EXTERNAL TRADE PERFORMANCE
p - preliminary
r - revised
JANUARY TO NOVEMBER 2011 TOTAL TRADE STANDS AT $100.14 BILLION
Total external trade in goods for January to November 2011 reached $100.14 billion, representing a 2.9 percent increment from $97.280 billion registered during the same period a year earlier. Similarly, total imports grew by 11.0 percent to $55.506 billion compared to $49.984 billion posted during the same period in 2010. Aggregate exports, on the other hand, fell by 5.6 percent from $47.296 billion in January to November of previous year to $44.635 billion. Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit of $10.871 billion, a value higher than the $2.688 billion deficit recorded during the same period in 2010.
Figure 2A Philippine Trade Performance in January - November : 2011 and 2010
Figure 2B Philippine Trade Performance in November : 2011 and 2010
IMPORTS IN NOVEMBER 2011 INCREASE BY 0.6 PERCENT
The country’s total merchandise imports for November 2011 were estimated at $4.985 billion, higher by 0.6 percent from $4.956 billion in 2010. Month-on-month, however, it dropped by 0.7 percent from $5.019 billion in October 2011. Total trade for November 2011 was registered at $8.327 billion, a decrement of 8.5 percent from $9.102 billion in November 2010. Thus, the balance of trade in goods (BOT-G) registered a deficit of $1.643 billion, higher than the last year’s deficit at $810.00 million.
ELECTRONIC PRODUCTS ACCOUNT FOR 27.7 PERCENT OF IMPORT BILL
Accounting for 27.7 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) emerged as the country’s leading imports in November 2011 with value placed at $1.382 billion or an annual decline of 14.9 percent. On a monthly basis, it expanded by 11.8 percent from $1.237 billion registered in October 2011. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share at 21.5 percent, also diminished by 18.6 percent from $1.318 billion last year to $1.072 billion in November 2011.
Imports of Mineral Fuels, Lubricants and Related Materials ranked second in November 2011 with 22.7 percent share and amounting to $1.131 billion. It expanded by 30.4 percent, the highest recorded increase among the top ten imports, from $866.85 million in November 2010.
Transport Equipment registered as the country’s third top import for the month with 5.4 percent share to total imports and valued at $270.91 million. The amount was lower by 32.0 percent from $398.34 million posted a year ago.
Industrial Machinery and Equipment contributing 5.1 percent to the total import bill was the PH’s fourth top import for the month with payments placed at $256.04 million, an annual decline of 0.4 percent from last year’s $256.99 million.
Fifth in rank and with a 2.8 percent share to total imports was Organic and Inorganic Chemicals amounting to $139.88 million; higher by 10.5 percent from its year ago level of $126.65 million.
Plastics in Primary and Non-Primary Forms ranked sixth, comprising 2.7 percent of total imports registered $136.35 million, accelerated by 29.4 percent from last year’s record of $105.35 million.
Rounding up the list of the top ten imports for 2011 were Iron and Steel, valuing at $104.75 million (2.1%); Cereals and Cereal Preparations, amounting to $103.50 million (2.1%); Telecommunication Equipment and Electrical Machinery including telecommunications and sound recording and reproducing apparatus and equipment, registering at $102.28 million (2.1%); and Feeding Stuff for Animals (not including unmilled cereals), $77.78 million (1.6%).
Aggregate payment for the country’s top ten imports for November 2011 reached $3.704 billion or 74.3 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 37.0 PERCENT OF THE TOTAL IMPORTS
Accounting for 37.0 percent of the total imports, payments in November 2011 for Raw Materials and Intermediate Goods amounted to $1.845 billion or an equivalent 0.1 percent increment over last year's figure of $1.843 billion. Compared to previous month’s level, purchases also went up by 3.7 percent from $1.779 billion. Semi-Processed Raw Materials had the biggest share at 32.9 percent and valued at $1.638 billion or an annual decrease of 1.6 percent from $1.665 billion registered last year.
Expenditures for Capital Goods comprising 27.1 percent of the total imports, was down by 13.8 percent from $1.567 billion in November 2010 to $1.351 billion.
Mineral Fuels, Lubricants and Related Materials with 22.7 percent share, expanded by 30.4 percent to $1.131 billion from $866.85 million in November 2010.
Purchases of Consumer Goods fell by 1.7 percent from $602.30 million to $592.35 million in November 2011. On the other hand, Special Transactions were down by 12.4 percent from $75.84 million to $66.46 million in November 2011.
IMPORTS FROM JAPAN ACCOUNTS FOR 12.7 PERCENT
Comprising 12.7 percent share of the total import bill in November 2011, Japan, including Okinawa was reported as the country’s biggest source of imports with $631.60 million, an increase of 8.3 percent from $583.07 million in November 2010. Exports to Japan amounted to $722.14 million, yielding a two-way trade value of $1.354 billion and a trade surplus for PH of $90.54 million.
People’s Republic of China, was the second biggest source of imports with 11.0 percent share and recorded payments worth $548.82 million. This number represented a 17.4 percent increment from $467.57 million registered in November 2010. Revenue from PH’s exports to People’s Republic of China, on the other hand, reached $457.73 million, generating a total trade value of $1.007 billion and a $91.08 million trade deficit for the Philippines.
United States of America (USA) including Alaska and Hawaii with a 10.9 percent share to total imports followed as the third biggest source of imports at $542.80 million, lower by 3.9 percent from $564.92 million during the same month in 2010. Exports to USA, amounted to $500.89 million resulting to a total trade value of $1.044 billion and a trade deficit of $41.90 million.
Singapore settled fourth, accounting for 6.9 percent share of the total import bill in November 2011 at $343.38 million or an annual negative growth of 20.9 percent from $434.11 million in November 2010. Exports to Singapore amounted to $184.87 million resulting to a total trade value of $528.25 million and a trade deficit of $158.51 million.
Fifth in rank was Saudi Arabia, representing 6.5 percent of the total import bill in November 2011 amounted to $325.80 million or a year-on year positive growth of 99.3 percent. Meanwhile, export receipts to Saudi Arabia reached $4.26 million yielding a total trade value of $330.06 million and a trade deficit of $321.54 million.
Other major sources of imports for November 2011 were United Arab Emirates, $313.59 million (6.3%); Taiwan, $306.70 million (6.2%); Republic of Korea, $300.93 million (6.0%); Malaysia, including Sabah and Sarawak, $221.81 million (4.4%); and Thailand, $212.95 million (4.3%).
Payments for imports from the top ten sources for November 2011 amounted to $3.748 billion or 75.2 percent of the total.
IMPORTS FROM EAST
Total imports of the Philippines from East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 38.2 percent with payments posted at $1.905 billion or a 0.7 percent increase from November 2010 level at $1.892 billion. Total exports to member-countries of East Asia on the other hand, were valued at $1.738 billion, resulting to a total trade of $3.643 billion and a balance of trade in goods (BOT-G) deficit of $166.60 million.
Philippine imports from ASEAN member-countries representing 20.4 percent share in November 2011 amounted to $1.015 billion, a contraction by about 18.0 percent from $1.237 billion registered in November 2010. Meanwhile, exports to ASEAN member-countries were worth $476.85 million, resulting to a total trade value of $1.491 billion and a trade deficit of $537.74 million.
Imports from European Union comprising 6.7 percent share to total imports were valued at $335.77 million while exports to member-countries of European Union amounted to $376.97 million. This aggregated to total trade of $712.74 million and a trade surplus of $41.19 million for the Philippines.
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 Alaska and Hawaii
4/ - 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
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
Source: Foreign Trade Statistics Section
Industry and Trade Statistics Department
National Statistics Office