EXTERNAL TRADE PERFORMANCE
May 2010
(Preliminary)
p - preliminary
r - revised
MAY 2010 TOTAL TRADE STOOD AT $8.994 BILLION
Total external trade in goods for January to May 2010 reached $41.185 billion, a 36.9 percent increment from $30.090 billion registered during the same period in 2009. Total imports posted a 35.3 percent annual increase to $22.019 billion from $16.272 billion. Similarly, receipts from merchandise exports posted an increase of 38.7 percent to $19.166 billion in January to May of 2010 from $13.818 billion during the same period in 2009. Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit of $2.854 billion during the 5-month period in 2010, a value higher than the $2.455 billion deficit in the same 5-month period last year.
Figure 1A Philippine Trade Performance in January - May : 2010 and 2009
(F.O.B. Value in Million US Dollars)
Figure 1B Philippine Trade Performance in May : 2010 and 2009
(F.O.B. Value in Million US Dollars)
MAY 2010 IMPORTS UP BY 31.4 PERCENT
Combined import and export merchandise trade for May 2010 improved by 34.1 percent to $8.994 billion from $6.705 billion in May 2009. This was due to the double-digit increase in total merchandise imports at 31.4 percent to $4.753 billion from $3.617 billion in May 2009. Total exports likewise rose by 37.3 percent to $4.241 billion from $3.088 billion. The balance of trade in goods (BOT-G) in May 2010 recorded a deficit of $513.00 million, lower than last year's recorded deficit of $529.00 million. On a month-on-month basis, total imports for May 2010 also showed an increase of 4.9 percent from $4.532 billion recorded in April 2010.
ELECTRONIC PRODUCTS ACCOUNTED FOR 32.2 PERCENT OF IMPORT BILL
Accounting for 32.2 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in May 2010 amounted to $1.529 billion. It went up by 17.7 percent over last year's figure of $1.299 billion. On a monthly basis, it grew by 0.8 percent from $1.516 billion recorded in April 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 24.3 percent, advanced by 20.0 percent to $1.153 billion from $960.35 million.
Imports of Mineral Fuels, Lubricants and Related Materials in May 2010 ranked second with 21.7 percent share and posted a positive growth of 103.8 percent to $1.029 billion over the previous year's level of $505.16 million.
Cereals and Cereal Preparations, was the RP's third top imports for the month with 4.9 percent share to total imports at $234.55 million. The value contracted by 32.8 percent from it's previous year level of $348.85 million.
Metalliferous Ores and Metal Scrap, contributing 4.5 percent to the total import bill, was the RP's fourth top import for the month with payments placed at $212.12 million from last year's $34.87 million. It accelerated by 508.3 percent, the highest annual growth rate among the top ten imports.
Fifth in rank and with 4.4 percent share to the total imports, Transport Equipment recorded $211.06 million worth of imports, higher by 44.6 percent from its year ago level of $146.00 million.
Industrial Machinery and Equipment ranked sixth, comprising 3.9 percent of the total imports registered at $186.18 million, rose by 52.9 percent from its year ago level of $121.74 million.
Rounding up the list of the top ten imports for May 2010 were Iron and Steel accounting for $111.55 million expanded by 53.4 percent; Organic and Inorganic Chemicals amounting to $108.85 million declined by 2.9 percent; Plastics in Primary and Non-Primary Forms, $96.38 million was up by 49.3 percent; and Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment), $71.20 million increased by 35.4 percent.
Aggregate payment for the country's top ten imports for May 2010 reached $3.790 billion or 79.7 percent of the total import bill.
Figure 2 Philippine Top Six Imports in May : 2010 and 2009
(F.O.B. Value in Million US Dollars)
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 36.1 PERCENT OF THE TOTAL IMPORTS
Accounting for 36.1 percent of the total imports, payments in May 2010 for Raw Materials and Intermediate Goods amounted to $1.718 billion or a 19.6 percent increase over last year's figure of $1.437 billion. Compared to the previous month's level, purchases went up by 3.9 percent from $1.654 billion. Semi-Processed Raw Materials had the biggest share of 29.2 percent and valued at $1.387 billion.
Capital Goods, which comprised 27.1 percent of the total imports, grew by 22.2 percent year-on-year to $1.289 billion from $1.055 billion.
Mineral Fuels, Lubricants and Related Materials with 21.7 percent share, gained by 103.8 percent to $1.029 billion from $505.16 million in May 2009.
Purchases of Consumer Goods amounted to $642.35 million or an increase of 12.2 percent from $572.44 million in May 2009. Similarly, Special Transactions went up by 58.4 percent to $75.08 million from $47.41 million in May 2009.
Figure 3 Philippine Imports by Major Type of Goods in May : 2009 and 2010
(F.O.B. Value in Million US Dollars)
IMPORTS FROM SINGAPORE ACCOUNTED FOR 11.1 PERCENT
Singapore, was the country's biggest source of imports for May 2010 with 11.1 percent share of the total import bill, higher by 69.7 percent to $529.36 million from $312.00 million in May 2009. Exports to Singapore amounted to $442.51 million, yielding a two-way trade value of $971.87 million and a trade deficit for RP of $86.85 million.
Japan including Okinawa, the second biggest source of imports with 10.2 percent share, recorded payments worth $483.72 million, an increment of 23.1 percent from $393.11 million in May 2009. Revenue from RP's exports to Japan, on the other hand, reached $616.93 million, generating a total trade value of $1.101 billion and $133.21 million trade surplus for the Philippines.
Saudi Arabia, came third, accounting for 10.1 percent share of the total import bill in May 2010 increased by 339.7 percent to $481.06 million from $109.41 million during the same month in 2009. Exports to Saudi Arabia amounted to $5.06 million resulting to a total trade value of $486.12 million and a trade deficit of $476.00 million.
United States of America (USA) including Alaska and Hawaii settled fourth, accounting for 10.0 percent share of the total import bill in May 2010 or a positive growth of 7.6 percent to $473.66 million from $440.11 million during the same month in 2009. Exports to USA amounted to $687.53 million resulting to a total trade value of $1.161 billion and a trade surplus for the Philippines of $213.87 million.
Fifth in rank is People's Republic of China, representing 7.9 percent of the total import bill in May 2010, amounted to $373.62 million. Meanwhile, export receipts from People's Republic of China in May 2010 reached $389.17 million yielding a total trade value of $762.78 million and a trade surplus of $15.55 million.
Other major sources of imports for the month of May 2010 were Thailand, $344.69 million; Republic of Korea, $303.03 million; Taiwan, $270.91 million; Indonesia, $218.61 million; and Vietnam, $173.56 million.
Payments for imports from the top ten sources for May 2010 amounted to $3.652 billion or 76.8 percent of the total.
Figure 4 Philippine Imports by Country in May : 2010
IMPORTS FROM EASTERN ASIA WORTH $1.560 BILLION
Philippines total imports in May 2010 from Eastern Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 32.8 percent of the county's total imports with total payments of $1.560 billion or a positive annual growth of 14.5 percent from May 2009 level of $1.363 billion. Total exports to member-countries of Eastern Asia was valued at $1.753 billion, resulting to a total trade of $3.313 billion and a balance of trade in goods (BOT-G) surplus of $193.07 million.
Imports from ASEAN member-countries in May 2010 amounted to $1.427 billion, a 30.0 percent share contribution to total imports. It was higher by 50.3 percent from $949.12 million registered in May 2009. Exports to ASEAN member-countries worth $820.02 million, resulting to a total trade of $2.247 billion and a trade deficit of $606.55 million.
May 2010 imports from European Union were valued at $283.14 million while exports to member-countries of European Union were worth $750.81 million. It aggregated to a total trade of $1.034 billion and a trade surplus of $467.67 million.
Figure 5 Philippine Imports by Selected Economic Bloc in May : 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
