EXTERNAL TRADE PERFORMANCE

JUNE 2014

(Preliminary)

p-preliminary, r-revised

IMPORTS WENT DOWN BY 3.6 PERCENT IN JUNE 2014

The country’s total imported goods for June 2014 amounted to $4.716 billion, decreased by 3.6 percent from $4.890 billion recorded during the same period a year ago. The decrease in total imports for this period was due to the negative performance of three out of the top ten major commodities for the month.  These were: industrial machinery and equipment; electronic products; and other food and live animals.

Cumulative imports for the first semester of 2014 amounted to $31.346 billion and showed a 5.4 percent increase compared with $29.752 billion in the same period of last year.

The balance of trade in goods (BOT-G) for the Philippines in June 2014 registered a surplus of $731 million compared to the $399 million deficit in the same period last year.

MINERAL FUELS, LUBRICANTS AND RELATED MATERIALS ACCOUNTS FOR 24.7 PERCENT OF IMPORT BILL

Inward shipments of Mineral Fuels, Lubricants and Related Materials was the top imported commodity in June 2014, accounting for 24.7 percent of the aggregate import bill and value amounting to $1.167 billion.  It increased by 9.4 percent over last year's figure of $1.066 billion. 

Imports of Electronic Products ranked second with 18.1 percent share and reported value of $1.097 billion in June 2014.  It went down by 22.0 percent from $1.097 billion in June 2013. Among the major groups of electronic products, Components/Devices (Semiconductors), having the biggest share of 13.0 percent among electronic products, decreased by 24.4 percent from $812.73 million in June 2013 compared to $614.07 million in June 2014.

Transport Equipment placed third with 10.2 percent share to total imports valued at $479.28 million.  It accelerated by 13.9 percent from previous year’s level of $420.92 million. 

Industrial Machinery and Equipment, contributing 4.5 percent to the total import bill was the country’s fourth top import for the month amounting to $211.97 million.  It went down by 32.9 percent compared to last year’s value of $315.81.74 million.

Fifth in rank and with 3.3 percent share to the total imports, Other Food and Live Animals recorded $156.23 million worth of imports.  It registered a 3.3 percent decrease from its year ago level of $161.64 million.

Rounding up the list of the top ten imports for June 2014 were:  Plastics in Primary and Non-Primary Forms valued at $153.27 million; Cereals and Cereal Preparations, $139.76; Iron and Steel, $139.70 million; Miscellaneous Manufactured Articles amounting to $121.79 million; and Telecommunication Equipment and Electrical Machinery, $105.19 million. 

Aggregate payment for the country’s top ten imports for June 2014 reached $3.529 billion or 74.8 percent of the total import bill.

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTS FOR 39.2 PERCENT OF THE TOTAL IMPORTS

Payments for purchases of Raw Materials and Intermediate Goods in June 2014 valued at $1.846 billion and accounted for 39.2 percent of the total imports.  It increased by 6.6 percent over last year's figure of $1.731 billion.  Semi-Processed Raw Materials had the biggest share of 35.1 percent valued at $1.656 billion. 

Mineral Fuels, Lubricants and Related Materials with 24.7 percent share to total imports increased by 9.4 percent to $1.167 billion in June 2014 from $1.066 billion in June 2013.  Petroleum crude contributed the biggest share of imports in this commodity group by 13.3 percent.

Payments for inward shipments of Capital Goods accounting for 21.3 percent of the total imports, declined by 27.2 percent from $1.380 billion in June 2013 to $1.005 billion in June 2014. 

Purchases of Consumer Goods recorded 14.2 percent share with a total import bill valued at $670.122 million in June 2014.  It slightly increased by 0.05 percent from $669.80 million registered in June 2013.  

Special Transactions declined by 34.7 percent from $42.59 million to $27.83 million in June 2014.

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 17.2 PERCENT

People’s Republic of China remained as the country’s biggest source of imports with 17.2 percent share in June 2014.  Payments were recorded at $809.64 million, an increase of 17.9 percent from $686.79 million in June 2013.   Revenue from country’s exports to China, on the other hand, reached $859.38 million, generating a total trade value of $1.669 billion and $49.75 million trade surplus.

Republic of Korea came second, contributing 9.8 percent of the total import bill in June 2014, with import value of $461.33 million.  It increased by 30.4 percent from its June 2013 value of $353.78 million.  Export receipts from Republic of Korea in June 2014 reached $214.08 million yielding a total trade value of $675.41 million and a trade deficit of $247.24 million.

Japan including Okinawa was the third biggest source of imports for June 2014 with 9.6 percent share to the total import bill amounting to $451.71 million and decreased by 0.5 percent from $454.04 million in June 2013.  Exports to Japan amounted to $955.91 million, yielding a two-way trade value of $1.408 billion and a trade surplus of $504.20 million.

United States of America (USA) including Alaska and Hawaii ranked fourth, accounting for 7.6 percent share of the total import bill in June 2014 with a negative growth of 19.2 percent from $445.44 million to $359.70 million in June 2014.  Exports to this country amounted to $751.68 million resulting to a total trade value of $1.111 billion and a trade surplus of $391.98 million.

Fifth in rank was Singapore accounting for 6.8 percent share of the total import bill worth $319.54 million in June 2014 and decreased by 17.6 percent from $387.63 million in June 2013.  Exports to Singapore amounted to $377.97 million resulting to a total trade value of $697.51 million and a trade surplus of $58.43 million.

Other major sources of imports for the month of June 2014 were: Saudi Arabia, $274.65 million; Thailand, $260.04 million; Malaysia, $247.71 million; Taiwan, $223.19 million; and Russian Federation, $205.09 million.

Aggregate payments for imports from the top ten sources for June 2014 amounted to $3.613 billion or 76.6 percent of the total.

IMPORTED GOODS FROM EAST ASIA ACCOUNTS FOR 44.1 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 June 2014 as it accounted for 44.1 percent of the total imports valued at $2.081 billion.  It increased by 6.1 percent from $1.960 billion in June 2013.  Total exports to member countries of East Asia amounted to $2.714 billion resulting to a total trade of $4.795 billion and a trade surplus of $633.55 million.

Goods imported from ASEAN member countries were valued at $1.099 billion, contributing 23.3 percent share and decreased by 4.5 percent from $1.151 billion recorded in June 2013.  Proceeds from exports to ASEAN member countries were worth $770.46 million, resulting to a total trade of $1.869 billion and a trade deficit of $328.48 million.

Imports from European Union were valued at $357.79 million.  It decreased by 24.0 percent compared to a year ago value of $471.00 million.  Exports to member countries of European Union were worth $558.67 million, resulting to a total trade of $916.46 million and a trade surplus of $200.87 million.

Technical Note:

Starting with the March 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) LISA GRACE S. BERSALES, Ph. D.

National Statistician