EXTERNAL TRADE PERFORMANCE
MAY 2015
(Preliminary)
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May
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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) |
4,390.51 -13.4
1,166.98 -12.2 |
5,068.88 -3.9
1,329.88 3.9 |
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Top 10 Philippine Imports from All Countries: May 2015 p
(Year-on-Year Growth in Percent)
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Gainers |
Losers |
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Power Generating and Specialized Machinery
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52.7 |
Transport Equipment
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-32.0 |
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Industrial Machinery and Eqipment
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20.0 |
Mineral Fuels, Lubricants and Related Materials
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-24.8 |
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Iron and Steel
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-19.1 | |
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Plastics in Primary and Non-Primary Forms
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-19.0 | |
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Miscellaneous Manufactured Articles
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-12.8 | |
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Electronic Products
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-12.2 | ||
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Other Food and Live Animals
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-3.2 | ||
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Telecommunication Equipment and Electrical Machinery
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-2.2 | ||
p-preliminary, r-revised
IMPORTS DECREASED BY 13.4 PERCENT IN MAY 2015
The total imported goods by the country for the month of May 2015 amounted to $4.391 billion, a decrease of 13.4 percent from $5.069 billion recorded during the same period a year ago. This decline was due to the negative performance of eight out of the top ten major imported commodities for the month. These were: Transport Equipment; Mineral Fuels, Lubricants and Related Materials; Iron and Steel; Plastics in Primary and Non-Primary Forms; Miscellaneous Manufactured Articles; Electronic Products; Other Food & Live Animals; and Telecommunication Equipment and Electrical Machinery.
Combined imports for the first five months of 2015 amounted to $24.804 billion, a 7.4 percent decrease compared with $26.782 billion in the same period of last year.
The balance of trade in goods (BOT-G) for the Philippines in May 2015 registered a surplus of $508.86 million compared to the $862.71 million surplus in the same period last year.
ELECTRONIC PRODUCTS ACCOUNTED FOR 26.6 PERCENT OF IMPORT BILL
Inward shipments of Electronic Products in May 2015, accounted for 26.6 percent of the total import bill with value amounting to $1.167 billion. It contracted by 12.2 percent over last year's figure of $1.330 billion. Components/Devices (Semiconductors), although had the biggest share of 20.7 percent among electronic products, decreased by 15.5 percent from $1.074 billion in May 2014 to $907.10 million in May 2015.
Imports of Mineral Fuels, Lubricants and Related Materials ranked second with 15.2 percent share and reported value of $668.28 million in May 2015. It went down by 24.8 percent from $888.76 million in May 2014.
Industrial Machinery and Equipment, contributing 7.0 percent to the total import bill was the country’s third top import for the month amounting to $308.13 million. It went up by 20.0 percent compared to last year’s value of $256.74 million.
Transport Equipment placed fourth with 6.6 percent share to total imports valued at $288.92 million. This was a decline of 32.0 percent from its previous year’s level of $424.95 million.
Other Food and Live Animals which was fifth in rank and with 4.0 percent share to the total imports, recorded $175.74 million worth of imports. It registered a 3.2 percent decrease from its year ago level of $181.56 million.
Rounding up the list of the top ten imports for May 2015 were: Plastics in Primary and Non-Primary Forms valued at $125.16 million; Miscellaneous Manufactured Articles, $124.72 million; Iron and Steel, $112.95 million; Telecommunication Equipment and Electrical Machinery amounting to $109.17 million; and Power Generating and Specialized Machinery, $89.73 million.
Total payment for the country’s top ten imports for May 2015 reached $3.170 billion or 72.2 percent of the total import bill.
PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS RECORDED AT 42.4 PERCENT OF THE TOTAL IMPORTS
Payments for purchases of Raw Materials and Intermediate Goods in May 2015 were valued at $1.860 billion and accounted for 42.4 percent of the total imports. It decreased by 23.3 percent over last year's figure of $2.425 billion. Semi-Processed Raw Materials had the biggest share of 40.6 percent valued at $1.781 billion and went down by 20.7 percent compared to $2.247 billion value in May 2014.
Payments for inward shipments of Capital Goods accounted for 25.6 percent of the total imports. It rose by 12.8 percent to $1.123 billion in May 2015 from $995.15 million in May 2014.
Purchases of Consumer Goods recorded 16.0 percent share with a total import bill valued at $704.67 million in May 2015. It decreased by 3.4 percent from $729.22 million registered in May 2014.
Mineral Fuels, Lubricants and Related Materials with 15.2 percent share to total imports, decreased by 24.8 percent from $888.76 million in May 2014 to $668.28 million in May 2015. Petroleum crude valued at $431.50 million contributed the biggest share of imports in this commodity group.
Special Transactions went up by 13.7 percent, that is, from $30.40 million recorded in May 2014 to $34.56 million in May 2015.
IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTED FOR 16.4 PERCENT
People’s Republic of China remained as the country’s biggest source of imports with 16.4 percent share in May 2015. Payments were recorded at $719.92 million, a decrease of 1.0 percent from $727.40 million in May 2014. Revenue from the country’s exports to China, on the other hand, reached $529.15 million, generating a total trade value of $1.249 billion and $190.78 million trade deficit.
United States of America (USA) including Alaska and Hawaii was the second biggest source of imports for May 2015 with 9.7 percent share to the total import bill amounting to $426.01 million, a decrease of 21.8 percent from $544.85 million in May 2014. Exports to USA amounted to $696.00 million, yielding a two-way trade value of $1.122 billion and a trade surplus of $269.99 million.
Japan including Okinawa ranked third, accounting for 8.4 percent share of the total import bill in May 2015 had a negative growth of 12.1 percent from $418.44 million in May 2014 to $367.71 million in May 2015. Exports to this country amounted to $1.204 billion resulting to a total trade value of $1.572 billion and a trade surplus of $836.11 million.
Republic of Korea came fourth, contributing 7.0 percent to the total import bill in May 2015, valued at $307.27 million. It contracted by 7.4 percent from its May 2014 value of $331.90 million. Export receipts from Republic of Korea in May 2015 reached $165.03 million yielding a total trade value of $472.30 million and a trade deficit of $142.24 million.
Fifth in rank was Singapore accounting for 6.9 percent share of the total import bill worth $303.78 million in May 2015, a decrease by 10.4 percent from $339.10 million in May 2014. Exports to Singapore amounted to $300.92 million resulting to a total trade value of $604.70 million and a trade deficit of $2.86 million.
Other major sources of imports for the month of May 2015 were: Taiwan, $297.50 million; Thailand, $254.38 million; Indonesia, $216.40 million; Malaysia (includes Sabah and Sarawak), $206.19 million; and Germany, $190.87 million.
Aggregate payments for imports from the top ten sources for May 2015 amounted to $3.290 billion or 74.9 percent of the total.
IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNTED FOR 41.4 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 May 2015 as it accounted for 41.4 percent of the total imports valued at $1.817 billion. It decreased by 1.0 percent from $1.836 billion in May 2014. Total exports to countries of East Asia amounted to $2.588 billion resulting to a total trade of $4.405 billion and a trade surplus of $771.46 million.
Commodities imported from ASEAN member countries were valued at $1.044 billion, contributing 23.8 percent share and which decreased by 23.0 percent from $1.356 billion recorded in May 2014. Proceeds from exports to ASEAN member countries were worth $718.01 million, resulting to a total trade of $1.762 billion and a trade deficit of $325.67 million.
Imports from European Union were valued at $430.03 million. It dropped by 19.9 percent compared to a year ago value of $537.06 million. Exports to member countries of European Union were worth $575.99 million, resulting to a total trade of $1.006 billion and a trade surplus of $145.96 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.
FOR THE NATIONAL STATISTICIAN:
