EXTERNAL TRADE PERFORMANCE
p - preliminary
r - revised
FEBRUARY 2011 TOTAL TRADE STANDS AT $17.856 BILLION
Total external trade in goods for the first two months of 2011 (January to February) reached $17.856 billion, a 16.4 percent increment from $15.341 billion registered during the same period in 2010. Total imports posted a 22.0 percent annual increase to $9.991 billion from $8.192 billion. Similarly, total exports were up by 10.0 percent to $7.865 billion in January to February of 2011 from $7.150 billion in 2010. Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit of $2.125 billion during the 2-month period in 2011, a value higher than the $1.042 billion deficit in the same 2-month period last year.
Figure 2A Philippine Trade Performance in January - February : 2011 and 2010
(F.O.B. Value in Million US Dollars)
Figure 2B Philippine Trade Performance in February : 2011 and 2010
(F.O.B. Value in Million US Dollars)
FEBRUARY 2011 IMPORTS UP BY 20.1 PERCENT
The country’s total merchandise imports for February 2011 rose by 20.1 percent to $4.688 billion from $3.904 billion in 2010. Month-on-month, however, it decreased by 11.6 percent from $5.302 billion recorded in January 2011. Total trade for February 2011 was registered at $8.553 billion, higher by 14.4 percent from $7.475 billion in February 2010. Thus, the balance of trade in goods (BOT-G) in February 2011 posted a deficit of $823.00 million compared to last year’s recorded deficit value of $334.00 million.
ELECTRONIC PRODUCTS ACCOUNTS FOR 32.2 PERCENT OF IMPORT BILL
Accounting for 32.2 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in February 2011 amounted to $1.510 billion. It went up by 5.3 percent over last year's figure of $1.434 billion. On a monthly basis, it contracted by 17.9 percent from $1.839 billion recorded in January 2011. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 27.0 percent, went up by 18.1 percent to $1.267 billion from $1.073 million.
Imports of Mineral Fuels, Lubricants and Related Materials in February 2011 ranked second with 20.6 percent share and posted the highest positive growth among the top ten imports in February 2011 at 79.3 percent to $964.79 million over the previous year’s level of $538.23 million.
Transport Equipment, was the RP’s third top import for the month with 6.3 percent share to total imports valued at $293.69 million. The value expanded by 37.0 percent from previous year level of $214.36 million.
Industrial Machinery and Equipment, contributing 4.4 percent to the total import bill was the RP’s fourth top import for the month with payments placed at $204.26 million, an increased of 17.7 percent from last year’s $173.55 million.
Fifth in rank and with a 3.1 percent share to the total imports, Organic and Inorganic Chemicals recorded $145.37 million, higher by 46.2 percent from its year ago level of $99.46 million.
Plastics in Primary and Non-Primary Forms ranked sixth, comprising 2.6 percent of the total imports registered $123.97 million worth of imports, rose by 54.9 percent from February 2010 level of $80.02 million.
Rounding up the list of the top ten imports for 2011 were Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment) accounting for $107.29 million (2.3%); Iron and Steel amounting to $94.46 million (2.0%); Non- Ferrous Metal, $82.68 million (1.8%); and Feeding Stuff for Animals ( Not including unmilled cereals), $82.21 million (1.8%).
Aggregate payment for the country’s top ten imports for 2011 reached $3.609 billion or 77.0 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 45.4 PERCENT OF THE TOTAL IMPORTS
Accounting for 45.4 percent of the total imports, payments in February 2011 for Raw Materials and Intermediate Goods amounted to $2.128 billion or 54.6 percent increment over last year's figure of $1.376 billion. However, compared to the previous month’s level, purchases went down by 10.7 percent from $2.381 billion. Semi-Processed Raw Materials had the biggest share of 42.8 percent and valued at $2.008 billion.
Capital Goods, which comprised 22.6 percent of the total imports, went down by 17.8 percent year-on-year from $1.290 billion to $1.061 billion.
Mineral Fuels, Lubricants and Related Materials with 20.6 percent share, increased by 79.3 percent to $964.79 million from $538.23 million in 2010.
Purchases of Consumer Goods amounted to $481.45 million or a decrease of 25.5 percent from $646.04 million in 2010 and Special Transactions likewise went down by 0.1 percent from $53.81 million in February 2010 to $53.78 million in February 2011.
IMPORTS FROM THE JAPAN ACCOUNTS FOR 11.2 PERCENT
Comprising 11.2 percent share of the total import bill, Japan including Okinawa was reported as the country’s biggest source of imports for February 2011 with $523.87 million, a slight increase of 0.3 percent from $522.14 million in February 2010. Exports to Japan amounted to $665.70 million, yielding a two-way trade value of $1.190 billion and a trade surplus for PH of $141.83 million.
United States of America (USA) including Alaska and Hawaii, the second biggest source of imports with 10.7 percent share, recorded payments worth $501.32 million, an increase of 15.4 percent from $434.54 million in February 2010. Revenue from PH’s exports to USA, on the other hand, reached $616.89 million, generating a total trade value of $1.118 billion and $115.57 million trade surplus for the Philippines.
Singapore came third, accounting for 9.8 percent share of the total import bill in February 2011 with positive growth of 34.8 percent to $461.27 million from $342.09 million during the same month in 2010. Exports to Singapore amounted to $375.71 million resulting to a total trade value of $836.97 million and a trade deficit of $85.56 million.
Republic of Korea settled fourth, accounting for 9.4 percent share of the total import bill in February 2011 or a 45.1 percent increment to $440.19 million from $303.29 million in February 2010. Exports to Republic of Korea amounted to $149.94 million resulting to a total trade value of $590.13 million and a trade deficit of $290.25 million.
Fifth in rank is People’s Republic of China, representing 7.8 percent of the total import bill in February 2011 or $366.98 million. Meanwhile, export receipts from People’s Republic of China reached $433.98 million yielding a total trade value of $800.97 million and a trade surplus of $67.00 million.
Other major sources of imports for February 2011 were Thailand, $290.50 million (6.2%); Taiwan, $286.01 million (6.1%); United Arab Emirates, $202.60 million (4.3%); Malaysia (including Sabah and Sarawak), $199.62 million (4.3%); and Saudi Arabia, $195.17 million (4.2%).
Payments for imports from the top ten sources for February 2011 amounted to $3.468 billion or 74.0 percent of the total.
IMPORTS FROM EASTERN
Philippines total imports in February 2011 from Eastern Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 36.3 percent with total payments of $1.700 billion or a positive annual growth of 10.6 percent from February 2010 level of $1.538 billion. Total exports to member-countries of Eastern Asia were valued at $1.692 billion, resulting to a total trade of $3.392 billion and a balance of trade in goods (BOT-G) deficit of $8.61 million.
Imports from ASEAN member-countries representing 25.4 percent share in February 2011 amounted to $1.189 billion, up by 5.3 percent from $1.129 billion registered in February 2010. Exports to ASEAN member-countries were worth $770.22 million, resulting to a total trade of $1.959 billion and a trade deficit of $418.30 million.
Total imports from European Union were valued at $423.61 million while exports to member-countries of European Union were worth $530.01 million. This aggregated to total trade of $953.62 million and a trade surplus of $106.40 million for the Philippines.
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 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
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
Source: Foreign Trade Statistics Section
Industry and Trade Statistics Department
National Statistics Office