EXTERNAL TRADE PERFORMANCE
MARCH 2016
(Preliminary)
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March
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2016 p |
2015 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) |
6,357.92 11.7
1,764.32 30.1 |
5,691.35 3.7
1,356.48 12.4 |
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Top 10 Philippine Imports from All Countries: March p
(Year-on-Year Growth in Percent)
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Gainers |
Losers |
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Iron and Steel
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66.3 |
Mineral Fuels, Lubricants and Related Materials
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-13.1 |
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Industrial Machinery and Equipment
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50.4 |
Organic and Inorganic Chemicals
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-10.2 |
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Other Food and Live Animals
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34.9 |
Plastics in Primary and Non-Primary Forms
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-9.5 |
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Electronic Products
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30.1 |
Transport Equipment
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-2.3 |
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Telecommunication Equipment and Electrical Machinery |
26.0 |
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Miscellaneous Manufactured Articles
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14.1 |
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p-preliminary, r-revised
IMPORTS INCREASE BY 11.7 PERCENT IN MARCH 2016
The total imported goods by the country for the month of March 2016 amounted to $6.358 billion, an increase of 11.7 percent from $5.691 billion recorded during the same period a year ago. The increase was due to the positive performance of six out of the top ten major imported commodities for the month led by iron and steel (66.3%). The other five positive performers were: industrial machinery and equipment (50.4%), other food and live animals (34.9%), electronic products (30.1%), telecommunication equipment and electrical machinery (26.0%), and miscellaneous manufactured articles (14.1%). (Table 2)
Cumulative imports for January to March 2016 amounted to $18.597 billion and showed an 8.8 percent increase compared with $17.089 billion in the same period of last year.
The balance of trade in goods (BOT-G) for the Philippines in March 2016, registered a deficit of $1.747 billion, higher than the $257.18 million trade deficit in the same month last year. (Table 1)
ELECTRONIC PRODUCTS ACCOUNT FOR 27.7 PERCENT OF IMPORT BILL
Total payment for the country’s top ten imports for March 2016 reached $4.622 billion or 72.7 percent of the total import bill. (Table 2)
Inbound shipments of Electronic Products in March 2016 accounted for 27.7 percent of the total import bill with value amounting to $1.764 billion. It increased by 30.1 percent over the last year's figure of $1.356 billion. Components/Devices (Semiconductors), had the biggest share of 17.3 percent among electronic products, went up by 15.8 percent to $1.102 billion in March 2016 from $951.35 million in March 2015.
Transport Equipment, contributing 10.9 percent to the total import bill was the country’s second top import for the month amounting to $690.37 million. It decreased by 2.3 percent compared to last year’s value of $706.51 million.
Minerals Fuels, Lubricants and Related Materials placed third with 9.3 percent share to total imports valued at $591.86 million. This registered a decrease of 13.1 percent from its previous year’s level of $681.27 million.
Imports of Industrial Machinery and Equipment ranked fourth with 7.0 percent share and reported value of $446.18 million in March 2016. It accelerated by 50.4 percent from $296.64 million in March 2015.
Other Food and Live Animals ranked fifth, with 4.6 percent share to the total imports which was valued at $291.72 million in March 2016. It registered a 34.9 percent increase from its year ago level of $216.20 million.
Rounding up the list of the top ten imports for March 2016 were:
- Iron and Steel, $214.35 million
- Plastics in Primary and Non-Primary Forms, $168.46 million
- Telecommunication Equipment and Electrical Machinery, $164.91 million
- Miscellaneous Manufactured Articles, $162.37 million
- Organic and Inorganic Chemicals, $127.47 million.
PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 37.1 PERCENT OF THE TOTAL IMPORTS
Total importation of Raw Materials and Intermediate Goods in March 2016 were valued at $2.358 billion, accounting for 37.1 percent share of the total imports. It slightly decreased by 0.04 percent over last year's figure of $2.359 billion. Semi-Processed Raw Materials, having the biggest share of this commodity group at 34.7 percent was valued at $2.204 billion. It went up by 5.8 percent compared from $2.083 billion in March 2015.
Payments for inward shipments of Capital Goods accounted for 33.6 percent of the total imports. It increased by 24.1 percent to $2.139 billion in March 2016 from $1.724 billion in March 2015. (Table 3)
Purchases of Consumer Goods recorded 19.4 percent share with a total import bill valued at $1.235 billion in March 2016. It recorded a positive growth of 39.4 percent from $886.14 million registered in March 2015.
Mineral Fuels, Lubricants and Related Materials with 9.3 percent share to total imports, decreased by 13.1 percent from $681.27 million in March 2015 to $591.86 million in March 2016. Other mineral fuel and lubricants such as gas oils, regular and premium unleaded motor spirit and aviation spirit contributed the biggest share of imports in this commodity group at 4.3 percent and valued $271.10 million. (Table 3)
Furthermore, imports of Special Transactions went down by 17.9 percent from $41.29 million recorded in March 2015 to $33.89 million in March 2016.
IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 16.3 PERCENT
Aggregate payments from the top ten imports sources for March 2016 amounted to $5.022 billion or 79.0 percent of the total. (Table 4)
People’s Republic of China remained as the country’s biggest source of imports at 16.3 percent share in March 2016. Payments were recorded at $1.036 billion, an increase of 45.3 percent from $713.03 million in March 2015. Revenue from the country’s exports to People’s Republic of China, on the other hand, reached $457.37 million, generating a total trade value of $1.493 billion and $578.47 million trade deficit. (Tables 4 and 5)
Japan including Okinawa came second, contributing 12.1 percent or $770.03 million to the total import bill in March 2016. It grew by 48.9 percent from its March 2015 value of $517.15 million. Export receipts from Japan in March 2016 reached $991.43 million yielding a total trade value of $1.761 billion and a favourable balance of trade of $221.40 million. (Tables 4 and 5)
Thailand ranked third, accounting for 9.7 percent share of the total import bill in March 2016, a positive growth of 84.2 percent to $619.51 million in March 2016 from $336.31 million in March 2015. Exports to this country amounted to $178.90 million resulting to a total trade value of $798.41 million and a trade deficit of $440.62 million.
United States of America (USA), including Alaska and Hawaii, was the fourth biggest source of imports for March 2016 with 9.0 percent share to the total import bill amounting to $574.76 million, a decrease of 3.7 percent from $596.56 million in March 2015. Exports to USA amounted to $672.85 million, yielding a two-way trade value of $1.248 billion and a trade surplus of $98.09 million.
Republic of Korea placed fifth, accounting for 7.0 percent share of the total import bill worth $446.09 million in March 2016, it went up by 6.7 percent from $418.09 million in March 2015. Exports to Republic of Korea amounted to $188.75 million resulting to a total trade value of $634.83 million and a trade deficit of $257.34 million. (Tables 4 and 5).
Other major sources of imports for the month of March 2016 included in Top Ten Countries were: Singapore, $420.81 million; Taiwan, $400.70 million; Indonesia, $302.49 million; Malaysia (includes Sabah and Sarawak), $281.94 million; and Hong Kong, $170.15 million.
Moreover, imports from Other Countries valued at $1.336 billion and accounted for 21.0 percent from the total imports for the month of March 2016. Among the other countries, Vietnam recorded the highest import sources at $168.93 million or 2.7 percent from the total.
IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 44.4 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 March 2016 as it accounted for 44.4 percent of the total imports valued at $2.825 billion. It increased by 30.5 percent from $2.165 billion in March 2015. Total exports to countries of East Asia amounted to $2.376 billion resulting to a total trade of $5.201 billion and a trade deficit of $449.81 million. (Table 4a and 5a)
Commodities imported from ASEAN member countries were valued at $1.799 billion, contributing 28.3 percent share to total and registered an increase of 27.9 percent from $1.406 billion recorded in March 2015. Proceeds from exports to ASEAN member countries were worth $689.11 million, resulting to a total trade of $2.488 billion and a trade deficit of $1.109 billion. (Table 4a and 5a)
Imports from European Union were valued at $472.73 million. It dropped by 40.0 percent compared to a year ago value of $788.10 million. Exports to member countries of European Union were worth $576.93 million, resulting to a total trade of $1.050 billion and a trade surplus of $104.20 million. (Table 4a and 5a)
Technical Notes
Import trade statistics are compiled by the Philippine Statistics Authority (PSA) from copies of import documents submitted to the Bureau of Customs (BOC) by importers or their authorized representatives as required by law. PSA collects a copy of the accomplished forms by the importer. These are the following import documents collected and processed by PSA:
1. Import Entry and Internal Revenue Declaration (BOC IEIRD Form 236)
2. Informal Import Declaration and Entry (BOC Form 177)
3. PEZA Warehousing Entry (BOC Form 242 CEWE)
Moreover, an electronic copy of the IEIRD, or called Single Administrative Document (SAD), is utilized to capture the monthly import figures. SAD-IEIRD is an on-line submission of import documents either by brokers or companies. These are transactions that pass through the Automated Cargo Operating System (ACOS) or now called the e2m (electronic to mobile) customs system; a system implemented through the BOC e-Customs Project. The output of this system is provided by BOC to PSA on a monthly basis through email.
All documents (hard copies and e-files) received before the cut-off date which is every 10th day of the month are compiled, processed and generated in a monthly statistical tables for the preparation of Press Release. All documents received after the cut-off date, however, are processed and included in the generation of the revised statistical tables. Processing includes coding, editing, review and validation. Revised statistical tables are made available 10 to 15 working days after the press release date.
The Press Release is due every 25th day of each month. However, if the 25th day falls on a Saturday, release will be on Friday but if it falls on a Sunday or Monday the release will be on Tuesday. If the release date falls on holiday, the date of release is moved accordingly.
The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the imported commodities at the most detailed level for statistical purposes.
Data request of international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).
