EXTERNAL TRADE PERFORMANCE
December 2010
(Preliminary)
p - preliminary
r - revised
JANUARY TO DECEMBER 2010 TOTAL TRADE STOOD AT $106.134 BILLION
Total external trade in goods for January to December 2010 reached $106.134 billion, a 30.2 percent increment from $81.527 billion registered during the same period in 2009. Total imports posted a 26.9 percent annual increase to $54.702 billion from $43.092 billion. Similarly, an increase of 33.8 percent for merchandise exports was noted to $51.432 billion in January to December of 2010 from $38.436 billion during the same period in 2009. Thus, the balance of trade in goods (BOT-G) for the Philippines registered a deficit of $3.270 billion in 2010, a value lower than the $4.656 billion deficit in 2009.
Figure 1A Philippine Trade Performance in January - December : 2010 and 2009
(F.O.B. Value in Million US Dollars)
Figure 1B Philippine Trade Performance in December : 2010 and 2009
(F.O.B. Value in Million US Dollars)
DECEMBER 2010 IMPORTS INCREASED BY 25.2 PERCENT
Combined import and export merchandise trade for December 2010 was up by 25.8 percent to $9.131 billion from $7.258 billion in December 2009. Total merchandise imports increased at 25.2 percent to $4.930 billion from $3.936 billion in December 2009. Total exports, on the other hand, rose by 26.5 percent to $4.201 billion from $3.321 billion in December 2009. The balance of trade in goods (BOT-G) in December 2010 posted a deficit of $729.00 million compared to last year’s recorded deficit value of $615.00 million. On a month-on-month basis, total imports for December 2010 was down by 0.3 percent from $4.944 billion recorded in November 2010.
ELECTRONIC PRODUCTS ACCOUNTED FOR 34.6 PERCENT OF IMPORT BILL
Accounting for 34.6 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in December 2010 amounted to $1.706 billion. It went up by 35.3 percent over last year's figure of $1.261 billion. On a monthly basis, it improved by 5.1 percent from $1.624 billion recorded in November 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 28.8 percent, expanded by 57.0 percent to $1.417 billion from $902.97 million in December 2009.
Imports of Mineral Fuels, Lubricants and Related Materials in December 2010 ranked second with 19.1 percent share and posted a positive growth of 23.7 percent to $940.95 million from $760.54 million in December 2009.
Transport Equipment was the PH’s third top imports for the month with 7.6 percent share to total imports at $373.61 million. The value accelerated by 77.7 percent from its previous year level of $210.20 million.
Industrial Machinery and Equipment, contributing 4.8 percent to the total import bill, was the PH’s fourth top import for the month with payments placed at $236.45 million, an increase of 18.5 percent from last year’s level of $199.51 million.
Fifth in rank and with 2.4 percent share of the total imports was Iron and Steel. It expanded by 91.3 percent, the highest annual growth rate among the top ten imports to $116.83 million from $61.09 million in December 2009.
Organic and Inorganic Chemicals ranked sixth, comprising 2.2 percent of the total imports, reached $106.08 million, higher by 27.2 percent from $83.37 million recorded in December 2009.
Rounding up the list of the top ten imports for December 2010 were Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment) worth $104.35 million, gained by 41.8 percent; Plastics in Primary and Non-Primary Forms amounting to $99.42 million increased by 46.5 percent; Metal Products valued at $67.06 million higher by 46.7 percent; and Fertilizers, Manufactured with purchases placed at $64.28 million rose by 80.0 percent.
Aggregate payment for the country’s top ten imports for December 2010 reached $3.815 billion or 77.4 percent of the total import bill.
Figure 2 Philippine Top Six Imports in December : 2010 and 2009
(F.O.B. Value in Million US Dollars)
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 39.8 PERCENT OF THE TOTAL IMPORTS
Accounting for 39.8 percent of the total imports, payments in December 2010 for Raw Materials and Intermediate Goods amounted to $1.962 billion or a 41.6 percent increment over last year's figure of $1.385 billion. Compared to the previous month’s level, purchases rose up by 6.8 percent from $1.836 billion. From among this group, Semi-Processed Raw Materials representing the biggest share of 36.9 percent was valued at $1.818 billion or 71.8 percent annual growth.
Capital Goods, which comprised 28.6 percent of the total imports, grew by 12.6 percent year-on-year to $1.410 billion from $1.252 billion in December 2009.
Mineral Fuels, Lubricants and Related Materials with 19.1 percent share went up by 23.7 percent to $940.95 million from $760.54 million in December 2009.
Purchases of Consumer Goods amounted to $545.46 million or a 15.0 percent increment from $474.23 million in December 2009. Similarly, Special Transactions with 1.4 percent shares to total imports advanced by 11.5 percent to $71.23 million from $63.90 million in December 2009.
Figure 3 Philippine Imports by Major Type of Goods in December : 2009 and 2010
(F.O.B. Value in Million US Dollars)
IMPORTS FROM JAPAN ACCOUNTED FOR 12.1 PERCENT
Japan including Okinawa, was the country’s biggest source of imports for December 2010 with 12.1 percent share of the total import bill, higher by 23.8 percent to $597.37 million from $482.47 million in December 2009. Exports to Japan amounted to $672.15 million, yielding a two-way trade value of $1.270 billion and a trade surplus for PH of $74.79 million.
United States of America (USA) including Alaska and Hawaii, the second biggest source of imports in December 2010 with 11.0 percent share, recorded payments worth $544.39 million, up by 30.8 percent from $416.09 million recorded in December 2009. Revenue from PH’s exports to USA, on the other hand, reached $564.38 million, generating a total trade value of $1.109 billion and $19.99 million trade surplus for the Philippines.
People’s Republic of China came third, accounting for 9.8 percent share of the total import bill in December 2010 increased by 28.4 percent to $483.03 million from $376.13 million during the same month in 2009. Exports to People’s Republic of China amounted to $595.11 million resulting to a total trade value of $1.078 billion and a trade surplus of $112.08 million.
Republic of Korea settled fourth, accounting for 8.5 percent share of the total import bill in December 2010 or a 29.6 percent increment to $417.22 million from $321.96 million posted in December 2009. Exports to Republic of Korea amounted to $185.57 million resulting to a total trade value of $602.78 million and a trade deficit for the Philippines of $231.65 million.
Fifth in rank is Singapore representing 8.3 percent of the total import bill in December 2010, amounted to $408.26 million. Meanwhile, export receipts from Singapore in November 2010 reached $449.86 million yielding a total trade value of $858.12 million and a trade surplus of $41.60 million.
Other major sources of imports for the month of December 2010 were Saudi Arabia, $360.05 million; Taiwan, $359.50 million; Thailand, $285.75 million; Malaysia (including Sabah and Sarawak), $238.75 million; and Indonesia, $178.62 million.
Payments for imports from the top ten sources for December 2010 amounted to $3.873 billion or 78.6 percent of the total.
Figure 4 Philippine Imports by Country in December : 2010
IMPORTS FROM EASTERN ASIA WORTH $1.964 BILLION
Philippines total imports in December 2010 from Eastern Asia accounted for 39.8 percent of the county’s total imports with total payments worth $1.964 billion or a positive annual growth of 27.0 percent from December 2009 level of $1.547 billion. Total exports to member-countries of Eastern Asia was valued at $2.037 billion, resulting to a total trade of $4.001 billion and a balance of trade in goods (BOT-G) surplus of $72.43 million.
Imports from ASEAN member-countries in December 2010 amounted to $1.151 billion, a 23.3 percent share contribution to total imports. It was higher by 14.0 percent from $1.009 billion registered in December 2009. Exports to ASEAN member-countries amounted $811.80 million, resulting to a total trade of $1.963 billion and a trade deficit of $339.17 million.
December 2010 imports from European Union were valued at $462.60 million while exports to member-countries of European Union were worth $520.37 million. It aggregated to a total trade of $982.97 million and a trade surplus of $57.77 million for the Philippines.
Figure 5 Philippine Imports by Selected Economic Bloc in December : 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
