EXTERNAL TRADE PERFORMANCE
p - preliminary
r - revised
JANUARY TO JULY 2011 TOTAL TRADE STANDS AT $64.686 BILLION
Total external trade in goods for January to July 2011 reached $64.686 billion, representing a 9.1 percent increment from $59.312 billion registered during the same period a year earlier. Similarly, total imports grew by 14.3 percent to $35.500 billion from $31.065 billion. On the other hand, aggregate exports were up by 3.3 percent to $29.186 billion in January to July of 2011 from $28.246 billion of the previous year. Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit at $6.314 billion for the first 7-month period of 2011, a value higher than the $2.819 billion deficit recorded during the same period in 2010.
Figure 2A Philippine Trade Performance in January - July : 2011 and 2010
Figure 2B Philippine Trade Performance in July : 2011 and 2010
JULY 2011 IMPORTS UP BY 6.6 PERCENT
The country’s total merchandise imports for July 2011 were estimated at $4.999 billion, higher by 6.6 percent from $4.688 billion in 2010. Similarly, month-on-month, it improved by 11.0 percent from $4.503 billion recorded in June 2011. Total trade for July 2011 was registered at $9.429 billion, up by 2.6 percent from $9.193 billion in July 2010. Thus, the balance of trade in goods (BOT-G) registered a deficit at $570.00 million, higher than the last year’s deficit at $183.00 million.
MINERAL FUELS, LUBRICANTS AND RELATED MATERIALS ACCOUNT FOR 26.3 PERCENT OF IMPORT BILL
Accounting for 26.3 percent of the aggregate import bill, payments for Mineral Fuels, Lubricants and Related Materials emerged as the country’s leading imports in July 2011 with value placed at $1.313 billion. It increased by 82.6 percent from $719.02 million registered in July 2010.
Imports of Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) ranked second in July 2011 amounting to $1.167 billion. It decline by 28.6 percent over last year's figure of $1.634 billion. On a monthly basis, it inched up by 1.7 percent from $1.147 billion recorded in June 2011. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share at 16.9 percent, contracted by 34.5 percent from $1.292 billion last year to $846.48 million in July 2011.
Transport Equipment, registered as the country’s third top import for the month with 5.8 percent share to total imports and valued at $290.43 million. The amount was higher by 11.3 percent from $260.96 million registered a year ago.
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 $232.37 million, an annual growth of 9.9 percent from last year’s $211.49 million.
Fifth in rank and with a 3.4 percent share to the total imports, Cereals and Cereal Preparations recorded $171.73 million; up by 12.4 percent from its year ago level of $152.73 million.
Plastics in Primary and Non-Primary Forms ranked sixth, comprising 2.7 percent of the total imports registered $132.76 million worth of imports, higher by 22.5 percent from July 2010 level of $108.37 million.
Rounding up the list of the top ten imports for 2011 were Organic and Inorganic Chemicals valued at $127.61 million (2.6%); Telecommunication Equipment and Electrical Machinery including telecommunications and sound recording and reproducing apparatus and equipment, amounting to $113.95 million (2.3%); Non-Ferrous Metal, posted the highest positive annual growth among the top ten imports in July 2011 at $99.16 million (2.0%); and Iron and Steel, $94.81 million (1.9%).
Aggregate payment for the country’s top ten imports for 2011 reached $3.743 billion or 74.9 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 33.7 PERCENT OF THE TOTAL IMPORTS
Accounting for 33.7 percent of the total imports, payments in July 2011 for Raw Materials and Intermediate Goods amounted to $1.683 billion or a 9.7 percent decline over last year's figure of $1.864 billion. Compared to the previous month’s level, purchases increased by 1.5 percent from $1.864 billion. Semi-Processed Raw Materials had the biggest share at 30.2 percent and valued at $1.509 billion or an annual decline of 4.6 percent from $1.582 billion registered last year.
Expenditures for Capital Goods comprising 26.0 percent of the total imports, declined by 7.3 percent from $1.400 billion in July 2010 to $1.298 billion.
Mineral Fuels, Lubricants and Related Materials with 26.3 percent share, expanded by 82.6 percent to $1.313 billion from $719.02 million in July 2010.
Purchases of Consumer Goods grew by 1.3 percent to $635.79 million from $627.83 million in July 2010. However, Special Transactions lowered by 9.5 percent from $77.28 million to $69.96 million in July 2011.
IMPORTS FROM PEOPLE'S REPUBLIC OF CHINA ACCOUNTS FOR 11.5 PERCENT
Comprising 11.5 percent share of the total import bill, People’s Republic of China was reported as the country’s biggest source of imports for July 2011 with $576.71 million, an increase of 48.5 percent from $388.11 million in July 2010. Exports to People’s Republic of China amounted to $546.50 million, yielding a two-way trade value of $1.123 billion and a trade deficit for PH of $30.01 million.
Japan, including Okinawa was the second biggest source of imports with 9.6 percent share and recorded payments worth $481.30 million. This number represents a 20.8 percent decrease from $607.66 million in July 2010. Revenue from PH’s exports to Japan, on the other hand, reached $1.055 billion, generating a total trade value of $1.536 billion and $573.26 million trade surplus for the Philippines.
United States of America (USA) including Alaska and Hawaii followed as the third biggest source of imports with 9.2 percent share, fell by 2.6 percent from $472.99 million during the same month in 2010 to $460.66 million. Exports to USA amounted to $651.50 million resulting to a total trade value of $1.112 billion and a trade surplus of $190.83 million.
United Arab Emirates settled fourth, accounting for 8.2 percent share of the total import bill in July 2011 or an annual growth of 70.2 percent to $409.42 million from $240.58 million in July 2010. Exports to United Arab Emirates amounted to $16.82 million resulting to a total trade value of $426.23 million and a trade deficit of $392.60 million.
Fifth in rank was Singapore, representing 7.2 percent of the total import bill in July 2011 amounted to $362.02 million or a year-on year decrease of 5.0 percent. Meanwhile, export receipts from Singapore reached $351.13 million yielding a total trade value of $713.15 billion and a trade deficit of $10.90 million.
Other major sources of imports for July 2011 were Republic of Korea, $332.10 million (6.6%); Taiwan, $294.87 million (5.9%); Thailand, $275.75 million (5.5%); Saudi Arabia, $258.57 million (5.2%); and Indonesia, $195.82 million (3.9%).
Payments for imports from the top ten sources for July 2011 amounted to $3.647 billion or 72.9 percent of the total.
IMPORTS FROM EASTERN
Total imports of the Philippines from Eastern Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 36.6 percent with payments posted at $1.828 billion or a 4.7 percent increase from July 2010 level of $1.746 billion. Total exports to member-countries of Eastern Asia on the other hand, were valued at $2.187 billion, resulting to a total trade of $4.014 billion and a balance of trade in goods (BOT-G) surplus of $358.96 million.
Philippine imports from ASEAN member-countries representing 22.8 percent share in July 2011 amounted to $1.138 billion, a decline by 14.5 percent from $1.331 billion registered in July 2010. Meanwhile, exports to ASEAN member-countries were worth $713.21 million, resulting to a total trade of $1.851 billion and a trade deficit of $424.72 million.
Total imports from European Union were valued at $309.76 million (6.2%) while exports to member-countries of European Union were worth $597.14 million. This aggregated to total trade of $906.90 million and a trade surplus of $287.37 million for the Philippines.
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
1. Adjustments on electronic import statistics are based on the transactions that pass through the Electronic to Mobile (e2m) 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
Source: Foreign Trade Statistics Section
Industry and Trade Statistics Department
National Statistics Office