EXTERNAL TRADE PERFORMANCE
MAY 2016
(Preliminary)
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May
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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) |
6,736.13 39.3
1,671.87 44.5 |
4,834.42 -4.6
1,157.30 -13.0 |
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Top 10 Philippine Imports from All Countries: May 2016 p
(Year-on-Year Growth in Percent)
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Gainers |
Loser |
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Transport Equipment
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108.6 |
Mineral Fuels, Lubricants and Related Materials
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-24.9 |
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Power Generating and Specialized Machinery
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96.7 |
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Industrial Machinery and Equipment
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79.5 |
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Plastics in Primary and Non-Primary Forms
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79.3 |
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Telecommunication Equipment and Electrical Machinery
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77.7 | ||
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Miscellaneous Manufactured Articles |
45.0 |
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Electronic Products
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44.5 | ||
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Other Food and Live Animals
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33.7 | ||
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Iron and Steel
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28.3 | ||
p-preliminary, r-revised
IMPORTS ACCELERATED BY 39.3 PERCENT IN MAY 2016
The total imported goods by the country for the month of May 2016 amounted to $6.736 billion, an increase of 39.3 percent from $4.834 billion recorded during the same period a year ago. The increase was due to the positive growth rates of nine out of the top ten major imported commodities for the month led by transport equipment (108.6%). The other eight were: power generating and specialized machinery (96.7%), industrial machinery and equipment (79.5%), plastics in primary and non-primary forms (79.3%), telecommunication equipment and electrical machinery (77.7%), miscellaneous manufactured articles (45.0%), electronic products (44.5%), other food and live
animals (33.7%), and iron and steel (28.3%). (Table 2)
Cumulative imports for January to May 2016 amounted to $31.893 billion sharing an 18.2 percent increase compared with $26.976 billion in the same period of last year. The balance of trade in goods (BOT-G) for the Philippines in May 2016, registered a deficit of $2.021 billion, compared with $64.95 million trade surplus in the same month last year. (Table 1)
ELECTRONIC PRODUCTS ACCOUNT FOR 24.8 PERCENT SHARE OF IMPORT BILL
Total payment for the country’s top ten imports for May 2016 reached $4.829 billion or 71.7 percent share of the total import bill. (Table 2)
Inbound shipments of Electronic Products in May 2016 accounted for 24.8 percent share of the total import bill with value amounting to $1.672 billion. It increased by 44.5 percent over the last year's figure of $1.157 billion. Components/Devices (Semiconductors), had the biggest share of 17.0 percent among electronic products, went up by 26.8 percent to $1.145 billion in May 2016 from $903.14 million in May 2015.
Transport Equipment, contributing 10.4 percent to the total import bill was the country’s second top import for the month amounting to $703.61 million. It rose by 108.6 percent compared to last year’s value of $337.30 million.
Minerals Fuels, Lubricants and Related Materials placed third with 9.5 percent share to total imports valued at $640.02 million. This registered a decrease of 24.9 percent from its previous year’s level of $851.68 million.
Imports of Industrial Machinery and Equipment ranked fourth with 7.4 percent share and reported value of $495.38 million in May 2016. It accelerated by 79.5 percent from $275.95 million in May 2015.
Other Food and Live Animals ranked fifth, with 4.5 percent share to the total imports which was valued at $299.94 million in May 2016. It registered a 33.7 percent increase from its year ago level of $224.32 million.
Rounding up the list of the top ten imports for May 2016 were:
- Iron and Steel, $289.67 million
- Plastics in Primary and Non-Primary Forms, $196.54 million
- Telecommunication Equipment and Electrical Machinery, $193.79 million
- Miscellaneous Manufactured Articles, $185.87 million; and
- Power Generating and Specialized Machinery, $151.98 million.
PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 39.8 PERCENT OF THE TOTAL IMPORTS
Total importation of Raw Materials and Intermediate Goods in May 2016 were valued at $2.679 billion, accounting for 39.8 percent share of the total imports. It increased by 30.4 percent over last year's figure of $2.055 billion. Semi-Processed Raw Materials, having the biggest share of this commodity group at 36.3 percent was valued at $2.447 billion. It went up by 29.7 percent compared with $1.886 billion value in May 2015.
Payments for inward shipments of Capital Goods accounted for 32.2 percent of the total imports. It increased by 99.9 percent to $2.166 billion in May 2016 from $1.083 billion in May 2015. (Table 3)
Purchases of Consumer Goods recorded 17.9 percent share with a total import bill valued at $1.204 billion in May 2016. It recorded a positive growth of 47.2 percent from $817.98 million registered in May 2015.
Mineral Fuels, Lubricants and Related Materials with 9.5 percent share to total imports, decreased by 24.9 percent from $851.68 million in May 2015 to $640.02 million in May 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 6.1 percent and valued $411.17 million. (Table 3)
Furthermore, imports of Special Transactions went up by 77.9 percent to $47.17 million recorded in May 2016 from $26.52 million in May 2015.
IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 20.4 PERCENT
Aggregate payments from the top ten imports sources for May 2016 amounted to $5.422 billion or 80.5 percent of the total import bill. (Table 4)
People’s Republic of China remained as the country’s biggest source of imports at 20.4 percent share in May 2016. Payments were recorded at $1.373 billion, an increase of 65.7 percent from $828.66 million in May 2015. Revenue from the country’s exports to People’s Republic of China, on the other hand, reached $493.45 million, generating a total trade value of $1.867 billion and $879.87 million trade deficit. (Tables 4 and 5)
Japan including Okinawa, came second, contributing 10.5 percent or $709.57 million to the total import bill in May 2016. It grew by 122.7 percent from its May 2015 value of $318.64 million. Export receipts from Japan in May 2016 reached $1.035 billion yielding a total trade value of $1.744 billion and a favourable balance of trade of $325.01 million. (Tables 4 and 5)
United States of America (USA), including Alaska and Hawaii, was the third biggest source of imports for May 2016 with 8.5 percent share to the total import bill amounting to $573.10 million, an increase of 7.8 percent from $531.42 million in May 2015. Exports to USA amounted to $709.39 million, yielding a two-way trade value of $1.282 billion and a trade surplus of $136.30 million.
Thailand ranked fourth, accounting for 8.1 percent share of the total import bill in May 2016, a positive growth of 86.6 percent to $544.54 million in May 2016 from $291.75 million in May 2015. Exports to this country amounted to $175.89 million resulting to a total trade value of $720.43 million and a trade deficit of $368.65 million.
Republic of Korea placed fifth, accounting for 6.7 percent share of the total import bill worth $448.84 million in May 2016. It went up by 34.4 percent from $334.07 million in May 2015. Exports to Republic of Korea amounted to $160.84 million resulting to a total trade value of $609.68 million and a trade deficit of $288.01 million. (Tables 4 and 5).
Other major sources of imports for the month of May 2016 included in Top Ten Countries were: Taiwan, $441.21 million; Singapore, $435.37 million; Indonesia, $411.80 million; Malaysia (includes Sabah and Sarawak), $273.47 million; and Hong Kong, $211.11 million.
Moreover, imports from Other Countries valued at $1.314 billion and accounted for 19.5 percent from the total imports for the month of May 2016. Among the other countries, Vietnam recorded the highest import source at $165.89 million or 2.5 percent of the total.
IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 47.4 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 2016 as it accounted for 47.4 percent of the total imports valued at $3.194 billion. It increased by 59.0 percent from $2.009 billion in May 2015. Total exports to countries of East Asia amounted to $2.371 billion resulting to a total trade of $5.565 billion and a trade deficit of $822.83 million. (Table 4a and 5a)
Commodities imported from ASEAN member countries were valued at $1.834 billion, contributing 27.2 percent share to total and registered an increase of 59.9 percent from $1.147 billion recorded in May 2015. Proceeds from exports to ASEAN member countries were worth $662.63 million, resulting to a total trade of $2.496 billion and a trade deficit of $1.171 billion. (Table 4a and 5a)
Imports from European Union were valued at $444.36 million. It grew by 7.8 percent compared to a year ago value of $412.23 million. Exports to member countries of European Union were worth $589.54 million, resulting to a total trade of $1.034 billion and a trade surplus of $145.18 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:
- Import Entry and Internal Revenue Declaration (BOC IEIRD Form 236)
- Informal Import Declaration and Entry (BOC Form 177)
- 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 commodities at the most detailed level for statistical purposes.
Detailed data on international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).
