EXTERNAL TRADE PERFORMANCE
JULY 2015
(Preliminary)
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July
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2015 p |
2014 r |
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TOTAL IMPORTS FOB Value in Million US Dollars Year-on-Year Growth (Percent) Electronic Products FOB Value in Million US Dollars Year-on-Year Growth (Percent) |
6,503.64 16.9
2,002.90 71.1 |
5,564.43 1.3
1,170.45 -28.1 |
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Top 10 Philippine Imports from All Countries: July 2015 p
(Year-on-Year Growth in Percent)
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Gainers |
Losers |
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Power Generating and Specialized Machinery
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96.5 |
Mineral Fuels, Lubricants and Related Materials
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-76.4 |
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Miscellaneous Manufactured Articles
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89.0 |
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Other Food and Live Animals
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88.9 |
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Electronic Products
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71.1 |
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Industrial Machinery and Equipment |
57.2 |
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Telecommunication Equipment and Electrical Machinery
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34.3 |
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Iron and Steel
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21.7 | ||
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Plastics in Primary and Non-Primary Forms
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6.1 | ||
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Transport Equipment
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4.9 | ||
p-preliminary, r-revised
IMPORTS INCREASED BY 16.9 PERCENT IN JULY 2015
The total imported goods by the country for the month of July 2015 amounted to $6.504 billion, an increase of 16.9 percent from $5.564 billion recorded during the same period a year ago. This increase was due to the positive performance of nine out of the top ten major imported commodities for the month. These were: Power Generating and Specialized Machinery; Miscellaneous Manufactured Articles; Other Food & Live Animals; Electronic Products; Industrial Machinery and Equipment; Telecommunication Equipment and Electrical Machinery; Iron and Steel; Plastics in Primary and Non-Primary Forms; and Transport Equipment.
Combined imports for the seven month period of 2015 amounted to $37.228 billion, a 0.1 percent increase compared with $37.175 billion in the same period of last year.
The balance of trade in goods (BOT-G) for the Philippines in July 2015 registered a deficit of $1.177 billion compared to the $138.95 million deficit in the same period last year.
ELECTRONIC PRODUCTS ACCOUNTED FOR 30.8 PERCENT OF IMPORT BILL
Inbound shipments of Electronic Products in July 2015 accounted for 30.8 percent of the total import bill with value amounting to $2.003 billion. It rose by 71.1 percent over last year's figure of $1.170 billion. Components/Devices (Semiconductors), had the biggest share at 23.7 percent among electronic products and increased by 76.5 percent from $873.61 million in July 2014 to $1.542 billion in July 2015.
Transport Equipment placed second with 9.7 percent share to total imports valued at $629.70 million. This registered an increase of 4.9 percent from its previous year’s level of $600.07 million.
Industrial Machinery and Equipment, contributing 6.8 percent to the total import bill was the country’s third top import for the month amounting to $442.15 million. It went up by 57.2 percent compared to last year’s value of $281.25 million.
Imports of Miscellaneous Manufactured Articles ranked fourth with 5.1 percent share and reported value of $333.55 million in July 2015. It grew by 89.0 percent from $176.50 million in July 2014.
Other Food and Live Animals which was fifth in rank and with 4.7 percent share to the total imports, recorded $306.09 million worth of imports. It registered a 88.9 percent increment from its year ago level of $162.01 million.
Rounding up the list of the top ten imports for July 2015 were: Minerals Fuels, Lubricants and Related Materials valued at $292.94 million; Iron and Steel, $199.93 million; Plastics in Primary and Non – Primary Forms, $177.28 million;
Power Generating and Specialized Machinery, $157.89 million; and Telecommunication Equipment and Electrical Machinery, $155.99 million.
Total payment for the country’s top ten imports for July 2015 reached $4.698 billion or 72.2 percent of the total import bill.
PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS RECORDED AT 43.8 PERCENT OF THE TOTAL IMPORTS
Payments for purchases of Raw Materials and Intermediate Goods in July 2015 were valued at $2.850 billion and accounted for 43.8 percent of the total imports. It increased by 41.1 percent over last year's figure of $2.021 billion. Semi-Processed Raw Materials had the biggest share of 42.2 percent valued at $2.741 billion and went up by 44.4 percent compared to $1.898 billion value in July 2014.
Payments for inward shipments of Capital Goods accounted for 29.8 percent of the total imports. It rose by 32.5 percent to $1.939 billion in July 2015 from $1.463 billion in July 2014.
Purchases of Consumer Goods recorded 21.1 percent share with a total import bill valued at $1.372 billion in July 2015. It recorded a positive growth of 72.8 percent from $793.91 million registered in July 2014.
Mineral Fuels, Lubricants and Related Materials with 4.5 percent share to total imports, decreased by 76.4 percent from $1.244 billion in July 2014 to $292.94 million in July 2015. Other mineral fuel and lubricants such as gas oils, regular and premium unleaded motor spirit and aviation spirit contributed the biggest share of imports in this commodity group.
Special Transactions went up by 16.1 percent, that is, from $42.88 million recorded in July 2014 to $49.78 million in July 2015.
IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTED FOR 19.1 PERCENT
People’s Republic of China remained as the country’s biggest source of imports with 19.1 percent share in July 2015. Payments were recorded at $1.242 billion, an increase of 55.9 percent from $796.64 million in July 2014. Revenue from the country’s exports to China, on the other hand, reached $867.94 million, generating a total trade value of $2.110 billion and $373.97 million trade deficit.
United States of America (USA) including Alaska and Hawaii was the second biggest source of imports for July 2015 with 12.9 percent share to the total import bill amounting to $840.96 million, a positive growth of 102.8 percent from $414.70 million in July 2014. Exports to USA amounted to $787.94 million, yielding a two-way trade value of $1.629 billion and a trade deficit of $53.02 million.
Japan including Okinawa ranked third, accounting for 10.9 percent share of the total import bill in July 2015 had a positive increase of 48.1percent to $710.28 million in July 2015 from $479.62 million in July 2014. Exports to this country amounted to $1.031 billion resulting to a total trade value of $1.741 billion and a trade surplus of $320.45 million.
Taiwan came fourth, contributing 7.0 percent or $454.77 million to the total import bill in July 2015. It declined by 1.3 percent from its July 2014 value of $460.66 million. Export receipts from Taiwan in July 2015 reached $167.92 million yielding a total trade value of $622.69 million and a trade deficit of $286.85 million.
Fifth in rank was Thailand accounting for 6.9 percent share of the total import bill worth $447.30 million in July 2015, an increase of 78.3 percent from $250.82 million in July 2014. Exports to Thailand amounted to $252.12 million resulting to a total trade value of $699.42 million and a trade deficit of $195.18 million.
Other major sources of imports for the month of July 2015 were: Singapore, $390.84 million; Malaysia (includes Sabah and Sarawak), $354.67 million; Republic of Korea, $301.77 million; Indonesia, $286.20 million; and India, $202.55 million.
Aggregate payments for imports from the top ten sources for July 2015 amounted to $5.231 billion or 80.4 percent of the total.
IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNTED FOR 44.7 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 July 2015 as it accounted for 44.7 percent of the total imports valued at $2.910 billion. It increased by 31.9 percent from $2.206 billion in July 2014. Total exports to countries of East Asia amounted to $2.784 billion resulting to a total trade of $5.693 billion and a trade deficit of $125.79 million.
Commodities imported from ASEAN member countries were valued at $1.585 billion, contributing 24.4 percent share to total and registered an increment of 20.1 percent from $1.319 billion recorded in July 2014. Proceeds from exports to ASEAN member countries were worth $810.00 million, resulting to a total trade of $2.395 billion and a trade deficit of $774.64 million.
Imports from European Union were valued at $569.89 million. It dropped by 6.4 percent compared to a year ago value of $608.6 million. Exports to member countries of European Union were worth $554.81 million, resulting to a total trade of $1.125 billion and a trade deficit of $15.08 million.
Technical Notes:
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 2007 Press Release, analysis and tables are based on the 2004 Philippine Standard Commodity Classification (PSCC) groupings. This is in compliance with the former NSCB Resolution No. 03, Series of 2005 entitled “Approving and Adopting the 2004 Philippine Standard Commodity Classification” by all concerned government agencies and instrumentalities.
FOR THE NATIONAL STATISTICIAN:
