EXTERNAL TRADE PERFORMANCE
DECEMBER 2015
(Preliminary)
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December
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2015 p |
2014 r |
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TOTAL IMPORTS FOB Value in Million US Dollars Year-on-Year Growth (Percent) Electronic Products FOB Value in Million US Dollars Year-on-Year Growth (Percent) |
4,056.49 -25.8
1,280.03 -30.3 |
5,469.75 0.4
1,837.34 43.7 |
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Top 10 Philippine Imports from All Countries: December 2015 p
(Year-on-Year Growth in Percent)
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Gainer |
Losers |
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Metal Products
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19.8 |
Other Food and Live Animals
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-47.9 |
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Feeding Stuff for Cereals (Not Including Unmilled Cereals)
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-33.1 | |
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Electronic Products
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-30.3 | |
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Miscellaneous Manufactured Articles
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-18.1 | |
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Mineral Fuels, Lubricants and Related Materials
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-14.1 | |
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Telecommunication Equipment and Electrical Machinery
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-9.0 | ||
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Iron and Steel
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-5.4 | ||
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Transport Equipment
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-3.3 | ||
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Industrial Machinery and Equipment
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-3.2 | ||
p-preliminary, r-revised
IMPORTS DECREASE BY 25.8 PERCENT IN DECEMBER 2015
The total imported goods by the country for the month of December 2015 amounted to $4.056 billion, a decrease of 25.8 percent from $5.470 billion recorded during the same period a year ago. The decrease was due to the negative performance of nine out of the top ten major imported commodities for the month led by other food & live animals (-47.9%). The other eight negative performers were: feeding stuff for cereals not including unmilled cereals (-33.1%); electronic products (-30.3%); miscellaneous manufactured articles (-18.1%); mineral fuels, lubricants and related materials (-14.1%); telecommunication equipment and electrical machinery (-9.0%); iron and steel (-5.4%); transport equipment (-3.3%); and industrial machinery and equipment (-3.2%). (Table 2)
Moreover, total imports for the year 2015 registered a 2.0 percent increase, that is from $65.398 billion in 2014 to $66.686 billion in 2015 (Table 1a).
The balance of trade in goods (BOT-G) for the Philippines in December 2015, registered a surplus of $603.03 million. This is in contrast with the $667.47 million trade deficit in the same month last year. (Table 1)
ELECTRONIC PRODUCTS ACCOUNT FOR 31.6 PERCENT OF IMPORT BILL
Total payment for the country’s top ten imports for December 2015 reached $3.127 billion or 77.1 percent of the total import bill. (Table 2)
Inbound shipments of Electronic Products in December 2015 accounted for 31.6 percent of the total import bill with value amounting to $1.280 billion. It decreased by 30.3 percent over last year's figure of $1.837 billion. Components/Devices (Semiconductors), although having the biggest share of 22.8 percent among electronic products, went down by 39.8 percent from $1.539 billion in December 2014 to $926.47 million in December 2014.
Minerals Fuels, Lubricants and Related Materials placed second with 16.0 percent share to total imports valued at $649.27 million. This registered a decrease of 14.1 percent from its previous year’s level of $756.10 million.
Transport Equipment, contributing 8.4 percent to the total import bill was the country’s third top import for the month amounting to $340.16 million. It declined by 3.3 percent compared to last year’s value of $351.75 million.
Imports of Industrial Machinery and Equipment ranked fourth with 6.5 percent share and reported value of $262.21 million in December 2015. It dropped by 3.2 percent from $270.80 million in December 2014.
Other Food and Live Animals ranked fifth, with 2.7 percent share to the total imports which was valued at $107.54 million in December 2015. It registered a 47.9 percent decrease from its year ago level of $206.51 million.
Rounding up the list of the top ten imports for December 2015 were:
- Miscellaneous Manufactured Articles valued at $106.80 million
- Iron and Steel, $105.99 million
- Telecommunication Equipment and Electrical Machinery, $94.35 million
- Feeding Stuff for Cereals (Not Including Unmilled Cereals), $93.52 million
- Metal Products, $87.29 million.
PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 30.3 PERCENT OF THE TOTAL IMPORTS
Total importation of Raw Materials and Intermediate Goods in December 2015 were valued at $1.231 billion, accounting for 30.3 percent share of the total imports. It decreased by 53.2 percent over last year's figure of $2.629 billion. Semi-Processed Raw Materials, having the biggest share of this commodity group at 27.9 percent was $1.133 billion. It went down by 53.8 percent compared to $2.453 billion in December 2014. (Table 3)
Payments for inward shipments of Capital Goods accounted for 37.8 percent of the total imports. It increased by 20.9 percent to $1.535 billion in December 2015 from $1.270 billion in December 2014.
Mineral Fuels, Lubricants and Related Materials with 16.0 percent share to total imports, decreased by 14.1 percent from $756.10 million in December 2014 to $649.27 million in December 2015. Petroleum crude contributed the biggest share of imports for this commodity group at 8.3 percent and valued $337.52 million. (Table 3)
Purchases of Consumer Goods recorded 15.2 percent share with a total import bill valued at $617.04 million in December 2015. It recorded a negative growth of 20.3 percent from $774.20 million registered in December 2014.
Furthermore, imports of Special Transactions went down by 40.4 percent from $40.16 million recorded in December 2014 to $23.95 million in December 2015.
IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 17.0 PERCENT
Aggregate payments from the top ten imports sources for December 2015 amounted to $3.233 billion or 79.7 percent of the total. (Table 4)
People’s Republic of China remained as the country’s biggest source of imports at 17.0 percent share in December 2015. Payments were recorded at $687.75 million, a decrease of 13.7 percent from $796.51 million in December 2014. Revenue from the country’s exports to People’s Republic of China, on the other hand, reached $422.15 million, generating a total trade value of $1.110 billion and $265.60 million trade deficit. (Table 5)
Japan including Okinawa came second, contributing 11.9 percent or $481.57 million to the total import bill in December 2015. It grew by 4.9 percent from its December 2014 value of $459.16 million. Export receipts from Japan in December 2015 reached $939.17 million yielding a total trade value of $1.421 billion and a favourable balance of trade of $457.60 million. (Table 4 and 4a)
United States of America (USA) including Alaska and Hawaii was the third biggest source of imports for December 2015 with 10.3 percent share to the total import bill amounting to $417.05 million, a decrease of 20.6 percent from $525.58 million in December 2014. Exports to USA amounted to $697.33 million, yielding a two-way trade value of $1.114 billion and a trade surplus of $280.28 million.
Singapore ranked fourth, accounting for 8.0 percent share of the total import bill in December 2015, a decline of 28.9 percent from $453.65 million in December 2014 to $322.76 million in December 2015. Exports to this country amounted to $303.29 million resulting to a total trade value of $626.05 million and a trade deficit of $19.47 million.
Republic of Korea placed fifth, accounting for 7.7 percent share of the total import bill worth $312.14 million in December 2015, it fell by 11.6 percent from $353.07 million in December 2014. Exports to Republic of Korea amounted to $202.26 million resulting to a total trade value of $514.41 million and a trade deficit of $109.88 million. (Table 4 and 4a).
Other major sources of imports for the month of December 2015 were: Thailand, $293.39 million; Taiwan, $257.95 million; Saudi Arabia, $167.33 million; Malaysia (includes Sabah and Sarawak), $159.75 million; and Indonesia, $132.98 million.
IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 45.6 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 2015 as it accounted for 45.6 percent of the total imports valued at $1.850 billion. It decreased by 11.4 percent from $2.087 billion in December 2014. Total exports to countries of East Asia amounted to $2.316 billion resulting to a total trade of $4.166 billion and a trade surplus of $465.64 million. (Table 4a and 5a)
Commodities imported from ASEAN member countries were valued at $987.51 million, contributing 24.3 percent share to total and registered a decrease of 23.2 percent from $1.286 billion recorded in December 2014. Proceeds from exports to ASEAN member countries were worth $725.90 million, resulting to a total trade of $1.713 billion and a trade deficit of $261.61 million. (Table 4a and 5a)
Imports from European Union were valued at $256.56 million. It dropped by 65.8 percent compared to a year ago value of $749.28 million. Exports to member countries of European Union were worth $654.98 million, resulting to a total trade of $911.54 million and a trade surplus of $398.43 million. (Table 4a and 5a)
Technical Notes
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. PSA collects a copy of the accomplished form by the importer. These are the following import documents collected and processed by PSA:
1. Import Entry & Internal Revenue Declaration (BOC IEIRD Form 236)
2. Informal Import Declaration and Entry (BOC Form 177)
3. 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 10th 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 Press Release is due every 25th day of each month. However, if the 25th 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.
The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the imported commodities at the most detailed level for statistical purposes.
Data request of international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).
