EXTERNAL TRADE PERFORMANCE
June 2010
(Preliminary)
p - preliminary
r - revised
JUNE 2010 TOTAL TRADE STOOD AT $8.721 BILLION
Total external trade in goods for January to June 2010 reached $49.906 billion, a 32.7 percent increment from $37.604 billion registered during the same period in 2009. Total imports posted a 28.5 percent annual increase to $26.185 billion from $20.379 billion. Similarly, receipts from merchandise exports posted an increase of 37.7 percent to $23.721 billion in January to June of 2010 from $17.225 billion during the same period in 2009. Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit of $2.464 billion during the 6-month period in 2010, a value lower than the $3.155 billion deficit in the same 6-month period last year.
Figure 1A Philippine Trade Performance in January - June : 2010 and 2009
(F.O.B. Value in Million US Dollars)
Figure 1B Philippine Trade Performance in June : 2010 and 2009
(F.O.B. Value in Million US Dollars)
JUNE 2010 IMPORTS UP BY 1.4 PERCENT
Combined import and export merchandise trade for June 2010 improved by 16.1 percent to $8.721 billion from $7.514 billion in June 2009. Total merchandise imports increased at 1.4 percent to $4.166 billion from $4.107 billion in June 2009. Total exports, on the other hand, rose by 33.7 percent to $4.555 billion from $3.407 billion in June 2009. The balance of trade in goods (BOT-G) in June 2010 posted a surplus of $389.00 million compared to last year�s recorded deficit of $700.00 million. On a month-on-month basis, total imports for June 2010 declined by 12.4 percent from $4.753 billion recorded in May 2010.
ELECTRONIC PRODUCTS ACCOUNTED FOR 34.7 PERCENT OF IMPORT BILL
Accounting for 34.7 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in June 2010 amounted to $1.444 billion. It went up by 4.3 percent over last year's figure of $1.385 billion. On a monthly basis, it decreased by 5.5 percent from $1.529 billion recorded in May 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 26.6 percent, advanced by 5.5 percent to $1.110 billion from $1.052 billion in June 2009.
Imports of Mineral Fuels, Lubricants and Related Materials in June 2010 ranked second with 17.2 percent share and posted a negative growth of 16.4 percent from $854.96 million to $714.60 million in June 2010.
Transport Equipment, was the RP�s third top imports for the month with 6.0 percent share to total imports at $250.02 million. The value gained by 29.0 percent from it�s previous year level of $193.88 million.
Industrial Machinery and Equipment, contributing 4.8 percent to the total import bill, was the RP�s fourth top import for the month with payments placed at $199.71 million, an increase of 50.8 percent from last year�s level of $132.45 million.
Fifth in rank and with 4.6 percent share to the total imports, Cereals and Cereal Preparations recorded $189.82 million worth of imports, lower by 45.4 percent from its year ago level of $347.40 million.
Organic and Inorganic Chemicals ranked sixth, comprising 2.9 percent of the total imports registered at $121.25 million, rose by 30.4 percent from its year ago level of $92.95 million.
Rounding up the list of the top ten imports for June 2010 were Plastics in Primary and Non-Primary Forms worth $94.71 million, expanded by 61.8 percent, the highest annual growth rate among the top ten imports; Iron and Steel amounting to $92.94 million increased by 24.9 percent; Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment) valued at $77.62 million was up by 41.5 percent; and Medicinal and Pharmaceutical Products with purchases placed at $62.35 million rose by 3.3 percent.
Aggregate payment for the country�s top ten imports for June 2010 reached $3.247 billion or 80.0 percent of the total import bill.
Figure 2 Philippine Top Six Imports in June : 2010 and 2009
(F.O.B. Value in Million US Dollars)
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 35.3 PERCENT OF THE TOTAL IMPORTS
Accounting for 35.3 percent of the total imports, payments in June 2010 for Raw Materials and Intermediate Goods amounted to $1.468 billion or a 1.6 percent decline over last year's figure of $1.493 billion. Compared to the previous month�s level, purchases also went down by 14.5 percent from $1.718 billion. Semi-Processed Raw Materials had the biggest share of 32.2 percent and valued at $1.340 billion.
Capital Goods, which comprised 30.9 percent of the total imports, grew by 15.4 percent year-on-year to $1.288 billion from $1.116 billion in June 2009.
Mineral Fuels, Lubricants and Related Materials with 17.2 percent share, contracted by 16.4 percent from $854.96 million to $714.60 million in June 2009.
Purchases of Consumer Goods amounted to $607.17 million or a 5.0 percent increment from $578.22 million in June 2009. Similarly, Special Transactions advanced by 36.1 percent to $87.69 million from $64.44 million in June 2009.
Figure 3 Philippine Imports by Major Type of Goods in June : 2009 and 2010
(F.O.B. Value in Million US Dollars)
IMPORTS FROM JAPAN ACCOUNTED FOR 12.8 PERCENT
Japan including Okinawa, was the country�s biggest source of imports for June 2010 with 12.8 percent share of the total import bill, higher by 9.9 percent to $534.71 million from $486.60 million in June 2009. Exports to Japan amounted to $660.60 million, yielding a two-way trade value of $1.195 billion and a trade surplus for RP of $125.88 million.
Singapore, the second biggest source of imports with 10.4 percent share, recorded payments worth $432.42 million, an increment of 47.3 percent from $293.58 million in June 2009. Revenue from RP�s exports to Singapore, on the other hand, reached $748.84 million, generating a total trade value of $1.181 billion and $316.42 million trade surplus for the Philippines.
United States of America (USA) including Alaska and Hawaii, came third, accounting for 10.0 percent share of the total import bill in June 2010 declined by 8.5 percent from $457.29 million to $418.27 million during the same month in 2009. Exports to USA amounted to $743.48 million resulting to a total trade value of $1.162 billion and a trade surplus of $325.21 million.
Thailand settled fourth, accounting for 9.6 percent share of the total import bill in June 2010 or a positive growth of 83.4 percent to $400.14 million from $218.12 million during the same month in 2009. Exports to Thailand amounted to $153.85 million resulting to a total trade value of $553.99 million and a trade deficit for the Philippines of $246.29 million.
Fifth in rank is People�s Republic of China, representing 8.4 percent of the total import bill in June 2010, amounted to $351.19 million. Meanwhile, export receipts from People�s Republic of China in June 2010 reached $405.58 million yielding a total trade value of $756.77 million and a trade surplus of $54.39 million.
Other major sources of imports for the month of June 2010 were Taiwan, $283.56 million; Republic of Korea, $280.94 million; Indonesia, $205.33 million; Malaysia, $200.20 million; and United Arab Emirates, $172.00 million.
Payments for imports from the top ten sources for June 2010 amounted to $3.278 billion or 78.7 percent of the total.
Figure 4 Philippine Imports by Country in June : 2010
IMPORTS FROM EASTERN ASIA WORTH $1.566 BILLION
Philippines total imports in June 2010 from Eastern Asia accounted for 37.6 percent of the county�s total imports with total payments of $1.566 billion or a positive annual growth of 3.7 percent from June 2009 level of $1.510 billion. Total exports to member-countries of Eastern Asia was valued at $1.822 billion, resulting to a total trade of $3.387 billion and a balance of trade in goods (BOT-G) surplus of $255.92 million.
Imports from ASEAN member-countries in June 2010 amounted to $1.374 billion, a 33.0 percent share contribution to total imports. It was higher by 24.8 percent from $1.101 billion registered in June 2009. Exports to ASEAN member-countries amounted $1.115 billion, resulting to a total trade of $2.489 billion and a trade deficit of $258.43 million.
June 2010 imports from European Union were valued at $272.09 million while exports to member-countries of European Union were worth $667.49 million. It aggregated to a total trade of $939.58 million and a trade surplus of $395.39 million.
Figure 5 Philippine Imports by Selected Economic Bloc in June : 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
