EXTERNAL TRADE PERFORMANCE
July 2010
(Preliminary)
p - preliminary
r - revised
JULY 2010 TOTAL TRADE STOOD AT $9.182 BILLION
Total external trade in goods for January to July 2010 reached $59.136 billion, a 31.6 percent increment from $44.943 billion registered during the same period in 2009. Total imports posted a 26.7 percent annual increase to $30.911 billion from $24.405 billion. Similarly, an increase of 37.4 percent for merchandise exports was noted to $28.225 billion in January to July of 2010 from $20.538 billion during the same period in 2009. Thus, the balance of trade in goods (BOT-G) for the Philippines registered a deficit of $2.686 billion during the 7-month period in 2010, a value lower than the $3.867 billion deficit in the same 7-month period last year.
Figure 1A Philippine Trade Performance in January - July : 2010 and 2009
(F.O.B. Value in Million US Dollars)
Figure 1B Philippine Trade Performance in July : 2010 and 2009
(F.O.B. Value in Million US Dollars)
JULY 2010 IMPORTS UP BY 16.2 PERCENT
Combined import and export merchandise trade for July 2010 improved by 25.1 percent to $9.182 billion from $7.339 billion in July 2009. Total merchandise imports increased at 16.2 percent to $4.678 billion from $4.026 billion in July 2009. Total exports, on the other hand, rose by 35.9 percent to $4.504 billion from $3.313 billion in July 2009. The balance of trade in goods (BOT-G) in July 2010 posted a deficit of $173.00 million compared to last year�s recorded deficit of $713.00 million. On a month-on-month basis, total imports for July 2010 increased by 11.0 percent from $4.213 billion recorded in June 2010.
ELECTRONIC PRODUCTS ACCOUNTED FOR 34.9 PERCENT OF IMPORT BILL
Accounting for 34.9 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in July 2010 amounted to $1.634 billion. It went up by 2.4 percent over last year's figure of $1.595 billion. On a monthly basis, it expanded by 12.9 percent from $1.447 billion recorded in June 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 27.6 percent, advanced by 5.3 percent to $1.293 billion from $1.228 billion in July 2009.
Imports of Mineral Fuels, Lubricants and Related Materials in July 2010 ranked second with 15.4 percent share and posted a positive growth of 17.8 percent to $718.98 million from $610.11 million in July 2009.
Transport Equipment, was the RP�s third top imports for the month with 5.6 percent share to total imports at $260.86 million. The value gained by 27.7 percent from it�s previous year level of $204.23 million.
Industrial Machinery and Equipment, contributing 4.5 percent to the total import bill, was the RP�s fourth top import for the month with payments placed at $211.65 million, an increase of 36.7 percent from last year�s level of $154.87 million.
Fifth in rank and with 4.3 percent share to the total imports, Metalliferous Ores and Metal Scrap recorded $200.56 million worth of imports, higher by 89.4 percent from its year ago level of $105.87 million.
Cereals and Cereal Preparations ranked sixth, comprising 3.3 percent of the total imports registered at $152.73 million, up by 198.7 percent, the highest annual growth rate among the top ten imports from its year ago level of $51.13 million.
Rounding up the list of the top ten imports for July 2010 were Plastics in Primary and Non-Primary Forms worth $108.11 million, expanded by 56.9 percent; Iron and Steel amounting to $104.67 million increased by 66.2 percent; Organic and Inorganic Chemicals, the only commodity group that exhibited negative annual growth among the top ten imports in July 2010 valued at $103.50 million declined by 13.7 percent; and Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment) with purchases placed at $89.63 million rose by 20.7 percent.
Aggregate payment for the country�s top ten imports for July 2010 reached $3.585 billion or 76.6 percent of the total import bill.
Figure 2 Philippine Top Six Imports in July : 2010 and 2009
(F.O.B. Value in Million US Dollars)
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 39.7 PERCENT OF THE TOTAL IMPORTS
Accounting for 39.7 percent of the total imports, payments in July 2010 for Raw Materials and Intermediate Goods amounted to $1.857 billion or a 9.2 percent increment over last year's figure of $1.700 billion. Compared to the previous month�s level, purchases also went up by 24.2 percent from $1.495 billion. Semi-Processed Raw Materials had the biggest share of 33.6 percent and valued at $1.574 billion.
Capital Goods, which comprised 29.9 percent of the total imports, grew by 11.9 percent year-on-year to $1.399 billion from $1.250 billion in July 2009.
Mineral Fuels, Lubricants and Related Materials with 15.4 percent share, expanded by 17.8 percent to $718.98 million from $610.11 million in July 2009.
Purchases of Consumer Goods amounted to $626.12 million or a 47.9 percent increment from $423.37 million in July 2009. Similarly, Special Transactions advanced by 79.8 percent to $76.99 million from $42.81 million in July 2009.
Figure 3 Philippine Imports by Major Type of Goods in July : 2009 and 2010
(F.O.B. Value in Million US Dollars)
IMPORTS FROM JAPAN ACCOUNTED FOR 13.0 PERCENT
Japan including Okinawa, was the country�s biggest source of imports for July 2010 with 13.0 percent share of the total import bill, higher by 11.6 percent to $607.56 million from $544.27 million in July 2009. Exports to Japan amounted to $570.94 million, yielding a two-way trade value of $1.179 billion and a trade deficit for RP of $36.62 million.
United States of America (USA) including Alaska and Hawaii, the second biggest source of imports with 10.1 percent share, recorded payments worth $471.41 million, declined by less than 0.1 percent from $471.64 million recorded in July 2009. Revenue from RP�s exports to USA, on the other hand, reached $719.33 million, generating a total trade value of $1.191 billion and $247.92 million trade surplus for the Philippines.
People�s Republic of China, came third, accounting for 8.2 percent share of the total import bill in July 2010 increased by 8.6 percent to $383.73 million from $353.37 million during the same month in 2009. Exports to People�s Republic of China amounted to $394.05 million resulting to a total trade value of $777.78 million and a trade surplus of $10.32 million.
Singapore settled fourth, accounting for 8.1 percent share of the total import bill in July 2010 or a positive growth of 17.6 percent to $381.09 million from $324.05 million during the same month in 2009. Exports to Singapore amounted to $793.75 million resulting to a total trade value of $1.175 billion and a trade surplus for the Philippines of $412.66 million.
Fifth in rank is Thailand, representing 7.7 percent of the total import bill in July 2010, amounted to $359.92 million. Meanwhile, export receipts from Thailand in July 2010 reached $154.00 million yielding a total trade value of $513.92 million and a trade deficit of $205.92 million.
Other major sources of imports for the month of July 2010 were Taiwan, $331.42 million; Republic of Korea, $298.92 million; United Arab Emirates, $240.63 million; Malaysia, $239.36 million; and Indonesia, $192.71 million.
Payments for imports from the top ten sources for July 2010 amounted to $3.507 billion or 75.0 percent of the total.
Figure 4 Philippine Imports by Country in July : 2010
IMPORTS FROM EASTERN ASIA WORTH $1.742 BILLION
Philippines total imports in July 2010 from Eastern Asia accounted for 37.2 percent of the county�s total imports with total payments of $1.742 billion or a positive annual growth of 8.9 percent from July 2009 level of $1.599 billion. Total exports to member-countries of Eastern Asia was valued at $1.702 billion, resulting to a total trade of $3.444 billion and a balance of trade in goods (BOT-G) deficit of $40.08 million.
Imports from ASEAN member-countries in July 2010 amounted to $1.327 billion, a 28.4 percent share contribution to total imports. It was higher by 35.1 percent from $982.26 million registered in July 2009. Exports to ASEAN member-countries amounted $1.201 billion, resulting to a total trade of $2.528 billion and a trade deficit of $126.60 million.
July 2010 imports from European Union were valued at $336.57 million while exports to member-countries of European Union were worth $684.40 million. It aggregated to a total trade of $1.021 billion and a trade surplus of $347.82 million.
Figure 5 Philippine Imports by Selected Economic Bloc in July : 2009 & 2010
(F.O.B. Value in Million US Dollars)
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 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
