EXTERNAL TRADE PERFORMANCE
January 2011
(Preliminary)

p - preliminary
r - revised

JANUARY 2011 TOTAL TRADE STOOD AT $9.313 BILLION

Total external trade in goods for January 2011 reached $9.313 billion, representing a 18.4 percent increase from $7.867 billion recorded during the same month in 2010. This was due to the 23.9 percent upward trend of total imports to $5.313 billion from $4.287 billion in January 2010. The same was true for exports where a 11.8 percent increment was observed to $4.000 billion from $3.579 billion in January 2010.  Thus, the balance of trade in goods (BOT-G) for the Philippines in January 2011 registered a deficit of $1.312 billion from $708.00 million deficit in same period last year.

Figure 1B  Philippine Trade Performance: January 2010 and 2011
(F.O.B. Value in Million US Dollars)

JANUARY 2011 IMPORTS UP BY 23.9 PERCENT

The country’s total merchandise imports for January 2011 rose by 23.9 percent to $5.313 billion from $4.287 billion in January 2010. It increased by 7.4 percent from $4.949 billion compared to previous month’s level.

ELECTRONIC PRODUCTS ACCOUNT FOR 34.6 PERCENT OF IMPORT BILL

Accounting for 34.6 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in January 2011 amounted to $1.839 billion. It went up by 37.6 percent over last year's figure of $1.337 billion.  On a monthly basis, it grew by 7.8 percent from $1.706 billion recorded in December 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 28.8 percent, increased by 56.1 percent to $1.531 billion from $980.72 million.

Imports of Mineral Fuels, Lubricants and Related Materials in January 2011 ranked second with 17.3 percent share and posted a positive growth of 11.0 percent to $919.26 million over the previous year’s level of $828.55 million.

Transport Equipment, was the RP’s third top import for the month with 5.2 percent share to total imports valued at $273.37 million. The report was down by 28.1 percent from previous year level of $380.17 million and the only negative growth among the top ten imports.

Industrial Machinery and Equipment, contributing 5.1 percent to the total import bill, was the RP’s fourth top import for the month with payments placed at $270.29 million from last year’s $174.52 million. It accelerated by 54.9 percent compared to same month a year ago.

Fifth in rank and with 2.8 percent share to the total imports,Metalliferous Ores and Metal Scrap recorded $149.36 million worth of imports, higher by 66.2 percent from its year ago level of $89.89 million.

Plastics in Primary and Non-Primary Forms ranked sixth, comprising 2.8 percent of the total imports registered $146.57 million worth of imports, rose by 69.4 percent from its year ago level of $86.53 million, the highest increase among the top ten imports.

Rounding up the list of the top ten imports for January 2011 were Organic and Inorganic Chemicals accounting for $137.14 million; Iron and Steel amounting to $120.51 million; Telecommunication Equipment and Electrical Machinery, $109.72 million; and Medicinal and Pharmaceutical Products, $81.38 million.

Aggregate payment for the country’s top ten imports for January 2011 reached $4.047 billion or 76.2 percent of the total import bill.

Figure 2  Philippine Top Six Imports: January 2010 and 2011
(F.O.B. Value in Million US Dollars)

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 44.8 PERCENT OF THE TOTAL IMPORTS

Accounting for 44.8 percent of the total imports, payments in January 2011 for Raw Materials and Intermediate Goods amounted to $2.381 billion or 61.6 percent increment over last year's figure of $1.474 billion.  Compared to the previous month’s level, purchases went up by 20.8 percent from $1.972 billion. Semi-Processed Raw Materials had the biggest share of 39.4 percent and valued at $2.094 billion.

Capital Goods, which comprised 25.9 percent of the total imports, went down by 0.4 percent year-on-year from $1.383 billion to $1.378 billion.

Mineral Fuels, Lubricants and Related Materials with 17.3 percent share, increased by 11.0 percent to $919.26 million from $828.55 million in January 2010.

Purchases of Consumer Goods amounted to $560.72 million or an increase of 2.8 percent from $545.23 million in January 2010, while Special Transactions went up by 30.2 percent to $73.85 million from $56.73 million in January 2010.

Figure 3  Philippine Imports by Major Type of Goods: January 2010 and 2011
(F.O.B. Value in Million US Dollars)

IMPORTS FROM THE UNITED STATES OF AMERICA ACCOUNTS FOR 11.0 PERCENT

United States of America (USA) including Alaska and Hawaii, was the country’s biggest source of imports for January 2011 with 11.0 percent share of the total import bill, higher by 2.3 percent to $583.77 million from $570.66 million in January 2010.  Exports to USA amounted to $602.19 million, yielding a two-way trade value of $1.186 billion and a trade surplus for RP of $18.42 million.

Republic of Korea,the second biggest source of imports with 10.8 percent share, recorded payments worth $576.01 million, an increase of 95.0 percent from $295.33 million in January 2010.  Revenue from RP’s exports to Republic of Korea, on the other hand, reached $169.64 million, generating a total trade value of $745.65 million and $406.37 million trade deficit for the Philippines.

Japan including Okinawa, came third, accounting for 10.5 percent share of the total import bill in January 2011 with positive growth of 13.9 percent to $560.24 million from $491.73 million during the same month in 2010. Exports to Japan amounted to $565.80 million resulting to a total trade value of $1.126 billion and a trade surplus of $5.56 million.

Singapore settled fourth; accounting for 9.3 percent share of the total import bill in January 2011 or a decrease of 8.3 percent from $539.97 million to $495.19 million during the same month in 2010.  Exports to Singapore amounted to $573.61 million resulting to a total trade value of $1.069 billion and a trade surplus of $78.43 million.

Fifth in rank is People’s Republic of China, representing 8.9 percent of the total import bill in January 2011, amounted to $471.12 million. Meanwhile, export receipts from People’s Republic of China in January 2011 reached $468.18 million yielding a total trade value of $939.30 million and a trade deficit of $2.95 million.

Other major sources of imports for the month of January 2011 were Taiwan, $434.37 million; Thailand $271.01 million; Indonesia, $214.19 million; Malaysia (including Sabah and Sarawak), $213.63 million; and United Arab Emirates $195.36 million.

Payments for imports from the top ten sources for January 2011 amounted to $4.015 billion or 75.6 percent of the total.

Figure 4  Philippine Imports by Country: January 2011

IMPORTS FROM EASTERN ASIA WORTH $2.169 BILLION

Philippines total imports in January 2011 with Eastern Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 40.8 percent of the county’s total imports with total payments of $2.169 billion or a positive annual growth of 35.5 percent from January 2010 level of $1.601 billion.  Total exports to member-countries of Eastern Asia were valued at $1.670 billion, resulting to a total trade of $3.839 billion and a balance of trade in goods (BOT-G) deficit of $498.75 million.

Imports from ASEAN member-countries in January 2011 ($1.235 billion) contributed 23.3 percent share, lower by 6.0 percent from $1.314 billion registered in January 2010. Exports to ASEAN member-countries worth $879.71 million resulted to a total trade of $2.115 billion and a trade deficit of $355.26 million.

January 2011 imports from European Union were valued at $399.51 million while exports to member-countries of European Union were worth $555.52 million.  This aggregated to total trade of $955.03 million and a trade surplus of $156.00 million.

Figure 5  Philippine Imports by Selected Economic Bloc: January  2010 and 2011
(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