EXTERNAL TRADE PERFORMANCE

DECEMBER 2014

(Preliminary)

p-preliminary, r-revised

DECEMBER 2014 IMPORTS DECLINED BY 10.6 PERCENT

The   country’s   total   imported   goods  for December 2014 amounted to $4.869 billion, a decrease of 10.6 percent from $5.445 billion recorded during the same period a year ago. The decrease in total imports for this period was due to the negative performance of five out of the top ten major commodities for the month.  These were: Transport Equipment; Mineral Fuels, Lubricants and Related Materials; Cereals and Cereal Preparations; Miscellaneous Manufactured Articles; and Industrial Machinery and Equipment (Table 2).

Similarly, unfavorable balance of trade in goods (BOT-G) was experienced by the Philippines   in December of 2014 with a deficit of $68.22 million compared to the $485.33 million deficit in the same period of last year. 

However, aggregate imports for the year registered a 2.4 percent increase to $63.923 billion in 2014 from $62.411 billion in same period of 2013 (Table 1a).

MORE THAN ONE-THIRD (34.8%) OF IMPORT BILL ACCOUNTS FOR ELECTRONIC PRODUCTS

Imports of Electronic Products were the top imported commodity in December 2014 with 34.8 percent share and reported value of $1.692 billion in December 2014.  It increased by   32.3   percent   from   $1.279   billion  in December 2013 and registered the highest year-on-year change among the top ten commodities.  Among the major groups of electronic products, Components/Devices (Semiconductors), accounted for the biggest share of 30.1 percent among electronic products.  It increased by 49.1 percent to $1.467 billion in December 2014 compared from $983.87 million in December 2013.

Inbound shipments of Mineral Fuels, Lubricants and Related Materials ranked second, accounting for 15.5 percent of the aggregate import bill and value amounting to $754.94 million.  It decreased by 36.8 percent over last year's figure of $1.194 billion. 

Transport Equipment placed third with 6.7 percent share to total imports valued at $326.05 million.   It   decelerated   by   51.2   percent   from previous  year’s level of $668.56 million. 

Industrial Machinery and Equipment, contributing 4.6 percent to the total import bill was the country’s fourth top import for the month amounting to $224.48 million.  It went down by 9.7 percent compared to last year’s value of $248.48 million.

Fifth in rank was Other Food and Live Animals, with 3.7 percent share to the total imports or $180.14 million worth of imports.  It registered an 18.1 percent increase from its year ago level of $152.54 million.

Rounding up the list of the top ten imports for December 2014 were:  Plastics in Primary and Non-Primary Forms valued at $142.29 million; Feeding Stuff for Animals (Not Including Unmilled Cereals), $124.00 million; Organic and Inorganic Chemicals, $115.77 million; Cereals and Cereal Preparations amounting to $109.22 million; and Miscellaneous Manufactured Articles, $107.41 million. 

Aggregate   payment   for   the   country’s   top   ten imports  for December 2014 reached $3.776 billion or 77.6 percent of the total import bill.

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTS FOR 48.3 PERCENT OF THE TOTAL IMPORTS

Payments for purchases of Raw Materials and Intermediate Goods in December 2014 were valued at $2.353 billion and accounted for 48.3 percent of the total imports.  It increased by 12.7 percent over last year's figure of $2.088 billion.  Semi-Processed Raw Materials had the biggest share of 46.3 percent valued at $2.256 billion. 

Capital Goods with 21.1 percent share to total imports, decreased by 24.7 percent from $1.367 billion in December 2013 to $1.029 billion in December 2014. 

Payments for imports of Mineral Fuels, Lubricants and Related Materials accounting for 15.5 percent of the total imports were valued $754.94 million in December 2014.  It declined by 36.8 percent from $1.194 billion recorded value in December 2013.  Other mineral fuels and lubricants such as gas oils, aviation spirit, and motor spirit (regular and premium unleaded) contributed the biggest share of imports in this commodity group.

Purchases of Consumer Goods recorded 14.2 percent share with a total import bill valued at $689.62 million in December 2014.  It declined by 7.9 percent from $748.98 million registered in December 2013.  

Special Transactions decelerated by 11.4 percent from $47.29 million in December 2013 to $41.90 million in December 2014. 

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 13.7 PERCENT

People’s Republic of China remained as the country’s biggest source of imports with 13.7 percent share in December 2014.  Payments were recorded at $668.39 million, a decrease of 15.0 percent from $786.15 million in December 2013.   Revenue from country’s exports to China, on the other hand, reached $545.64 million, generating a total trade value of $1.214 billion and $122.75 million trade deficit.

United States of America (USA) including Alaska and Hawaii was the second biggest source of imports for December 2014 with 9.8 percent share to the total import bill amounting to $479.35 million and decreased by 19.3 percent from $594.11 million in December 2013.  Exports to USA amounted to $675.41 million, yielding a two-way trade value of $1.155 billion and a trade surplus of $196.05 million.

Germany came third, contributing 8.4 percent of the total import bill in December 2014, with import value of $411.32 million.  It expanded by 154.1 percent from its December 2013 value of $161.87 million.  Export receipts from Germany in December 2014 reached $209.24 million   yielding  a total trade value of $620.56 million and a trade deficit  of $202.08 million.

Fourth in rank was Singapore accounting for 8.3 percent share of the total import bill worth $404.03 million in December 2014 and increased by 21.3 percent from $333.20 million in December 2013.  Exports to Singapore amounted to $372.12 million resulting to a total trade value of $776.15 million and a trade deficit of $31.91 million.

Japan including Okinawa ranked fifth, accounting for 7.9 percent share of the total import bill in December 2014 with a negative growth of 5.5 percent from $406.38 million to $384.04 million in December 2014.  Exports to this country amounted to $1.017 billion resulting to a total trade value of $1.401 billion and a trade surplus of $632.53 million.

Other major sources of imports for the month of December 2014 were: Taiwan, $343.96 million; Republic of Korea, $337.61 million; Saudi Arabia, $277.40 million;    Malaysia, $267.03 million; and Thailand, $230.06 million.

The combined payments for imports from the top ten sources for December 2014 amounted to $3.803 billion or 78.1 percent of the total.

IMPORTED GOODS FROM COUNTRIES IN EAST ASIA ACCOUNTS FOR 37.7 PERCENT

By economic bloc, East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) was the biggest source of the country’s imports in December 2014 as it accounted for 37.7 percent of the total imports valued at $1.838 billion.  It decreased by 14.7 percent from $2.153 billion in December 2013.  Total exports to countries in East Asia amounted to $2.495 billion resulting to a total trade of $4.333 billion and a trade surplus of $657.73 million.

Merchandise   imported   from   ASEAN   member   countries  were valued at $1.154 billion,     contributing    23.7   percent share and decreased   by   5.7    percent   from $1.223 billion recorded in December 2013.   Proceeds    from    exports    to    ASEAN    member    countries    were    worth $732.34 million, resulting to a total trade of $1.886 billion and a trade deficit of $421.17 million.

Imports   from   European Union were valued at $685.49 million.  It increased by 12.1 percent compared to a year ago value of $611.65 million.  Exports to member countries of European Union were worth $487.25 million, resulting to a total trade of $1.173 billion and a trade deficit $198.24 million.

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 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.)  LISA GRACE S. BERSALES, Ph. D.

National Statistician