External Trade Performance : December 2011

Reference Number: 

2012-014

Release Date: 

Tuesday, February 28, 2012

EXTERNAL TRADE PERFORMANCE
December 2011
(Preliminary)

p - preliminary
r - revised

JANUARY TO DECEMBER  2011 TOTAL TRADE STANDS AT $108.181 BILLION

Total external trade in goods for January to December 2011 reached $108.181 billion, representing a 1.6 percent increment from $106.430 billion registered during the same period a year earlier. Similarly, total imports grew by 9.5 percent to $60.139 billion compared to $54.933 billion posted during the same period in 2010. Aggregate exports, on the other hand, fell by 6.7 percent from $51.498 billion in January to December of previous year to $48.042 billion.  Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit of $12.097 billion, a value higher than the $3.435 billion deficit recorded during the same period in 2010.

Figure 2A  Philippine Trade Performance in January - December : 2011 and 2010

Figure 2B  Philippine Trade Performance in December : 2011 and 2010

IMPORTS IN DECEMBER 2011 DOWN BY 6.5 PERCENT

The country’s total merchandise imports for December 2011 were estimated at $4.628 billion, a 6.5 percent decrement from $4.949 billion in December 2010. Month-on-month, it dropped by 7.3 percent from about $4.990 billion in November 2011.   Meanwhile, total trade for December 2011 registered a decrease of 12.2 percent from $9.150 billion in December 2010 to $8.035 billion.  Thus, the balance of trade in goods (BOT-G) registered a deficit of $1.221 billion, higher than the last year’s deficit at $748.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 27.3 PERCENT OF IMPORT BILL

Accounting for 27.3 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 December 2011 with value placed at $1.265 billion or an annual decline of 25.9 percent from $1.706 billion in December 2010. On a monthly basis, it contracted by 8.4 percent from $1.381 billion reported in November 2011. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share at 19.3 percent, also declined by 37.0 percent from $1.418 billion last year to $892.77 million billion in December 2011.

Imports of Mineral Fuels, Lubricants and Related Materials ranked second in December 2011 with 22.7 percent share and amounting to $1.049 billion. It expanded by 10.5 percent from $949.56 million in December 2010.

Industrial Machinery and Equipment registered as the country’s third top import for the month with 5.4 percent share to total imports and valued at $251.21 million. The amount increased by 6.2 percent from $236.58 million posted a year ago.

Transport Equipment contributing 5.2 percent to the total import bill was the PH’s fourth top import for the month with payments placed at $239.06 million, an annual decline of 36.1 percent from last year’s $374.22 million.

Fifth in rank and with a 3.8 percent share to total imports was Cereals and Cereal Preparations, recording the highest year-on-year growth among the top ten imports at 434.4 percent to $174.72 million from  $32.70 million in December 2010.

Plastics in Primary and Non-Primary Forms ranked sixth, comprising 2.7 percent of total imports and value equivalent to $125.88 million was higher by 26.6 percent from last year’s record of $99.43 million.

Rounding up the list of the top ten imports for 2011 were Organic and Inorganic Chemicals, valuing at $117.34 million (2.5%); Iron and Steel, amounting to $112.18 million (2.4%); Telecommunication Equipment and Electrical Machinery including telecommunications and sound recording and reproducing apparatus and equipment, registering at $96.10 million (2.1%); and Feeding Stuff for Animals (not including unmilled cereals), $66.07 million (1.4%).

Aggregate payment for the country’s top ten imports for December 2011 reached $3.497 billion or 75.6 percent of the total import bill.

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 37.8 PERCENT OF THE TOTAL IMPORTS

Accounting for 37.8 percent of the total imports, payments in December 2011 for Raw Materials and Intermediate Goods amounted to $1.748 billion or an 11.3 percent decline over last year's figure of $1.972 billion.  Compared to previous month’s level, purchases also went down by 5.6 percent from $1.851 billion. Semi-Processed Raw Materials had the biggest share at 32.8 percent and valued at $1.517 billion or an annual decrease of 17.0 percent from $1.828 billion registered last year.

Expenditures for Capital Goods comprising 27.3 percent of the total imports, was down by 10.5 percent from $1.411 billion in December 2010 to $1.263 billion.

Mineral Fuels, Lubricants and Related Materials with 22.7 percent share, expanded by 10.5 percent to $1.049 billion from $949.56 million in December 2010.

Purchases of Consumer Goods fell by 8.9 percent from $545.43 million to $497.04 million in December 2011. Similarly, Special Transactions were down by 1.5 percent from $70.85 million to $69.77 million in December 2011.

IMPORTS FROM JAPAN ACCOUNTS FOR 12.7 PERCENT

Comprising 12.7 percent share of the total import bill in December 2011, Japan, including Okinawa was reported as the country’s biggest source of imports with $585.77 million, a 2.0 percent decline from $597.86 million in December 2010.   Exports to Japan amounted to $634.87 million, yielding a two-way trade value of $1.221 billion and a trade surplus for PH of $49.10 million.

People’s Republic of China, was the second biggest source of imports with 12.6 percent share and recorded payments worth $584.86 million.  This number represented a 20.9 percent increment from $483.86 million registered in December 2010.  Revenue from PH’s exports to People’s Republic of China, on the other hand, reached $467.55 million, generating a total trade value of $1.052 billion and a $117.30 million trade deficit for the Philippines.

United States of America (USA)including Alaska and Hawaii with an 11.2 percent share to total imports followed as the third biggest source of imports at $517.55 million, lower by 5.4 percent from $547.09 million during the same month in 2010. Exports to USA, amounted to $532.28 million resulting to a total trade value of about $1.050 billion and a trade surplus of $14.73 million.

Republic of Korea settled fourth, accounting for 8.6 percent share of the total import bill in December 2011 at $396.81 million or an annual negative growth of 4.8 percent from $416.96 million in December 2010. Exports to Republic of Korea amounted to $155.30 million resulting to a total trade value of $552.11 million and a trade deficit of $241.51 million.

Fifth in rank was Singapore, representing 7.1 percent of the total import bill in December 2011 amounted to $330.26 million or a year-on year decline of 19.1 percent. Meanwhile, export receipts to Singapore reached $237.49 million yielding a total trade value of $567.75 million and a trade deficit of $92.78 million.

Other major sources of imports for December 2011 were Taiwan, $314.72 million (6.8%); Saudi Arabia, $244.62 million (5.3%); Thailand, $180.47 million (3.9%); Malaysia, including Sabah and Sarawak, $170.17 million (3.7%); and Indonesia, $156.54 million (3.4%).

Payments for imports from the top ten sources for December 2011 amounted to $3.482 billion or 75.2 percent of the total.

IMPORTS FROM EAST ASIA REACH $2.001 BILLION

Total imports of the Philippines from East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 43.2 percent with payments posted at $2.001 billion or a 1.4 percent increase from December 2010 level at $1.973 billion. Total exports to member-countries of East Asia on the other hand, were valued at $1.636 billion, resulting to a total trade of $3.637 billion and a balance of trade in goods (BOT-G) deficit of $365.82 million.

Philippine imports from ASEAN member-countries representing 19.3 percent share in December 2011 amounted to $892.38 million, a contraction by 22.5 percent from $1.152 billion registered in December 2010. Meanwhile, exports to ASEAN member-countries were worth $553.46 million, resulting to a total trade value of $1.446 billion and a trade deficit of $338.91 million.

Imports from European Union comprising 7.6 percent share to total imports were valued at $350.44 million while exports to member-countries of European Union amounted to $429.38 million.  This aggregated to total trade of $779.82 million and a trade surplus of $78.93 million for the Philippines.

 

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 Alaska and Hawaii

4/ - 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 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
Administrator

 

Source:   Foreign Trade Statistics Section
               Industry and Trade Statistics Department
               National Statistics Office
               Manila, Philippines

 

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