EXTERNAL TRADE PERFORMANCE
JUNE 2015
(Preliminary)
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June
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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) |
5,918.75 22.6
1,954.56 120.2 |
4,828.71 -1.2
887.60 -19.1 |
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Top 10 Philippine Imports from All Countries: June 2015 p
(Year-on-Year Growth in Percent)
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Gainers |
Losers |
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Electronic Products
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120.2 |
Mineral Fuels, Lubricants and Related Materials
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-21.9 |
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Industrial Machinery and Eqipment
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39.2 |
Plastics in Primary and Non-Primary Forms
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-14.3 |
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Telecommunication Equipment and Electrical Machinery
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23.2 |
Transport Equipment
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-7.2 |
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Other Food and Live Animals
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14.3 |
Iron and Steel
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-2.5 |
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Miscellaneous Manufactured Articles |
12.6 |
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Cereals and Cereal Preparations
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8.7 |
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p-preliminary, r-revised
IMPORTS INCREASED BY 22.6 PERCENT IN JUNE 2015
The country’s total imported goods for the month of June 2015 amounted to $5.919 billion, an increase of 22.6 percent from $4.829 billion recorded during the same period a year ago. This increment was due to the positive performance of six out of the top ten major imported commodities for the month. These were: Electronic Products; Industrial Machinery and Equipment; Telecommunication Equipment and Electrical Machinery; Other Food & Live Animals; Miscellaneous Manufactured Articles; and Cereals and Cereal Preparations.
Combined imports for the first semester of 2015 amounted to $30.724 billion, a 2.8 percent decrease compared with $31.611 billion in the same period of last year.
The balance of trade in goods (BOT-G) for the Philippines in June 2015 registered a deficit of $554.79 million compared to the $632.84 million surplus in the same period last year.
ELECTRONIC PRODUCTS ACCOUNTED FOR 33.0 PERCENT OF THE TOTAL IMPORTS IN JUNE 2015
Total importation of Electronic Products in June 2015, accounted for 33.0 percent of the total import bill with value amounting to $1.955 billion. It increased by 120.2 percent over last year's figure of $887.60 million. Components/Devices (Semiconductors), had the biggest share of 28.0 percent among electronic products, remarkably increased by 168.1 percent to $1.655 billion in June 2015 from $617.08 million in June 2014.
Imports of Mineral Fuels, Lubricants and Related Materials ranked second with 14.1 percent share and reported value of $833.59 million in June 2015. It went down by 21.9 percent from $1.067 billion in June 2014.
Transport Equipment placed third with 7.8 percent share to total imports valued at $459.07 million. This recorded a decline of 7.2 percent from its previous year’s level of $494.69 million.
Industrial Machinery and Equipment, contributing 5.4 percent to the total import bill was the country’s fourth top import for the month amounting to $320.42 million. It went up by 39.2 percent compared to last year’s value of $230.18 million.
Other Food and Live Animals ranked fifth with 3.2 percent share to the total imports, recorded $192.32 million worth of imports. It registered a 14.3 percent increase from its year ago level of $168.20 million.
Rounding up the list of the top ten imports for June 2015 were: Cereals and Cereal Preparations valued at $162.18 million; Iron and Steel, $145.09 million; Miscellaneous Manufactured Articles, $144.60 million; Telecommunication Equipment and Electrical Machinery amounting to $140.66 million; and Plastics in Primary and Non-Primary Forms, $139.11 million.
Total payment for the country’s top ten imports for June 2015 reached $4.492 billion or 75.9 percent of the total import bill.
PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS RECORDED AT 48.9 PERCENT OF THE TOTAL IMPORTS
Payments for purchases of Raw Materials and Intermediate Goods in June 2015 were valued at $2.896 billion and accounted for 48.9 percent of the total imports. It increased by 49.2 percent over last year's figure of $1.942 billion. Semi-Processed Raw Materials had the biggest share of 45.7 percent valued at $2.704 billion and went up by 55.3 percent compared to $1.741 billion value in June 2014.
Payments for inbound shipments of Capital Goods accounted for 22.5 percent of the total imports. It grew by 23.8 percent to $1.334 billion in June 2015 from $1.077 billion in June 2014.
Mineral Fuels, Lubricants and Related Materials with 14.1 percent share to total imports, decreased by 21.9 percent from $1.067 billion in June 2014 to $833.59 million in June 2015. Petroleum crude valued at $422.12 million contributed the biggest share of imports in this commodity group.
Purchases of Consumer Goods recorded 13.6 percent share with a total import bill valued at $806.95 million in June 2015. It accelerated by 13.1 percent from $713.43 million registered in June 2014.
Special Transactions registered an increase of 65.3 percent to $48.17 million in June 2015 from $29.13 million recorded figure in same month of 2014.
IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTED FOR 14.9 PERCENT
People’s Republic of China remained as the country’s biggest source of imports with 14.9 percent share in June 2015. Payments were recorded at $884.06 million, an increase of 1.7 percent from $869.11 million in June 2014. Revenue from the country’s exports to China, on the other hand, reached $602.23 million, generating a total trade value of $1.486 billion and $281.83 million trade deficit.
United States of America (USA) including Alaska and Hawaii was the second biggest source of imports for June 2015 with 14.3 percent share to the total import bill amounting to $845.29 million, an increase of 123.8 percent from $377.75 million in June 2014. Exports to USA amounted to $731.84 million, yielding a two-way trade value of $1.577 billion and a trade deficit of $113.45 million.
Japan including Okinawa ranked third, accounting for 8.3 percent share of the total import bill in June 2015 had a positive growth of 6.0 percent to $494.12 million in June 2015 from $466.29 million in June 2014. Exports to this country amounted to $1.241 billion resulting to a total trade value of $1.735 billion and a trade surplus of $747.24 million.
Fourth in rank was Taiwan accounting for 8.2 percent share of the total import bill worth $484.83 million in June 2015, an increase of 111.9 percent from $228.75 million figure in June 2014. Exports to Taiwan amounted to $167.76 million resulting to a total trade value of $652.59 million and a trade deficit of $317.07 million.
Republic of Korea came fifth, contributing 6.8 percent to the total import bill in June 2015, valued at $403.16 million. It contracted by 12.0 percent from its June 2014 value of $458.32 million. Export receipts from Republic of Korea in June 2015 reached $362.48 million yielding a total trade value of $765.64 million and a trade deficit of $40.68 million.
Other major sources of imports for the month of June 2015 were: Singapore, $397.12 million; Thailand, $318.44 million; Malaysia (includes Sabah and Sarawak), $309.40 million; Indonesia, $281.52 million; and Saudi Arabia, $203.07 million.
Aggregate payments for imports from the top ten sources for June 2015 amounted to $4.621 billion or 78.1 percent of the total.
IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNTED FOR 41.2 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 2015 as it accounted for 41.2 percent of the total imports valued at $2.439 billion. It increased by 12.7 percent from $2.164 billion in June 2014. Total exports to countries of East Asia amounted to $2.946 billion resulting to a total trade of $5.384 billion and a trade surplus of $506.77 million.
Commodities imported from ASEAN member countries were valued at $1.376 billion, contributing 23.2 percent share and which increased by 19.3 percent from $1.153 billion recorded in June 2014. Proceeds from exports to ASEAN member countries were worth $703.70 million, resulting to a total trade of $2.080 billion and a trade deficit of $672.15 million.
Imports from European Union were valued at $443.81 million. It rose by 16.0 percent compared to a year ago value of $382.53 million. Exports to member countries of European Union were worth $627.92 million, resulting to a total trade of $1.072 billion and a trade surplus of $184.10 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.
