EXTERNAL TRADE PERFORMANCE
p - preliminary
r - revised
JANUARY TO JUNE 2011 TOTAL TRADE STANDS AT $55.257 BILLION
Total external trade in goods for the first semester of 2011 (January to June) reached $55.257 billion, representing a 10.3 percent increment from $50.119 billion registered during the same period a year earlier. Similarly, total imports grew by 15.6 percent to $30.501 billion from $26.377 billion. On the other hand, aggregate exports were up by 4.3 percent to $24.757 billion in January to June of 2011 from $23.741 billion of the previous year. Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit at $5.744 billion for the first 6-month period of 2011, a value higher than the $2.636 billion deficit recorded during the same period in 2010.
Figure 2A Philippine Trade Performance in January - June : 2011 and 2010
Figure 2B Philippine Trade Performance in June : 2011 and 2010
JUNE 2011 IMPORTS UP BY 6.6 PERCENT
The country’s total merchandise imports for June 2011 were estimated at $4.503 billion, higher by 6.6 percent from $4.225 billion in 2010. Month-on-month, however, it declined by 7.9 percent from $4.888 billion recorded in May 2011. Total trade for June 2011 was registered at $8.631 billion, lower by 1.7 percent from $8.782 billion in June 2010. Thus, the balance of trade in goods (BOT-G) registered a deficit at $376.00 million compared to last year’s surplus of $332.00 million.
ELECTRONIC PRODUCTS ACCOUNT FOR 25.5 PERCENT OF IMPORT BILL
Accounting for 25.5 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in June 2011 amounted to $1.147 billion. It decline by 20.7 percent over last year's figure of $1.447 billion. On a monthly basis, it went down by 32.5 percent from $1.700 billion recorded in May 2011. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share at 19.0 percent, contracted by 23.0 percent from $1.112 billion last year to $856.51 million in June 2011.
Imports of Mineral Fuels, Lubricants and Related Materials in June 2011 ranked second with 23.1 percent share and posted an annual growth of 42.5 percent to $1.040 billion from $729.72 million in June 2010.
Industrial Machinery and Equipment registered as the country’s third top import for the month with 5.0 percent share to total imports and valued at $225.23 million. The amount was higher by 11.8 percent from $201.47 million registered a year ago.
Transport Equipment, contributing 4.7 percent to the total import bill was the PH’s fourth top import for the month with payments placed at $213.22 million, an annual decline of 17.8 percent from last year’s $259.50 million.
Fifth in rank and with a 3.7 percent share to the total imports, Cereals and Cereal Preparations recorded $166.54 million; down by 13.0 percent from its year ago level of $191.35 million.
Organic and Inorganic Chemicals ranked sixth, comprising 3.2 percent of the total imports registered $144.10 million worth of imports, higher by 18.4 percent from June 2010 level of $121.67 million.
Rounding up the list of the top ten imports for 2011 were Plastics in Primary and Non-Primary Forms valued at $121.56 million (2.7%); Telecommunication Equipment and Electrical Machinery including telecommunications and sound recording and reproducing apparatus and equipment, amounting to $89.31 million (2.0%); Iron and Steel, $85.15 million (1.9%); and Dairy Products, posted the highest positive annual growth among the top ten imports in June 2011 at $77.93 million (1.7%).
Aggregate payment for the country’s top ten imports for 2011 reached $3.310 billion or 73.5 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 36.8 PERCENT OF THE TOTAL IMPORTS
Accounting for 36.8 percent of the total imports, payments in June 2011 for Raw Materials and Intermediate Goods amounted to $1.657 billion or a 10.7 percent increment over last year's figure of $1.497 billion. Compared to the previous month’s level, purchases went down by 28.4 percent from $2.313 billion. Semi-Processed Raw Materials had the biggest share at 33.7 percent and valued at $1.516 billion or an annual growth of 10.9 percent from $1.367 billion registered last year.
Expenditures for Capital Goods comprising 24.0 percent of the total imports, declined by 16.9 percent from $1.302 billion in June 2010 to $1.082 billion.
Mineral Fuels, Lubricants and Related Materials with 23.10 percent share, expanded by 42.5 percent to $1.040 billion from $729.72 million in June 2010.
Purchases of Consumer Goods grew by 4.3 percent to $634.06 million from $607.95 million in June 2010. Likewise, Special Transactions improved by 2.8 percent to $90.16 million from $87.73 million in June 2010.
IMPORTS FROM PEOPLE'S REPUBLIC OF CHINA ACCOUNTS FOR 10.4 PERCENT
Comprising 10.4 percent share of the total import bill, People’s Republic of China) was reported as the country’s biggest source of imports for June 2011 with $470.44 million, an increase of 31.6 percent from $357.58 million in June 2010. Exports to People’s Republic of China amounted to $515.04 million, yielding a two-way trade value of $985.48 billion and a trade surplus for PH of $44.60 million.
United States of America (USA) including Alaska and Hawaii was the second biggest source of imports with 10.2 percent share and recorded payments worth $458.59 million. This number represents an 8.1 percent increment from $424.04 million in June 2010. Revenue from PH’s exports to USA, on the other hand, reached $572.28 million, generating a total trade value of $1.031 billion and $113.70 million trade surplus for the Philippines.
Japan, including Okinawa followed as the third biggest source of imports with a 9.3 percent share, fell by 22.7 percent from $539.29 million during the same month in 2010 to $416.90 million. Exports to Japan amounted to $931.59 million resulting to a total trade value of $1.348 billion and a trade surplus of $514.69 million.
Singapore settled fourth, accounting for 7.4 percent share of the total import bill in June 2011 or an annual decrease of 24.0 percent from $435.65 million in June 2010 to $331.26 million. Exports to Singapore amounted to $391.69 million resulting to a total trade value of $722.96 million and a trade surplus of $60.43 million.
Fifth in rank was Taiwan, representing 6.6 percent of the total import bill in June 2011 amounting to $298.59 million. Meanwhile, export receipts from Taiwan reached $171.68 million yielding a total trade value of $470.27 billion and a trade deficit of $126.91 million.
Other major sources of imports for June 2011 were Republic of Korea, $264.04 million (5.9%); Thailand, $261.38 million (5.8%); Russian Federation, $261.06 million (5.8%); Saudi Arabia, $240.03 million (5.3%); and United Arab Emirates, $234.87 million (5.2%).
Payments for imports from the top ten sources for June 2011 amounted to $3.237 billion or 71.9 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 34.5 percent with payments posted at $1.555 billion or a 2.1 percent decline from June 2010 level of $1.588 billion. Total exports to member-countries of Eastern Asia on the other hand, were valued at $2.094 billion, resulting to a total trade of $3.649 billion and a balance of trade in goods (BOT-G) surplus of $539.46 million.
Philippine imports from ASEAN member-countries representing 23.1 percent share in June 2011 amounted to $1.039 billion, a decline by 25.1 percent from $1.387 billion registered in June 2010. Meanwhile, exports to ASEAN member-countries were worth $767.66 million, resulting to a total trade of $1.807 billion and a trade deficit of $271.44 million.
Total imports from European Union were valued at $299.24 million (6.6%) while exports to member-countries of European Union were worth $421.44 million. This aggregated to total trade of $720.67 million and a trade surplus of $122.20 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