month of August 2012 were Thailand, $281.13 million; Republic of Korea, $275.69 million; Indonesia, $247.65 million; Saudi Arabia, $218.74 million; and Malaysia, $190.30 million.
Payments for imports from the top ten sources for August 2012 amounted to $3.839 billion or 75.9 percent of the total.
IMPORTS FROM EAST ASIA WORTH $1.955 BILLION
Philippines’ total imports in August 2012 from East Asia accounted for 38.7 percent of the county’s total imports with total payments of $1.955 billion or a positive annual growth of 3.2 percent from August 2011 level of $1.894 billion. Total exports to member-countries of East Asia were valued at $1.739 billion, resulting to a total trade of $3.694 billion and a balance of trade in goods (BOT-G) deficit of $216.44 million.
Imports from ASEAN member-countries recorded at $1.278 billion, contributed a 25.3 percent share to total imports. It slightly grew by 0.7 percent compared to $1.269 billion value in August 2011. On the other hand, exports to ASEAN member-countries worth $889.56 million resulted to a total trade of $2.167 billion and a trade deficit of $388.15 million.
August 2012 imports from European Union were valued at $371.84 million while exports to member-countries of European Union were worth $440.03 million. These aggregated to a total trade value of $811.88 million and a trade surplus of $68.19 million.
1/ - includes China, Hong Kong, Japan, Macau, Mongolia, N, Korea, S. Korea, Taiwan
2/ - includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Vietnam
3/ - includes Alaska and Hawaii
4/ - includes Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal,
Romania, Slovakia, Slovenia, Spain, Sweden and UK Great Britain
- Adjustments on electronic import statistics are based on the transactions that pass through the Electronic to Mobile (e2m) of the Bureau of Customs (BOC).
- Starting with the 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.
CARMELITA N. ERICTA
Source: Foreign Trade Statistics Section
Industry and Trade Statistics Department
National Statistics Office