EXTERNAL TRADE PERFORMANCE

FEBRUARY 2017

(Preliminary)

p-preliminary, r-revised

IMPORTS INCREASE BY 20.3 PERCENT IN FEBRUARY 2017

The total imported goods by the country for the month of February 2017 amounted to $6.511 billion, an increase of 20.3 percent from $5.414 billion recorded during the same period a year ago.   The increase was due to the positive performance of seven out of the top ten major imported commodities for the month led by mineral fuels, lubricants and related materials (97.3%).  The other six positive performers were:  iron and steel (61.4%); cereals and cereal preparations (47.7%); plastics in primary  and  non-primary forms (26.1%);  transport equipment (20.9%); electronic products (11.5%); and other food and live animals (4.6%).  (Table 3)

The balance of trade in goods (BOT-G) for the Philippines in February 2017, however, registered a deficit of $1.728 billion, higher than the $1.104 billion trade deficit in the same month last year.  (Table 1)

ELECTRONIC PRODUCTS ACCOUNT FOR 26.7 PERCENT OF IMPORT BILL

Total   payment   for   the   country’s   top ten imports for February 2017 reached $4.760 billion or 73.1 percent of the total import bill.  (Table 3)

Inbound shipments   of   Electronic Products in  February 2017 accounted for 26.7   percent  of the total import bill with value amounting   to   $1.739 billion.  It increased by 11.5 percent over the last year's figure of $1.560 billion.  Components/Devices (Semiconductors),   had the biggest   share  of 19.1 percent among electronic   products,  went up by 14.2 percent to $1.242 billion in February 2017 from $1.088 billion in February 2016.

Minerals   Fuels,   Lubricants and Related Materials placed second with  12.7 percent share to total imports valued at $827.18 million.  This registered an increase of 97.3 percent from its previous year’s level of $419.17 million.

Transport Equipment, contributing 9.3 percent to the total import bill was the country’s    third top import for the month amounting to  $607.27 million.   It went up by  20.9 percent compared to last year’s value of $502.44 million.

Imports of Industrial Machinery and Equipment ranked fourth with 6.1 percent share and reported value of $395.53 million in February 2017.  It fell by 2.6 percent from $406.11 million in February 2016.

Iron and Steel ranked fifth, with 4.6 percent share to the total imports which was valued at $296.28 million in February 2017.  It registered a 61.4 percent increase from its year ago level of $183.53 million.

Rounding up the list of the top ten imports for February 2017 were: 

• Other Food and Live Animals valued at $219.79 million 
• Telecommunication Equipment and Electrical Machinery, $184.14 million   
• Plastics in Primary and Non-Primary Forms, $173.28 million
• Cereals and Cereal Preparations, $163.22 million 
• Miscellaneous Manufactured Articles, $154.25 million.

PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 37.8 PERCENT OF THE TOTAL IMPORTS

By major type of goods, payments for inward shipments of Raw Materials and Intermediate Goods accounted for 37.8 percent of the total  imports.  It increased by 7.9  percent  to  $2.460 billion in February 2017 from $2.281 billion in February 2016.  Semi-Processed Raw Materials,  having the biggest   share  of  this commodity group at 34.7 percent, was $2.261 billion.  It went up by 7.1 percent compared to $2.111 billion in February 2016. (Table 5)

Total importation of Capital Goods in February 2017 were valued at $2.074 billion,  accounting for 31.9 percent share of the total imports.  It increased by 18.0 percent over last year's figure of $1.758 billion. 

Purchases of Consumer Goods recorded 17.3 percent share with a total import bill valued at $1.124 billion in February  2017.   It    recorded  a   positive growth   of   21.5 percent from $924.95 million registered in February 2016.

Mineral Fuels, Lubricants and Related Materials with 12.7 percent share to total imports,   increased  by   97.3   percent   to  $827.18 million  in  February  2017  from  $419.17 million in February 2016.  Other mineral fuel and lubricants such as gas oils, regular and premium unleaded motor spirit and aviation spirit contributing the biggest share of imports for this commodity group at 5.9 percent and valued $386.54 million.  (Table 5)

Furthermore,   imports  of  Special  Transactions  went down by 19.2 percent from $30.99 million recorded in February 2016 to $25.03 million in February 2017.

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 15.0 PERCENT

Aggregate payments from the top ten imports sources for February 2017 amounted to $4.990 billion or 76.6 percent of the total. 

People’s Republic of China remained as the country’s biggest source of imports at 15.0 percent share in February 2017.  Payments were recorded at $977.05 million, an increase of 12.7 percent from $867.26 million in February 2016.   Revenue from the country’s exports to People’s Republic of China, on the other hand, reached $489.92 million, generating a total trade value of $1.467 billion and $487.13 million trade deficit. 

Japan including Okinawa came second, contributing 13.2 percent or $860.59 million to the total import bill in February 2017.  It grew by 28.1 percent from its February 2016 value of $671.67 million.  Export   receipts   from   Japan  in February 2017 reached $728.35 million yielding  a  total   trade  value  of  $1.589  billion and a unfavourable balance of trade of $132.24 million. 

Republic of Korea,  was the third biggest source of imports for February 2017 with 8.3 percent share to the  total  import  bill  amounting  to $537.47 million, an increase of 73.8 percent from  $309.18 million  in  February 2016.  Exports to  Korea amounted to $220.65 million, yielding a two-way trade value of $758.12 million and a trade deficit of $316.82 million.

United States of America (USA), including Alaska and Hawaii placed fourth, accounting for 7.9 percent share of the total import worth  $516.03 million in   February   2017.   It went down by 0.6 percent   from   $519.26  million  in  February 2016.  Exports to USA amounted  to $745.22 million resulting to a total trade value of $1.261 billion and a trade surplus of $229.19 million. 

Thailand ranked fifth, accounting for 7.8 percent share of the total import bill in February  2017,  recorded a negative growth of 2.4 percent from $523.39 million in February 2016 to $511.05 million   in   February 2017.  Exports to this country amounted to $246.87 million resulting to a total trade value of $757.92 million and a trade deficit of $264.18 million.

Other major sources of imports for the month of February 2017 were: Indonesia, $416.22 million; Singapore, $414.50 million; Taiwan, $336.76 million; Malaysia (includes Sabah and Sarawak), $257.43 million; and Hong Kong, $162.99 million.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 44.2 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 February 2017 as it accounted for 44.2 percent of the total imports valued at $2.877 billion.  It increased by 23.7 percent from $2.326 billion in February 2016.  Total exports to countries of East Asia amounted to $2.309 billion resulting to a total trade of $5.187 billion and a trade deficit of $568.27 million.

Commodities imported from ASEAN member countries were valued at $1.769 billion,    contributing 27.2 percent share to total and registered an increase of 19.3 percent from $1.483 billion recorded in February 2016.  Proceeds from exports to ASEAN member countries were worth $792.73 million, resulting to a total trade of    $2.561 billion and a trade deficit of $975.91 million.

Imports from European Union were valued  at $448.31 million.  It fell by 4.6 percent compared to a year ago value of $470.04 million.  Exports to member countries of European Union were worth $593.79 million, resulting to a total trade of $1.042 billion and a trade surplus of $145.49 million.

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.  Following are the source documents for imports:

• Import Entry and Internal Revenue Declaration (BOC IEIRD Form 236)
• Informal Import Declaration and Entry (BOC Form 177)
• 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 10^th 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.

Press Releases (PR) for Imports are disseminated at the same date of the PR for Export.  These are released every 10^th day of each month.

The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the 10-Digit level for statistical purposes.

Detailed data on international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).