EXTERNAL TRADE PERFORMANCE
p - preliminary
r - revised
FEBRUARY 2012 TOTAL TRADE STAND AT $9.423 BILLION
Total external trade in goods for February 2012 reached $9.423 billion, representing a 9.2 percent increase from $8.626 billion recorded during the same month in 2011. This was due to the 4.9 percent upward trend of total imports to $4.993 billion from $4.761 billion in February 2011. On the other hand, exports showed a 14.6 percent increment to $4.430 billion from $3.865 billion in February 2011. Thus, the balance of trade in goods (BOT-G) for the Philippines in February 2012 registered a deficit of $562 million from $896 million deficit in the same period last year.
Figure 2A Philippine Trade Performance in January - February : 2012 and 2011
(F.O.B. Value in Million US Dollars)
Figure 2B Philippine Trade Performance in February : 2012 and 2011
(F.O.B. Value in Million US Dollars)
FEBRUARY 2012 IMPORTS UP BY 4.9 PERCENT
The country’s total merchandise imports for February 2012 went up by 4.9 percent to $4.993 billion from $4.761 billion in February 2011. However, it decreased by 2.8 percent from $5.134 billion compared to previous month’s level. Aggregate imports for the first two months of 2012, inched up by 0.6 percent to $10.126 billion from $10.063 billion posted during the same two-month period in 2011.
ELECTRONIC PRODUCTS ACCOUNTS FOR 28.7 PERCENT OF IMPORT BILL
Accounting for 28.7 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in February 2012 amounted to $1.433 billion. It went down by 5.1 percent over last year's figure of $1.510 billion. However, on a monthly basis, it grew by 6.6 percent from $1.344 billion recorded in January 2012. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 21.3 percent decreased by 15.9 percent from $1.267 billion to $1.065 billion.
Imports of Mineral Fuels, Lubricants and Related Materials ranked second with 20.1 percent share and posted a negative annual growth rate of 2.8 percent from reported value of $1.034 billion in February 2011 to $1.006 billion in February 2012.
Transport Equipment was the PH’s third top import for the month with 9.1 percent share to total imports valued at $451.91 million. This figure was up by 53.9 percent from previous year level of $293.65 million.
Industrial Machinery and Equipment contributing 5.1 percent to the total import bill was the PH’s fourth top import for the month amounting to $252.13 million. It accelerated by 23.5 percent compared to last year’s $204.18 million.
Fifth in rank and with 2.9 percent share to the total imports, Plastics in Primary and Non-Primary Forms recorded $142.66 million worth of imports, higher by 15.1 percent from its year ago level of $123.96 million.
Organic and Inorganic Chemicals ranked sixth, comprising 2.6 percent of the total imports registered $130.60 million worth of imports, declined by 10.2 percent from its year ago level of $145.36 million.
Rounding up the list of the top ten imports for February 2012 were Cereals and Cereals Preparations valued at $116.37 million and registered the highest annual growth rate of 81.2 percent among the top ten imports; Iron and Steel amounting to $107.44 million; Telecommunication Equipment and Electrical Machinery, $103.92 million; and Medicinal and Pharmaceutical Products, $73.70 million.
Aggregate payment for the country’s top ten imports for February 2012 reached $3.817 billion or 76.5 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 34.7 PERCENT OF THE TOTAL IMPORTS
Accounting for 34.7 percent of the total imports, payments in February 2012 for Raw Materials and Intermediate Goods amounted to $1.731 billion or 18.7 percent decrement over last year's figure of $2.130 billion. Compared to the previous month’s level, purchases went down by 9.6 percent from $1.915 billion. Semi-Processed Raw Materials had the biggest share of 30.8 percent and valued at $1.540 billion.
Capital Goods, which comprised 32.4 percent of the total imports, went up by 52.4 percent year-on-year to $1.616 billion from $1.060 billion.
Mineral Fuels, Lubricants and Related Materials with 20.1 percent share to total imports decreased by 2.8 percent from $1.034 billion to $1.006 billion in February 2012.
Purchases of Consumer Goods amounted to $591.46 million or a positive growth of 22.7 percent from $482.11 million in February 2011 while Special Transactions went down by 10.3 percent from $53.51 million to $48.01 million in February 2012.
IMPORTS FROM JAPAN ACCOUNTS FOR 13.4 PERCENT
Japan including Okinawa was the country’s biggest source of imports for February 2012 with 13.4 percent share of the total import bill, higher by 27.2 percent to $667.15 million from $524.51 million in February 2011. Exports to Japan amounted to $796.63 million, yielding a two-way trade value of $1.464 billion and a trade surplus for PH of $129.48 million.
United States of America (USA) including Alaska and Hawaii was the second biggest source of imports with 10.9 percent share. Payments were recorded at $542.76 million, an increase of 8.2 percent from $501.60 million in February 2011. Revenue from PH’s exports to USA, on the other hand, reached $687.74 million, generating a total trade value of $1.231 billion and $144.98 million trade surplus for the Philippines.
People’s Republic of China came third, accounting for 8.9 percent share of the total import bill in February 2012 with positive growth of 21.2 percent to $445.37 million from $367.52 million. Exports to People’s Republic of China amounted to $589.00 million resulting to a total trade value of $1.034 billion and a trade surplus of $143.64 million.
Singapore settled fourth accounting for 8.5 percent share of the total import bill in February 2012 or a decrease of 9.2 percent from $467.37 million during the same month in 2011 to $424.26 million. Exports to Singapore amounted to $346.35 million resulting to a total trade value of $770.60 million and a trade deficit of $77.91 million.
Fifth in rank was Republic of Korea, representing 7.2 percent of the total import bill in February 2012, amounted to $358.00 million. Meanwhile, export receipts from Republic of Korea in February 2012 reached $132.83 million yielding a total trade value of $490.83 million and a trade deficit of $225.18 million.
Other major sources of imports for the month of February 2012 were Saudi Arabia, $352.46 million; Taiwan $340.79 million; Thailand, $277.93 million; Malaysia (including Sabah and Sarawak), $224.93 million; and Indonesia $218.47 million.
Payments for imports from the top ten sources for February 2012 amounted to $3.852 billion or 77.2 percent of the total.
IMPORTS FROM EAST
Philippines total imports in February 2012 with East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 38.3 percent of the county’s total imports with total payments of $1.914 billion or a positive annual growth of 12.3 percent from February 2011 level of $1.704 billion. Total exports to member-countries of East Asia were valued at $2.166 billion, resulting to a total trade of $4.080 billion and a balance of trade in goods (BOT-G) surplus of $252.33 million.
Imports from ASEAN member-countries in February 2012 ($1.194 billion) contributed 23.9 percent share, lower by 5.1 percent from $1.258 billion registered in February 2011. Exports to ASEAN member-countries worth $742.62 million resulted to a total trade of $1.937 billion and a trade deficit of $451.60 million.
February 2012 imports from European Union were valued at $471.05 million while exports to member-countries of European Union were worth $567.90 million. This aggregated to total trade of $1.039 billion and a trade surplus of $96.85 million.
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 Alaska and Hawaii
4/ - 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 Electronic to Mobile (E2M) 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