EXTERNAL TRADE PERFORMANCE
March 2010
(Preliminary)

p - preliminary
r - revised

MARCH 2010 TOTAL TRADE STOOD AT $8.723 BILLION

Total external trade in goods for the first quarter of 2010 (January to March) reached $24.065 billion, a 37.3 percent increment from $17.525 billion registered during the same period in 2009. Total imports posted a 32.7 percent annual increase to $12.734 billion from $9.599 billion. Similarly, receipts from merchandise exports  were up by 42.9 percent to $11.330 billion in January to March of 2010 from $7.926 billion during the same period in 2009.  Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit of $1.404 billion during the 3-month period in 2010, a value less than the $1.673 billion deficit in the same 3-month period   last year.

Figure 1A  Philippine Trade Performance in January - March : 2010 and 2009
(F.O.B. Value in Million US Dollars)

Figure 1B  Philippine Trade Performance in March : 2010 and 2009
(F.O.B. Value in Million US Dollars)

MARCH 2010 IMPORTS UP BY 38.9 PERCENT

Combined import and export merchandise trade for March 2010 improved by 41.2 percent to $8.723 billion from $6.177 billion in March 2009.   This was due to the double-digit increase in total merchandise imports at 38.9 percent to $4.543 billion from $3.270 billion in March 2009.  Total exports likewise rose by 43.8 percent to $4.181 billion from $2.907 billion. The balance of trade in goods (BOT-G) in March 2010 recorded a deficit of $362.00 million, lower than last year's recorded deficit of $363.00 million.  Similarly, on a month-on-month basis, total imports for March 2010 grew by 16.4 percent from $3.904 billion recorded in February 2010.

ELECTRONIC PRODUCTS ACCOUNTED FOR 33.1 PERCENT OF IMPORT BILL

Accounting for 33.1 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in March 2010 amounted to $1.505 billion. It went up by 35.4 percent over last year's figure of $1.112 billion.  On a monthly basis, it grew by 5.0 percent from $1.434 billion recorded in February 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 25.2 percent, climbed by 38.7 percent to $1.142 billion from $823.67 million.

Imports of Mineral Fuels, Lubricants and Related Materials in March 2010 ranked second with 16.8 percent share and posted a positive growth of 63.4 percent to $762.96 million over the previous year's level of $466.90 million.

Cereals and Cereal Preparations, was the RP's third top imports for the month with 9.5 percent share to total imports at $429.12 million. The value was up by 68.9 percent (highest among the top ten imports) from it's previous year level of $254.04 million.   

Transport Equipment, contributing 5.2 percent to the total import bill, was the RP's fourth top import for the month with payments placed at $237.53 million from last year's $162.07 million. It accelerated by 46.6 percent.

Fifth in rank and with 4.5 percent share to the total imports, Industrial Machinery and Equipment recorded $202.30 million worth of imports, higher by 57.4 percent from its year ago level of $128.50 million.

Organic and Inorganic Chemicals ranked sixth, comprising 2.3 percent of the total imports registered at $105.07 million, rose by 11.9 percent from its year ago level of $93.92 million.

Rounding up the list of the top ten imports for March 2010 were Iron and Steel accounting for $89.03 million; Plastics in Primary and Non-Primary Forms amounting to $83.97 million; Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment), $72.54 million; and Chemical Materials and Products, n.e.s., $68.70 million.

Aggregate payment for the country's top ten imports for March 2010 reached $3.557 billion or 78.3 percent of the total import bill.

Figure 2  Philippine Top Six Imports in March : 2010 and 2009
(F.O.B. Value in Million US Dollars)

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 35.1 PERCENT OF THE TOTAL IMPORTS

Accounting for 35.1 percent of the total imports, payments in March 2010 for Raw Materials and Intermediate Goods amounted to $1.593 billion or a 18.1 percent increase over last year's figure of $1.349 billion.  Compared to the previous month's level, purchases went up by 15.7 percent from $1.376 billion. Semi-Processed Raw Materials had the biggest share of 31.4 percent and valued at $1.426 billion.

Capital Goods, which comprised 28.5 percent of the total imports, went up by 38.5 percent year-on-year to $1.293 billion from $993.76 million.

Mineral Fuels, Lubricants and Related Materials with 16.8 percent share, increased by 63.4 percent to $762.96 million from $466.90 million in March 2009.

Purchases of Consumer Goods amounted to $824.14 million or an increase of 68.2 percent from $490.11 million in March 2009.  Similarly, Special Transactions went up by 131.8 percent to $69.25 million from $29.88 million in March 2009.

 Figure 3  Philippine Imports by Major Type of Goods in March : 2009 and 2010
(F.O.B. Value in Million US Dollars)

IMPORTS FROM JAPAN ACCOUNTED FOR 13.2 PERCENT

Japan including Okinawa, was the country's biggest source of imports for March 2010 with 13.2 percent share of the total import bill, higher by 59.2 percent to $598.59 million from $375.91 million in March 2009.  Exports to Japan amounted to $682.63 million, yielding a two-way trade value of $1.281 billion and a trade surplus for RP of $84.03 million.

United States of America (USA) including Alaska and Hawaii, the second biggest source of imports with 10.0 percent share, recorded payments worth $452.98 million, an increase of 13.5 percent from $399.01 million in March 2009.  Revenue from RP's exports to USA, on the other hand, reached $703.30 million, generating a total trade value of $1.156 billion and $250.33 million trade surplus for the Philippines.

Singapore, came third, accounting for 7.8 percent share of the total import bill in March 2010 increased by 36.4 percent to $354.03 million from $259.47 million during the same month in 2009. Exports to Singapore amounted to $343.30 million resulting to a total trade value of $697.33 million and a trade deficit of $10.73 million.

Republic of Korea settled fourth, accounting for 7.5 percent share of the total import bill in March 2010 or an increase of 54.4 percent to $339.27 million from $219.76 million during the same month in 2009.  Exports to Republic of Korea amounted to $175.44 million resulting to a total trade value of $514.71 million and a trade deficit for the Philippines of $163.83 million.

Fifth in rank is People's Republic of China, representing 6.8 percent of the total import bill in March 2010, amounted to $310.58 million. Meanwhile, export receipts from People's Republic of China in March 2010 reached $487.32 million yielding a total trade value of $797.91 million and a trade surplus of $176.74 million.

Other major sources of imports for the month of March 2010 were Thailand, $304.32 million; Saudi Arabia, $294.33 million; Vietnam, $286.22 million; Taiwan, $256.16 million; and Indonesia $210.33 million.

Payments for imports from the top ten sources for March 2010 amounted to $3.407 billion or 75.0 percent of the total.

Figure 4  Philippine Imports by Country in March : 2010

IMPORTS FROM EASTERN ASIA WORTH $1.629 BILLION

Philippines total imports in March 2010 from Eastern Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 35.9 percent of the county's total imports with total payments of $1.629 billion or a positive annual growth of 31.6 percent  from March 2009 level of $1.238 billion.  Total exports to member-countries of Eastern Asia was valued at $1.810 billion, resulting to a total trade of $3.439 billion and a balance of trade in goods (BOT-G) surplus of $180.78 million.

Imports from ASEAN member-countries in March 2010 amounted to $1.297 billion, a 28.6 percent share contribution to total imports.  It was higher by 42.6 percent from $909.31 million registered in March 2009. Exports to ASEAN member-countries worth $704.98 million, resulting to a total trade of $2.002 billion and a trade deficit of $591.82 million.

March 2010 imports from European Union were valued at $313.42 million while exports to member-countries of European Union were worth $674.20 million.  It aggregated to a total trade of $987.62 million and a trade surplus of $360.78 million.

Figure 5  Philippine Imports by Selected Economic Bloc in March : 2009 & 2010
(F.O.B. Value in Million US Dollars)

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