EXTERNAL TRADE PERFORMANCE
DECEMBER 2012 TOTAL TRADE STANDS AT $9.216 BILLION
Total external trade in goods for December 2012 reached $9.216 billion, representing a 14.6 percent increase from $8.040 billion recorded during the same month in 2011. The increase can be attributed to the 16.5 percent positive growth of exports to $3.971 billion from $3.407 billion in the same month a year ago. Also, total imports expanded by 13.2 percent to $5.246 billion from $4.633 billion in December 2011. Thus, the balance of trade in goods (BOT-G) for the Philippines in December 2012 registered a deficit of $1.275 billion from $1.226 billion deficit in the same period last year.
DECEMBER 2012 IMPORTS GROW BY 13.2 PERCENT
Payments for merchandise imports amounted to $5.246 billion in December 2012, up by 13.2 percent from $4.633 billion in December 2011. The positive performance of imports was due to the increase in inward shipments of major commodities such as metalliferous ores and metal scrap, transport equipment, medicinal and pharmaceutical products, feeding stuff for animals, iron and steel, telecommunication equipment and electrical machinery, industrial machinery and equipment and electronic products. Compared to previous month’s level, similarly, purchases went up by 2.1 percent from $5.139 billion.
For the full year 2012, aggregate imports went up by 1.9 percent to $61.660 million from $60.496 billion for 2011.
ELECTRONIC PRODUCTS ACCOUNT FOR 24.6 PERCENT OF IMPORT BILL
Payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) were up by 1.7 percent to $1.289 billion reported value in December 2012 from $1.268 billion in November 2011. These commodities accounted for 24.6 percent of the total imports for the period in review. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 17.9 percent increased by 4.7 percent to $938.14 million from $895.81 million. Reported value of semiconductor contracted by 1.2 percent compared to previous month levels. Similarly, volume of shipments for both electronic products and semiconductors went up by 16.3 percent and 33.1 percent respectively compared to November 2012 volume of shipments.
Import bill payments for Mineral Fuels, Lubricants and Related Materials ranked second among the top ten imports with 16.8 percent share to total imports registering an annual decrease of 16.1 percent from $1.049 billion in December 2011 to $880.83 million in December 2012. The contraction may be attributed to the decrease in volume of shipments of this product.
Transport Equipment was the PH’s third top import for the month with 13.3 percent share to total imports valued at $698.23 million from $239.05 million. This recorded a year on year change of 192.1 percent among the top ten imports for December 2012. The increase can be attributed to the purchase of Boeing 777 airplane. Similarly, in terms of volume of inward shipments, it expanded by 23.5 percent compared to the recorded volume of inward shipments a year ago.
Industrial Machinery and Equipment contributing 5.1 percent to the total import bill was the fourth top import for the month amounting to $264.65 million. Compared to last year’s level of $251.36 million, it went up by 5.3 percent. Month-on-month, it dropped by 5.4 percent compared to recorded value of $279.69 million in November 2012. Similarly, volume purchases went up by 13.6 percent from the same period last year.
Fifth in rank and with 3.7 percent share to the total imports was Metalliferous Ores and Metal Scrap valued at $194.69 million from $23.02 million worth of imports in December 2011. Recorded value and volume rose by 745.7 percent and 391.8 percent, respectively. Both year-on- year change registered the highest growth among the top ten imports for December 2012.
Rounding up the list of the top ten imports for December 2012 were Iron and Steel, $128.76 million; Feeding Stuff for Animals $115.55 billion; Medicinal and Pharmaceutical products, $114.12 million; Telecommunication Equipment and Electrical Machinery, $101.55 million; and Plastics in Primary and Non-Primary Forms, $101.13 million.
Aggregate payment for the country’s top ten imports for December 2012 reached $3.889 billion or 74.1 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 35.4 PERCENT OF THE TOTAL IMPORTS
The value of imported Raw Materials and Intermediate Goods comprised 35.4 percent of the total imports in December 2012. Year-on-year change went up by 6.1 percent to $1.857 billion from $1.750 billion. The expansion was brought about by the 40.4 percent and 0.9 percent increase in the value of unprocessed raw materials and value of semi-processed raw materials, respectively. However, volume of inward shipments for these products went down by 3.5 percent.
Accounting for 33.8 percent of the total imports, payments for Capital Goods amounted to $1.774 billion or a 40.2 percent increment over last year's figure of $1.266 billion. Similarly, purchases went up by 28.3 percent compared to previous month’s value of $1.383 billion. Also, volume of inward shipment of this product registered an increase of 12.5 percent compared to last year’s recorded volume of purchases.
Purchases of Consumer Goods amounted to $688.32 million or a positive growth of 38.2 percent from $497.93 million in December 2011. The expansion was brought about by the 50.4 percent and 28.1 percent increase in purchases of durable goods and non-durable goods, respectively. Similarly, volume of inward shipments also showed a 24.4 percent improvement compared to same month a year ago volume of shipments.
Imports of commodities under Special Transactions valued at $44.70 million dropped by 35.9 percent from $69.74 million recorded in December 2011. Similarly, total volume of inward manifest registered a 36.9 percent declined compared to its year ago volume of importation.
IMPORTS FROM UNITED STATES OFAMERICA ACCOUNT FOR 16.0 PERCENT
United States of America (USA) including Alaska and Hawaii was the country’s main source of imported goods in December 2012 with 16.0 percent share. Payments were recorded at $839.11 million, an increase of 61.6 percent from $519.20 million in December 2011. The increase in the inward purchases from USA includes importation of aeroplanes, semiconductors and feeding stuff for animals . Revenue from PH’s exports to USA, on the other hand, reached $501.96 million, generating a total trade value of $1.341 billion and $337.15 million trade deficit for the Philippines.
Following USA as top source of the country’s imports was People’s Republic of China, with 11.4 percent share to the total import bill amounting to $598.24 million, higher by 2.4 percent from $584.34 million in December 2011. Commodities imported from China were mineral products such as liquefied petroleum gas and aviation spirit and agricultural products like apples and mandarins. Exports to People’s Republic of China amounted to $416.45 million, yielding a two-way trade value of $1.015 billion and a trade deficit for PH of $181.79 million.
Japan including Okinawa came in third, accounting for 8.7 percent share of the total import bill in December 2012 with negative growth of 22.4 percent from $586.77 million to $455.08 million. Components/devices, land transport equipment and iron and steel were the recorded imported goods from Japan. Exports to Japan amounted to $715.28 million resulting to a total trade value of $1.170 billion and a trade surplus of $260.20 million.
Taiwan ranked fourth among the top sources of imports for the country accounting for 7.6 percent share of the total import bill in December 2012. It increased by 26.9 percent to $400.11 million from $315.19 million. Commodities purchased from Taiwan in December 2012 were mineral fuels and lubricants and components/devices. On the other hand, exports to Taiwan amounted to $158.46 million resulting to a total trade value of $558.57 million and a trade deficit of $241.64 million.
Fifth in rank was Republic of Korea, representing 7.3 percent of the total import bill or a decrease of 3.6 percent from $398.03 million in the same month last year to $383.78 million in December 2012. Mostly mineral, fuels and lubricants, components/devices and passenger cars were among the highest imported goods from Korea in December 2012. Exports to Republic of Korea amounted to $259.58 million resulting to a total trade value of $643.36 million and a trade deficit of $124.21 million.
Other major sources of imports for the month of December 2012 were Singapore, $307.51 million; Thailand, $286.80 million; Indonesia, $231.96 million; Malaysia, $227.87 million; and United Arab Emirates, $160.40 million.
Payments for imports from the top ten sources for December 2012 amounted to $3.891 billion or 74.2 percent of the total.
IMPORTS FROM EAST ASIA WORTH $1.948 BILLION
Philippines’ total imports in December 2012 from East Asia accounted for 37.1 percent of the county’s total imports with total payments of $1.948 billion or a negative annual growth of 2.8 percent from December 2011 level of $2.004 billion. Total exports to member-countries of East Asia were valued at $1.934 billion, resulting to a total trade of $3.882 billion and a balance of trade in goods (BOT-G) deficit of $13.98 million.
Imports from ASEAN member-countries recorded 21.3 percent share to total imports. Imports value recorded for December 2012 was $1.118 billion, higher by 25.1 percent from $893.17 million registered in same month in 2011. On the other hand, exports to ASEAN member-countries worth $785.54 million resulted to a total trade of about $1.903 billion and a trade deficit of $332.21 million.
December 2012 imports from European Union were valued at $450.29 million while exports to member-countries of European Union were worth $446.23 million. These aggregated to a total trade value of $896.52 million and a trade deficit of $4.06 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