EXTERNAL TRADE PERFORMANCE

JANUARY 2016

(Preliminary)

p-preliminary, r-revised

IMPORTS INCREASE BY 30.8 PERCENT IN JANUARY 2016

The   total   imported   goods by the country for the month of January 2016 amounted to $6.825 billion, a significant increase of 30.8 percent from $5.219 billion recorded during the same period a year ago.   The increase was due to the positive performance of nine out of the top ten major imported commodities for the month led by metal products (73.9%).  The other eight positive performers were:  electronic products (67.1%); transport equipment (61.5%); industrial machinery and equipment (57.6%); telecommunication equipment and electrical  machinery (48.2%); miscellaneous manufactured articles (27.1%); iron and steel (25.4%); other food and live animals (14.3%); and plastics in primary  and  non-primary forms (3.5%).  (Table 2)

The balance of trade in goods (BOT-G) for the Philippines in January 2016, registered a deficit of $2.638 billion, higher than the $861.80 million trade deficit in the same month last year.  (Table 1)

ELECTRONIC PRODUCTS ACCOUNT FOR 32.4 PERCENT OF IMPORT BILL

Total   payment   for   the   country’s   top ten imports for January 2016 reached $5.114 billion or 74.9 percent of the total import bill.  (Table 2)

Inbound shipments   of   Electronic   Products    in  January 2016     accounted  for    32.4   percent  of the total import bill with value amounting   to   $2.210 billion.  It increased by 67.1 percent over the last year's figure of $1.322 billion.  Components/Devices (Semiconductors),   had the biggest   share  of 22.5 percent among electronic   products,  went up by 64.4 percent to $1.537 billion in January 2016 from $934.94 million in January 2016.

Minerals   Fuels,   Lubricants    and    Related   Materials  placed    second    with  10.2 percent share to total imports valued at $697.39 million.  This registered a decrease of 6.8 percent from its previous year’s level of $748.22 million.

Transport Equipment, contributing 10.1 percent to the total import bill was the country’s    third    top import  for   the   month amounting to  $687.89 million.   It grew by 61.5 percent compared to last year’s value of $425.96 million.

Imports of Industrial Machinery and Equipment ranked fourth with 6.5 percent share and reported value of $442.88 million in January 2016.  It accelerated by 57.6 percent from $281.06 million in January 2015.

Other Food and Live Animals ranked         fifth, with 3.1 percent share to the total imports which was valued at $211.18 million in January 2016.  It registered a 14.3 percent increase from its year ago level of $184.80 million.

Rounding up the list of the top ten imports for January 2016 were: 

• Iron and Steel    valued  at $200.17 million 
• Miscellaneous Manufactured Articles, $182.69 million   
• Telecommunication Equipment and Electrical Machinery, $179.51 million
• Plastics in Primary and Non-Primary Forms, $154.09 million 
• Metal Products, $148.28 million. 

PURCHASES OF CAPITAL GOODS ACCOUNT FOR 37.7 PERCENT OF THE TOTAL IMPORTS

Payments for inward shipments of Capital Goods accounted for 37.7 percent of the total  imports.  It   increased  by  80.4  percent  to  $2.573 billion in January 2016 from $1.426 billion in January 2015.  (Table 3)

Total importation of Raw Materials and Intermediate Goods in January 2016 were valued at $2.475 billion,  accounting for 36.3 percent share of the total imports.  It increased by 12.0 percent over last year's figure of $2.210 billion.  Semi-Processed Raw Materials,  having   the   biggest   share  of  this commodity group at 33.7 percent was $2.300 billion.  It went up by 19.6 percent compared to $1.924 billion in January 2015.

Purchases of Consumer Goods recorded 15.2 percent share with a total import bill valued     at    $1.038 billion    in    January  2016.   It    recorded  a   positive growth   of   29.3 percent from $802.97 million registered in January 2015.

Mineral Fuels, Lubricants and Related Materials with 10.2 percent share to total imports,   decreased  by   6.8   percent   from  $748.22  million  in  January  2015  to  $697.39 million in January 2016.  Petroleum crude contributed the biggest percent share of imports for this commodity group at 4.8 percent and valued $330.25 million.  (Table 3)

Furthermore,   imports  of  Special  Transactions  went up by 33.6 percent to $41.93 million recorded in January 2015 from $31.39 million in January 2016.  

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 17.9 PERCENT

Aggregate payments from the top ten imports sources for January 2016 amounted to $5.210 billion or 76.3 percent of the total.  (Table 4)

People’s Republic of China remained as the country’s biggest source of imports at 17.9 percent share in January 2016.  Payments were recorded at $1.224 billion, an increase of 38.1 percent from $886.27 million in January 2015.   Revenue from the country’s exports to People’s Republic of China,   on   the   other   hand,   reached $405.65 million, generating a total trade value of $1.629 billion and $818.06 million trade deficit.  (Table 5)

Japan including Okinawa came second, contributing 10.7 percent or $727.04 million to the total import bill in January 2016.  It   grew by 66.4 percent from its January 2015 value of $436.97 million.  Export   receipts   from   Japan  in January 2016 reached $950.52 million yielding  a  total   trade  value  of  $1.678  billion and a favourable balance of trade of $223.48 million.  (Tables 4 and 4a)

United States of America (USA), including Alaska and Hawaii, was the third biggest source of imports for January 2016 with 8.9 percent share to the total import bill amounting to $609.87 million, an increase of 19.9 percent from $508.78 million in January 2015.  Exports to USA amounted to $698.85 million, yielding a two-way trade value of $1.309 billion and a trade surplus of $88.99 million.

Republic of Korea placed fourth, accounting for 7.2 percent share of the total import bill  worth  $491.76  million   in   January   2016,   it   went up by 55.1 percent   from   $316.96  million  in  January 2015.  Exports   to   Republic  of Korea   amounted  to $148.27 million resulting to a total trade value of $640.03 million and a trade deficit of $343.49 million.  (Tables 4 and 4a).

Thailand ranked fifth, accounting for 7.2 percent share of the total import bill in January  2016,  a positive growth of 64.3 percent to $491.08 million in January 2016 from $298.82 million   in   January 2016.  Exports to this country amounted to $170.49 million   resulting  to a total trade value of $661.57 million and a trade deficit of $320.59 million.

Other   major sources of imports for the month of January 2016 were: Taiwan, $467.43 million; Singapore, $438.32 million; Malaysia (includes Sabah and Sarawak), $279.83 million; Hong Kong, $240.80 million; and Indonesia, $240.24 million.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 46.3 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 January 2016 as it accounted for 46.3 percent of the total imports valued at $3.158 billion.  It increased by 48.6 percent from $2.126 billion in January 2015.  Total exports to countries of East Asia amounted to $2.085 billion resulting to a total trade of $5.242 billion and a trade deficit of $1.073 billion.  (Table 4a and 5a)

Commodities    imported   from   ASEAN   member   countries were valued at $1.613 billion,    contributing    23.6  percent  share to total and registered an increase of 28.6 percent from $1.254 billion recorded in January 2015.  Proceeds from exports to ASEAN member countries were worth $630.02 million, resulting to a total trade of    $2.243 billion and a trade deficit of $983.14 million.  (Table 4a and 5a)

Imports     from    European   Union  were valued at $673.71 million.  It grew by 24.7 percent compared to a year ago value of $540.07 million.  Exports to member countries of European Union were worth $491.11 million, resulting to a total trade of $1.164 billion and a trade deficit of $182.60 million.  (Table 4a and 5a)

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.  PSA collects a copy of the accomplished forms by the importer.  These are the following import documents collected and processed by PSA:

                 1.    Import Entry & Internal Revenue Declaration (BOC IEIRD Form 236)

                 2.    Informal Import Declaration and Entry (BOC Form 177)

                 3.    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.

The Press Release is due every 25^th day of each month.  However, if the 25^th day falls on a Saturday, release will be on Friday but if it falls on a Sunday or Monday the release will be on Tuesday.  If the release date falls on holiday, the date of release is moved accordingly.

The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the imported commodities at the most detailed level for statistical purposes.

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