EXTERNAL TRADE PERFORMANCE

AUGUST 2016

(Preliminary)

p-preliminary, r-revised

IMPORTS INCREASE BY 12.2 PERCENT IN AUGUST 2016

The   total   imported   goods by the country for the month of August 2016 amounted to $6.927 billion, an increase of 12.2 percent from $6.176 billion recorded during the same period a year ago. The increase was due to the positive growth rates of seven out of the top ten major imported commodities for the month led by transport equipment (103.2%).  The other six were:  miscellaneous manufactured articles (65.4%), plastics in primary  and  non-primary forms (59.9%), organic and inorganic chemicals (45.6%), other food and live animals (34.8%), industrial machinery and equipment (29.2%), and telecommunication equipment and electrical machinery (12.7%).  (Table 3)

Cumulative imports for January to August 2016 amounted to $52.404 billion, an increase of 14.1 percent compared with $45.938 billion during the same period of last year. The balance of trade in goods (BOT-G) for the Philippines in August 2016, registered a deficit of $2.023 billion, higher than the $1.048 billion trade deficit in the same month last year. (Table 1)

ELECTRONIC PRODUCTS ACCOUNT FOR 25.8 PERCENT SHARE OF IMPORT BILL

Total   payment   for   the   country’s   top ten imports for August 2016 reached $5.058 billion or 73.0 percent share of the total import bill.  (Table 3)

Inbound shipments   of   Electronic   Products    in  August 2016     accounted  for    25.8 percent share  of the total import bill with value amounting   to   $1.789 billion.  It decreased by 16.8 percent over the last year's figure of $2.149 billion.  Components/Devices (Semiconductors),   had the biggest   share  of 17.0 percent among electronic   products.  However, it went down by 30.9 percent from $1.704 billion in August 2015 to $1.178 billion in August 2016.

Transport Equipment, contributing 12.6 percent to the total import bill was the country’s  second top import for the month amounting to  $870.48 million.   It rose by 103.2 percent compared to last year’s value of $428.45 million.

Minerals Fuels, Lubricants and Related Materials placed third with 8.8 percent share to total imports valued at $607.08 million.  This registered a decrease of 9.2 percent from its previous year’s level of $668.71 million.

Imports of Industrial Machinery and Equipment ranked fourth with 7.0 percent share and a reported  value  of  $487.39 million  in  August 2016.   It  grew by 29.2 percent  from $377.26 million in August 2015.

Miscellaneous Manufactured Articles ranked fifth, with 3.8 percent share to the total imports which was valued at $264.66 million in August 2016.  It registered a 65.4 percent increase from its year ago level of $159.99 million.

Rounding up the list of the top ten imports for August 2016 were: 

• Iron and Steel, $263.79 million;  
• Other Food and Live Animals, $251.57 million;  
• Plastics in Primary and Non-Primary Forms, $196.71 million;
• Telecommunication Equipment and Electrical Machinery, $182.03 million; and
• Organic and Inorganic Chemicals, $145.39 million.

PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 38.3 PERCENT OF THE TOTAL IMPORTS

Total importation of Raw Materials and Intermediate Goods in August 2016 were valued at $2.651 billion,  accounting for 38.3 percent share of the total imports.  It decreased by 7.8 percent over last year's figure of $2.874 billion.  Semi-Processed Raw Materials,  having    the    biggest   share  of  this commodity group at 35.5 percent was valued at $2.459 billion.  It went down by 7.1 percent compared with $2.648 billion value in August 2015.

Payments for inward shipments of  Capital Goods accounted for 33.2 percent of the total  imports.  It increased  by  29.9 percent  to $2.298 billion in August 2016 from $1.770 billion in August 2015.  (Table 5)

Purchases of Consumer Goods recorded 19.1 percent share with a total import bill valued at $1.325 billion in August 2016.   It recorded a positive growth of  59.0 percent from $833.29 million registered in August 2015.

Mineral Fuels, Lubricants and Related Materials with 8.8 percent share to total imports, decreased by 9.2 percent  from  $668.71 million  in  August  2015  to $607.08 million in August 2016.  Other mineral fuel and lubricants such as gas oils, regular and premium unleaded motor spirit and aviation spirit increased by 23.4 percent contributing the biggest share of imports for this commodity group at 4.7 percent and valued $323.89 million.  (Table 5)

Furthermore,   imports  of  Special  Transactions  went up by 50.2 percent in August 2016 at $45.73 million from $30.45 million in August 2015.

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 18.7 PERCENT

Aggregate payments from the top ten imports countries for August 2016 amounted to $5.539 billion or 80.0 percent of the total import bill.  (Table 7)

People’s Republic of China remained as the country’s biggest source of imports at 18.7 percent share in August 2016.  Payments were recorded at $1.294 billion, an increase of 28.0 percent from $1.012 million in August 2015.   Revenue from the country’s exports to People’s Republic of China, on  the other hand, reached $558.44 million, generating a total trade value of $1.853 billion and $736.04 million trade deficit.  (Tables 7 and 9)

Japan including Okinawa, came second, contributing 11.7 percent or $807.84 million to the total import bill in August 2016.  It   grew by 24.1 percent from its August 2015 value of $651.18 million.  Export   receipts   from   Japan  in August 2016 reached $1.002 billion yielding  a  total   trade  value  of  $1.810  billion and a favourable balance of trade of $193.83 million.  (Tables 7 and 9)

United States of America (USA), including Alaska and Hawaii, was the third biggest source of imports for August 2016 with 9.2 percent share to the total import bill amounting to $636.01 million, a minimal increase of 0.4 percent from $633.55 million in August 2015.  Exports to USA amounted to $738.76 million, yielding a two-way trade value of $1.375 billion and a trade surplus of $102.75 million.

Thailand ranked fourth, accounting for 7.4 percent share of the total import bill in August  2016,  a positive growth of 28.5 percent to $512.01 million in August 2016 from $398.48 million   in   August 2015.  Exports to this country amounted to $186.04 million   resulting  to a total trade value of $698.06 million and a trade deficit of $325.97 million.

Indonesia placed fifth, accounting for 6.7 percent share of the total import bill worth  $464.32 million   in   August   2016.  It   increased by 86.6 percent from $248.83 million  in  August 2015.  Exports   to   this country amounted to $39.11 million resulting to a total trade value of $503.43 million and a trade deficit of $425.22 million.  (Tables 7 and 9).

Other major sources of imports for the month of August 2016 included in Top Ten Countries were: Taiwan, $463.89 million; Republic of Korea, $425.95 million; Singapore, $410.45 million; Malaysia, including Sabah and Sarawak, $304.79 million; and Hong Kong, $219.25 million.

Moreover, imports from Other Countries was valued at $1.388 billion and accounted for 20.0 percent of the total imports for the month of August 2016.  Among the other countries, Vietnam recorded the highest import source at $157.87 million or 2.3 percent of the total.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 46.4 PERCENT

By economic bloc, East Asia comprising of China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan, was the biggest source of the country’s imports in August 2016 as it accounted for 46.4 percent of the total imports valued at $3.214 billion.  It increased by 11.7 percent from $2.877 billion in August 2015.  Total exports to countries of East Asia amounted to $2.560 billion resulting to a total trade of $5.774 billion and a trade deficit of $654.49 million.  (Table 8 and 10)

Commodities imported from ASEAN member countries were valued at $1.855 billion, contributing 26.8  percent  share to total and registered an increase of 22.6 percent from $1.512 billion recorded in August 2015.  Proceeds from exports to ASEAN member countries were worth $728.14 million, resulting to a total trade of $2.583 billion and a trade deficit of $1.126 billion.  (Table 8 and 10)

Imports from European Union were valued at $509.16 million.  It increased by 4.2 percent compared to a year ago value of $488.81 million.  Exports to member countries of European Union were worth $568.86 million, resulting to a total trade of $1.078 billion and a trade surplus of $59.70 million.  (Table 8 and 10)

Technical Notes

Press Releases (PR) for Imports and Exports are now disseminated at same date.  Therefore, the both PR are release every 10^th day of each month. However, if the 10^th day falls on a Saturday, release will be on Friday but if it falls on a Sunday or Monday the release will be on Tuesday.  If the release date falls on holiday, the date of release is moved accordingly.

Import trade statistics are compiled by the Philippine Statistics Authority (PSA) from copies of import documents submitted to the Bureau of Customs (BOC) by importers or their authorized representatives as required by law.  Following are the source documents for imports:

• Import Entry and Internal Revenue Declaration (BOC IEIRD Form 236)
• Informal Import Declaration and Entry (BOC Form 177)
• PEZA Warehousing Entry (BOC Form 242 CEWE)

Moreover, an electronic copy of the IEIRD, or called Single Administrative Document (SAD), is utilized to capture the monthly import figures.  SAD-IEIRD is an on-line submission of import documents either by brokers or companies.  These are transactions that pass through the Automated Cargo Operating System (ACOS) or now called the e2m (electronic to mobile) customs system; a system implemented through the BOC e-Customs Project. The output of this system is provided by BOC to PSA on a monthly basis through email.

All documents (hard copies and e-files) received before the cut-off date which is every 10^th day of the month are compiled, processed and generated in a monthly statistical tables for the preparation of Press Release.  All documents received after the cut-off date, however, are processed and included in the generation of the revised statistical tables.  Processing includes coding, editing, review and validation. Revised statistical tables are made available 10 to 15 working days after the press release date.

The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the 10-Digit level for statistical purposes.

Detailed data on international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).

FOR THE NATIONAL STATISTICIAN: