EXTERNAL TRADE PERFORMANCE
February 2010
(Preliminary)

p - preliminary
r - revised

Philippine Import Growth Rates: February 2009 - February 2010

FEBRUARY 2010 TOTAL TRADE STANDS AT $7.473 BILLION

Total external trade in goods for the first two months of 2010 (January to February) reached $15.340 billion, a 35.2 percent increment from $11.348 billion registered during the same period in 2009. Total imports posted a 29.4 percent annual increase to $8.191 billion from $6.329 billion. Similarly, total exports was up by 42.4 percent to $7.150 billion in January to February of 2010 from $5.019 billion during the same period in 2009. Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit of $1.041 billion during the 2-month period in 2010, a value less than the $1.309 billion deficit in the same 2-month period   last year.

Figure 1A  Philippine Trade Performance in January - February : 2010 and 2009
(F.O.B. Value in Million US Dollars)

Figure 1B  Philippine Trade Performance in February : 2010 and 2009
(F.O.B. Value in Million US Dollars)

FEBRUARY 2010 IMPORTS UP BY 27.6 PERCENT

Combined import and export merchandise trade for February 2010 improved by 34.3 percent to $7.473 billion from $5.565 billion in February 2009.   This was due to the double-digit increase in total merchandise imports at 27.6 percent to $3.903 billion from $3.059 billion in February 2009.  Total exports likewise rose by 42.4 percent to $3.570 billion from $2.506 billion. The balance of trade in goods (BOT-G) in February 2010 recorded a deficit of $333.00 million, lower  than last year�s recorded deficit of $552.00 million.  Similarly, on a month-on-month basis, total imports for February 2010 fell by 9.0 percent from $4.287 billion recorded in January 2010.

ELECTRONIC PRODUCTS ACCOUNT FOR 36.7 PERCENT OF IMPORT BILL

Accounting for 36.7 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in February 2010 amounted to $1.434 billion. It went up by 33.8 percent over last year's figure of $1.072 billion.  On a monthly basis, it grew by 7.3 percent from $1.337 billion recorded in January 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 27.5 percent, climbed by 25.4 percent to $1.072 billion from $855.17 million.

Imports of Mineral Fuels, Lubricants and Related Materials in February 2010 ranked second with 13.8 percent share and posted a positive growth of 11.1 percent to $538.23 million over the previous year�s level of $484.40 million.

Cereals and Cereal Preparations, was the RP�s third top import for the month with 7.8 percent share to total imports at $304.94 million. The value was up by 63.8 percent from it�s previous year level of $186.15 million.   

Transport Equipment, contributing 5.5 percent to the total import bill, was the RP�s fourth top import for the month with payments placed at $214.27 million from last year�s $195.65 million. It accelerated by 9.5 percent.

Fifth in rank and with 4.4 percent share to the total imports, Industrial Machinery and Equipment recorded $173.48 million worth of imports, higher by 42.3 percent from its year ago level of $121.91 million.

Organic and Inorganic Chemicals ranked sixth, comprising 2.6 percent of the total imports registered at $99.45 million, rose by 20.2 percent from its year ago level of $82.74 million.

Rounding up the list of the top ten imports for February 2010 were Iron and Steel accounting for $82.06 million;  Plastics in Primary and Non-Primary Forms amounting to $80.02 million; Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment), $73.84 million; and Dairy Products, $59.38 million.

Aggregate payment for the country�s top ten imports for February 2010 reached $3.060 billion or 78.4 percent of the total import bill.

Figure 2  Philippine Top Six Imports in February : 2010 and 2009
(F.O.B. Value in Million US Dollars

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 35.3 PERCENT OF THE TOTAL IMPORTS

Accounting for 35.3 percent of the total imports, payments in February 2010 for Raw Materials and Intermediate Goods amounted to $1.376 billion or a 1.8 percent increase  over last year's figure of $1.352 billion.  Compared to the previous month�s level, purchases went down by 6.6 percent from $1.474 billion. Semi-Processed Raw Materials had the biggest share of 32.3 percent and valued at $1.260 billion.

Capital Goods, which comprised 33.0 percent of the total imports, went up by 66.7 percent year-on-year to $1.290 billion from $773.51 million.

Mineral Fuels, Lubricants and Related Materials with 13.8 percent share, increased by 11.1 percent to $538.23 million from $484.40 million in February 2009.

Purchases of Consumer Goods amounted to $645.49 million or an increase of 56.1 percent from $413.40 million in February 2009.  Similarly, Special Transactions went up by 49.2 percent to $53.58 million from $35.92 million in February 2009.

 Figure 3  Philippine Imports by Major Type of Goods in February : 2009 and 2010
(F.O.B. Value in Million US Dollars)

IMPORTS FROM JAPAN ACCOUNTED FOR 13.4 PERCENT

Japan including Okinawa, was the country's biggest source of imports for February 2010 with 13.4 percent share of the total import bill, higher by 28.2 percent to $522.08 million from $407.40 million in February 2009.  Exports to Japan amounted to $626.80 million, yielding a two-way trade value of $1.149 billion and a trade surplus for RP of $104.72 million.

United States of America (USA) including Alaska and Hawaii, the second biggest source of imports with 11.1 percent share, recorded payments worth $434.26 million, an increase of 4.2 percent from $416.88 million in February 2009.  Revenue from RP�s exports to USA, on the other hand, reached $603.36 million, generating a total trade value of $1.038 billion and $169.11 million trade surplus for the Philippines.

Singapore, came third, accounting for 8.8 percent share of the total import bill in February 2010 a decline of 11.2 percent from $384.81 million to $341.91 million during the same month in 2009. Exports to Singapore amounted to $320.91 million resulting to a total trade value of $662.82 million and a trade deficit of $21.00 million.

Thailand settled fourth, accounting for 8.1 percent share of the total import bill in February 2010 or an increase of 82.0 percent to $316.63 million from $173.94 million during the same month in 2009.  Exports to Thailand  amounted to $132.91 million resulting to a total trade value of $449.54 million and a trade deficit for the Philippines of $183.72 million.

Fifth in rank is People�s Republic of China, representing 8.0 percent of the total import bill in February 2010, amounted to $310.59 million. Meanwhile, export receipts from People's Republic of China in February 2010 reached $296.04 million yielding a total trade value of $606.62 million and a trade deficit of $14.55 million.

Other major sources of imports for the month of February 2010 were Republic of Korea, $303.28 million; Taiwan, $292.70 million; Saudi Arabia, $165.33 million; Vietnam, $161.53 million; and Indonesia $161.05 million.

Payments for imports from the top ten sources for February 2010 amounted to $3.009 billion or 77.1 percent of the total.

Figure 4  Philippine Imports by Country in February : 2010

IMPORTS FROM EASTERN ASIA WORTH $1.538 BILLION

Philippines total imports in February 2010 from Eastern Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 39.4 percent of the county�s total imports with total payments of $1.538 billion or a positive annual growth of 44.3 percent  from February 2009 level of $1.066 billion.  Total exports to member-countries of Eastern Asia was valued at $1.461 billion, resulting to a total trade of $2.999 billion and a balance of trade in goods (BOT-G) deficit of $76.69 million.

Imports from ASEAN member-countries in February 2010 was $1.129 billion, a 28.9 percent share contribution to total imports.  It was higher by 18.7 percent from $951.29 million registered in February 2009. Exports to ASEAN member-countries worth $638.58 million resulted to a total trade of $1.767 billion and a trade deficit of $490.12 million.

February 2010 imports from European Union were valued at $265.86 million while exports to member-countries of European Union were worth $664.35 million.  It aggregated to a total trade of $930.21 million and a trade surplus of $398.49 million.

Figure 5  Philippine Imports by Selected Economic Bloc in February : 2009 & 2010
(F.O.B. Value in Million US Dollars)

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