EXTERNAL TRADE PERFORMANCE
January 2012
(Preliminary)

p - preliminary
r - revised

JANUARY 2012 TOTAL TRADE STOOD AT $9.257 BILLION

Total external trade in goods for January 2012 reached $9.257 billion, representing a 0.5 percent decrease from $9.303 billion recorded during the same month in 2011. This was due to the 3.2 percent downward trend of total imports from $5.302 billion to $5.134 billion in January 2012. On the other hand, exports showed a 3.1 percent increment to $4.123 billion from $4.000 billion in January 2011. Thus, the balance of trade in goods (BOT-G) for the Philippines in January 2012 registered a deficit of $1.010 billion from $1.302 billion deficit in same period last year.

JANUARY 2012 IMPORTS DOWN BY 3.2 PERCENT

The country’s total merchandise imports for January 2012 declined by 3.2 percent from $5.302 billion to $5.134 billion. However, it increased by 10.8 percent from $4.633 billion compared to previous month’s level.

ELECTRONIC PRODUCTS ACCOUNT FOR 26.2 PERCENT OF IMPORT BILL

Accounting for 26.2 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in January 2012 amounted to $1.344 billion. It went down by 26.9 percent over last year's figure of $1.839 billion. On a monthly basis, it grew by 6.0 percent from $1.268 billion recorded in December 2011. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 19.6 percent, decreased by 34.2 percent from $1.531 billion to $1.007 billion.

Imports of Mineral Fuels, Lubricants and Related Materials in January 2012 ranked second with 25.7 percent share and posted the highest positive annual growth rate of 45.3 percent among the top 10 imports for January 2012, to $1.321 billion over the previous year’s level of $909.02 million.

Transport Equipment, was the PH’s third top import for the month with 5.8 percent share to total imports valued at $296.97 million. The report was up by 8.6 percent from previous year level of $273.36 million.

Industrial Machinery and Equipment, contributing 4.6 percent to the total import bill, was the PH’s fourth top import for the month with payments placed at $237.72 million from last year’s $270.26 million. It decelerated by 12.0 percent compared to same month a year ago.

Fifth in rank and with 3.0 percent share to the total imports, Organic and Inorganic Chemicals recorded $151.45 million worth of imports, higher by 10.4 percent from its year ago level of $137.14 million.

Plastics in Primary and Non-Primary Forms ranked sixth, comprising 2.8 percent of the total imports registered $144.67 million worth of imports, declined by 1.3 percent from its year ago level of $146.57 million.

Rounding up the list of the top ten imports for January 2012 were Metalliferous Ores and Metal Scrap accounting for $135.99 million; Iron and Steel amounting to $132.74 million; Telecommunication Equipment and Electrical Machinery, $97.70 million; and Paper and Paper Products, $68.44 million.

Aggregate payment for the country’s top ten imports for January 2012 reached $3.930 billion or 76.6 percent of the total import bill.

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 37.3 PERCENT OF THE TOTAL IMPORTS

Accounting for 37.3 percent of the total imports, payments in January 2012 for Raw Materials and Intermediate Goods amounted to $1.915 billion or 19.6 percent decrement over last year's figure of $2.381 billion. Compared to the previous month’s level, purchases went up by 9.4 percent from $1.750 billion. Semi-Processed Raw Materials had the biggest share of 32.6 percent and valued at $1.671 billion.

Capital Goods, which comprised 25.8 percent of the total imports, went down by 3.8 percent year-on-year from $1.378 billion to $1.326 billion.

Mineral Fuels, Lubricants and Related Materials with 25.7 percent share to total imports, increased by 45.3 percent to $1.321 billion from $909.02 million in January 2011.

Purchases of Consumer Goods amounted to $520.77 million or a negative growth of 7.1 percent from $560.39 million in January 2011, while Special Transactions also went down by 31.6 percent from $73.85 million to $50.52 million in January 2012.

IMPORTS FROM PEOPLE'S REPUBLIC OF CHINA ACCOUNTS FOR 10.4 PERCENT

People’s Republic of China was the country’s biggest source of imports for January 2012 with 10.4 percent share of the total import bill, higher by 13.9 percent to $535.63 million from $470.40 million in January 2011. Exports to People’s Republic of China amounted to $591.23 million, yielding a two-way trade value of $1.127 billion and a trade surplus for PH of $55.61 million.

Japan including Okinawa was the second biggest source of imports with 10.1 percent share. Payments were recorded at $518.99 million, a decrease of 7.4 percent from $560.54 million in January 2011. Revenue from PH’s exports to Japan, on the other hand, reached $706.93 million, generating a total trade value of $1.226 billion and $187.95 million trade surplus for the Philippines.

United States of America (USA) including Alaska and Hawaii came third, accounting for 9.0 percent share of the total import bill in January 2012 with negative growth of 20.7 percent from $583.92 million to $462.82 million. Exports to USA amounted to $662.80 million resulting to a total trade value of $1.126 billion and a trade surplus of $199.98 million.

Republic of Korea settled fourth; accounting for 7.8 percent share of the total import bill in January 2012 or a decrease of 31.0 percent from $583.24 million to $402.37 million during the same month in 2011. Exports to Republic of Korea amounted to $171.51 million resulting to a total trade value of $573.88 million and a trade deficit of $230.87 million.

Fifth in rank is Singapore, representing 7.3 percent of the total import bill in January 2012, amounted to $372.32 million. Meanwhile, export receipts from Singapore in January 2012 reached $340.87 million yielding a total trade value of $713.19 million and a trade deficit of $31.45 million.

Other major sources of imports for the month of January 2012 were Taiwan, $300.07 million; Thailand $238.24 million; Saudi Arabia, $230.86 million; United Arab Emirates, $199.92 million; and Malaysia (including Sabah and Sarawak) $192.19 million.

Payments for imports from the top ten sources for January 2012 amounted to $3.453 billion or 67.3 percent of the total.

IMPORTS FROM EAST ASIA WORTH $1.892 BILLION

Philippines total imports in January 2012 with East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 36.9 percent of the county’s total imports with total payments of $1.892 billion or a negative annual growth of 12.8 percent from January 2011 level of $2.171 billion. Total exports to member-countries of East Asia were valued at $1.982 billion, resulting to a total trade of $3.875 billion and a balance of trade in goods (BOT-G) surplus of $89.87 million.

Imports from ASEAN member-countries in January 2012 ($1.044 billion) contributed 20.3 percent share, lower by 15.6 percent from $1.236 billion registered in January 2011. Exports to ASEAN member-countries worth $700.20 million resulted to a total trade of $1.744 billion and a trade deficit of $343.51 million.

January 2012 imports from European Union were valued at $370.26 million while exports to member-countries of European Union were worth $559.17 million. This aggregated to total trade of $929.43 million and a trade surplus of $188.91 million.

Notes:

^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

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