EXTERNAL TRADE PERFORMANCE
May 2011
(Preliminary)

p - preliminary
r - revised

JANUARY TO MAY  2011 TOTAL TRADE STANDS AT $46.626 BILLION

Total external trade in goods for January to May in 2011 reached $46.626 billion, representing a 12.8 percent increment from $41.337 billion registered during the same period a year earlier. Similarly, total imports grew by 17.4 percent to $25.997 billion from $22.152 billion. On the other hand, aggregate exports were up by 7.5 percent to $20.629 billion in January to May of 2011 from $19.185 billion of the previous year.  Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit at $5.368 billion, higher compared to last year deficit of $2.968 billion.

Figure 2A  Philippine Trade Performance in January - May : 2011 and 2010

Figure 2B  Philippine Trade Performance in May : 2011 and 2010

MAY  2011 IMPORTS UP BY 1.6 PERCENT

The country’s total merchandise imports for May 2011 were estimated at $4.888 billion, higher by 1.6 percent from $4.812 billion in 2010. Month-on-month, however, it declined by 11.1 percent from $5.497 billion recorded in April 2011.  Total trade for May 2011 was registered at $8.996 billion, lower by 0.6 percent from $9.053 billion in May 2010.  Thus, the balance of trade in goods (BOT-G) registered a deficit at $780.00 million, higher from last year’s deficit of $570.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 34.8 PERCENT OF IMPORT BILL

Accounting for 34.8 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in May 2011 amounted to $1.700 billion. It rose by 11.2 percent over last year's figure of $1.529 billion.  On a monthly basis, it went up by 0.6 percent from $1.690 billion recorded in April 2011. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share at 29.1 percent, expanded by 23.4 percent to $1.422 billion from $1.152 billion last year.

Imports of Mineral Fuels, Lubricants and Related Materials in May 2011 ranked second with 14.0 percent share and posted an annual decrease of 33.5 percent from $1.032 billion in May 2010 to $685.95 million.

Industrial Machinery and Equipment registered as the country’s third top import for the month with 5.1 percent share to total imports and valued at $246.90 million. The amount was higher by 22.2 percent from $202.07 million registered a year ago.

Transport Equipment, contributing 4.4 percent to the total import bill was the PH’s fourth top import for the month with payments placed at $217.47 million, an annual decline of 10.8 percent from last year’s $243.82 million.

Fifth in rank and with a 3.9 percent share to the total imports, Cereals and Cereal Preparations recorded $190.38 million; down by 18.8 percent from its year ago level of $234.50 million.

Organic and Inorganic Chemicals ranked sixth, comprising 2.9 percent of the total imports registered $141.82 million worth of imports, higher by 30.3 percent from May 2010 level of $108.82 million.

Rounding up the list of the top ten imports for 2011 were Plastics in Primary and Non-Primary Forms valued at $121.88 million (2.5%); Iron and Steel amounting to $103.35 million (2.1%); Feeding Stuff for Animals (not including unmilled cereals), posted the highest positive annual growth among the top ten imports in May 2011 at $90.67 million (1.8%); and Telecommunication Equipment and Electrical Machinery including telecommunications and sound recording and reproducing apparatus and equipment, $88.70 million (1.8%).

Aggregate payment for the country’s top ten imports for 2011 reached $3.588 billion or 73.4 percent of the total import bill.

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 47.3 PERCENT OF THE TOTAL IMPORTS

Accounting for 47.3 percent of the total imports, payments in May 2011 for Raw Materials and Intermediate Goods amounted to $2.313 billion or a 34.1 percent increment over last year's figure of $1.725 billion.  Compared to the previous month’s level, purchases went down by 2.6 percent from $2.374 billion. Semi-Processed Raw Materials had the biggest share at 43.3 percent and valued at $2.118 billion or an annual growth of 52.0 percent from $1.394 billion registered last year.

Expenditures for Capital Goods comprising 24.2 percent of the total imports, declined by 11.5 percent from $1.338 billion in May 2010 to $1.184 billion.

Mineral Fuels, Lubricants and Related Materials with 14.0 percent share, contracted by 33.5 percent from $1.032 billion in May 2010 to $685.96 million.

Purchases of Consumer Goods inched-up by 1.0 percent to $648.47 million from $642.17 million in May 2010. However, Special Transactions dropped by 23.5 percent from $75.04 million in May 2010 to $57.42 million in May 2011.

IMPORTS FROM THE USA ACCOUNTS FOR 13.5 PERCENT

Comprising 13.5 percent share of the total import bill, United States of America (USA) including Alaska and Hawaii was reported as the country’s biggest source of imports for May 2011 with $658.77 million, an increase of 39.1 percent from $473.58 million in May 2010.  Exports to USA amounted to $700.80 million, yielding a two-way trade value of $1.360 billion and a trade surplus for PH of $42.03 million.

People’s Republic of China was the second biggest source of imports with 10.6 percent share and recorded payments worth $518.98 million.  This number represents a 37.9 percent increment from $376.24 million in May 2010.  Revenue from PH’s exports to People’s Republic of China, on the other hand, reached $490.49 million, generating a total trade value of $1.009 billion and $28.50 million trade deficit for the Philippines.

Japan, including Okinawa followed as the third biggest source of imports with a 9.7 percent share fell by 1.8 percent from $484.46 million during the same month in 2010 to $475.83 million. Exports to Japan amounted to $624.26 million resulting to a total trade value of $1.100 billion and a trade surplus of $148.44 million.

Singapore settled fourth, accounting for 8.9 percent share of the total import bill in May 2011 or an annual decrease of 17.5 percent from $529.54 million in May 2010 to $437.03 million.  Exports to Singapore amounted to $376.43 million resulting to a total trade value of $813.46 million and a trade deficit of $60.60 million.

Fifth in rank was Republic of Korea, representing 7.3 percent of the total import bill in May 2011 amounting to $355.80 million. Meanwhile, export receipts from Republic of Korea reached $202.72 million yielding a total trade value of $558.52 billion and a trade deficit of $153.08 million.

Other major sources of imports for May 2011 were Taiwan, $346.45 million (7.1%); Thailand, $345.74 million (7.1%); Saudi Arabia, $268.91 million (5.5%); Malaysia, including Sabah and Sarawak, $225.24 million (4.6%); and Indonesia, $179.16 million (3.7%).

Payments for imports from the top ten sources for May 2011 amounted to $3.812 billion or 78.0 percent of the total.

IMPORTS FROM EASTERN ASIA WORTH $1.804 BILLION

Total imports of the Philippines from Eastern Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 36.9 percent with payments posted at $1.804 billion or a 15.4 percent increase from May 2010 level of $1.564 billion.  Total exports to member-countries of Eastern Asia on the other hand, were valued at $1.842 billion, resulting to a total trade of $3.646 billion and a balance of trade in goods (BOT-G) surplus of $37.15 million.

Philippine imports from ASEAN member-countries representing 26.6 percent share in May 2011 amounted to $1.298 billion, a decline by 12.4 percent from $1.482 billion registered in May 2010. Meanwhile, exports to ASEAN member-countries were worth $715.10 million, resulting to a total trade of $2.013 billion and a trade deficit of $582.85 million.

Total imports from European Union were valued at $392.51 million (8.0%) while exports to member-countries of European Union were worth $435.57 million.  This aggregated to total trade of $828.08 million and a trade surplus of $43.06 million for the Philippines.

Notes:

^1/  - includes China, Hong Kong, Japan, Macau, Mongolia, N, Korea, S. Korea, Taiwan

²/ - includes Brunei Darusalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore,  Thailand, Vietnam

^3/ - includes Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Latvia, and UK Great Britain & N. Ireland

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 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