External Trade Performance: November 2013

Reference Number: 

2014-007

Release Date: 

Friday, January 24, 2014

 

 

 

 

 

NOVEMBER 2013 TOTAL TRADE STAND AT $9.527 BILLION

            Total external trade in goods for November 2013 reached $9.527 billion, representing an 8.0 percent increase from $8.819 billion recorded during the same month in 2012.  The growth was due to the 0.5 percent and 18.8 percent increase on total imports and exports, respectively.  However, the balance of trade in goods (BOT-G) for the country for the month of November for years’ 2013 and 2012 both registered a trade deficit with value amounting to $944 million and $1.597 billion for each period.

 

 

IMPORTS WENT UP BY 0.5 PERCENT IN NOVEMBER 2013

            The country’s total imported goods for this month slightly increase by 0.5 percent to $5.235 billion in November 2013 from $5.208 billion for the same period last year.  Similarly, on a monthly basis, it increased by 8.5 percent compared to previous month’s level of $4.824 billion. The growth was brought by five major commodity groups with positive year-on-year change and these were: transport equipment; iron and steel; telecommunication equipment and electrical machinery; medicinal and pharmaceutical products; and plastics in primary and non-primary forms.

            Cumulative imports for the first eleven months of 2013 amounted to $56.418 billion and showed a 0.7 percent decrease compared with $56.828 billion in the same period of last year.

 

MINERAL FUELS, LUBRICANTS AND RELATED MATERIALS ACCOUNT FOR 23.4 PERCENT OF IMPORT BILL

            Imported merchandise on Mineral Fuels, Lubricants and Related Materials were the top imported commodity in November 2013, accounting for 23.4 percent and value amounting to $1.223 billion of the aggregate import bill.  It decreased by 3.5 percent over last year's figure of $1.268 billion.  On a monthly basis, it rose by 71.0 percent from $715.21 million recorded in October 2013.

            Imports of Electronic Products ranked second with 22.0 percent share and reported value of $1.152 billion in November 2013.  It went down by 8.7 percent from $1.262 billion in November 2012. Among the major groups of electronic products, Components/Devices (Semiconductors), having the biggest share of 15.7 percent, decreased by 13.8 percent from $951.04 million in November 2012 compared to $820.18 million in November 2013.

            Transport Equipment placed third with 13.1 percent share to total imports valued at $685.20 million. It accelerated by 52.8 percent from previous year’s level of $448.35 million.  Similarly on a month-on-month basis, it increased by 8.2 percent from $633.49 million in October 2013.

            Industrial Machinery and Equipment, contributing 4.7 percent to the total import bill was the country’s fourth top import for the month amounting to $244.81 million.  It went down by 12.7 percent compared to last year’s value of $280.42 million.  Also, this product decelerated by 0.1 percent compared with last month.

            Fifth in rank and with 3.0 percent share to the total imports, Other Food and Live Animals recorded $154.77 million worth of imports.  It decreased by 2.7 percent from its year ago level of $159.00 million.

            Rounding up the list of the top ten imports for November 2013 were: Telecommunication Equipment and Electrical Machinery valued at $127.59 million; Plastics in Primary and Non-Primary Forms, $123.89; Miscellaneous Manufactured Articles amounting to $122.24 million; Iron and Steel, $119.82 million; and Medicinal and Pharmaceutical Products, $93.38 million. 

            Aggregate payment for the country’s top ten imports for November 2013 reached $4.047 billion or 77.3 percent of the total import bill.

 

 

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 30.8 PERCENT OF THE TOTAL IMPORTS

            Payments in November 2013 for Raw Materials and Intermediate Goods accounted for 30.8 percent of the total imports and valued at $1.615 billion.  It decreased by 7.1 percent over last year's figure of $1.738 billion.  On a month-on-month basis, purchases also went down by 13.7 percent from $1.871 billion. Semi-Processed Raw Materials had the biggest share of 28.2 percent and valued at $1.477 billion.

            Total imports of Capital Goods, comprising 30.6 percent of the total imports, went up by 12.1 percent to $1.603 billion in November 2013 from $1.430 billion in November 2012.

            Mineral Fuels, Lubricants and Related Materials with 23.4 percent share to total imports decreased by 3.5 percent from $1.268 billion in November 2012 to $1.223 billion in November 2013.

            Purchases of Consumer Goods registered a 0.8 percent decrease from $725.40 million in November 2012 to $719.97 million in November 2013.  

            Special Transactions went up by 57.8 percent to $73.86 million from $46.82 million in November 2012.

 

 

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 12.8 PERCENT

            People’s Republic of China was the country’s biggest source of imports with 12.8 percent share.  Payments were recorded at $671.12 million, an increase of 14.6 percent from $585.38 million in November 2012.   Revenue from country’s exports to China, on the other hand, reached $516.04 million, generating a total trade value of $1.187 billion and $155.08 million trade deficit.

            United States of America (USA) including Alaska and Hawaii was second biggest source of imports for November 2013 with 9.9 percent share of the total import bill, higher by 7.0 percent from $486.51 million to $520.45 million in November 2013.  Exports to USA amounted to $589.33 million, yielding a two-way trade value of $1.110 billion and a trade surplus for the country of $68.87 million.

            Republic of Korea , came third, accounting for 8.4 percent share of the total import bill in November 2013 with a positive growth of 38.5 percent to $441.31 million from $318.57 million.  Exports to Korea amounted to $194.65 million resulting to a total trade value of $635.97 billion and a trade deficit of $246.66 million.

            Japan including Okinawa settled fourth accounting for 8.0 percent share of the total import bill in November 2013 or a decrease of 16.1 percent from $496.73 million to $416.72 million compared to same period. Exports to Japan amounted to $1.012 billion resulting to a total trade value of $1.429 billion and a trade surplus of $595.68 million.

            Fifth in rank was Taiwan, representing a 7.9 percent of the total import bill in November 2013, amounting to $412.75 million.  Meanwhile, export receipts from Taiwan in November 2013 reached $172.07 million yielding a total trade value of $584.82 million and a trade deficit of $240.68 million.

            Other major sources of imports for the month of November 2013 were: Singapore, $375.08 million; Thailand, $326.16 million; Saudi Arabia, $236.32 million; Indonesia, $231.25 million; and Malaysia, $229.91 million.

            Payments for imports from the top ten sources for November 2013 amounted to $3.861 billion or 73.8 percent of the total.

 

 

IMPORTS FROM EAST ASIA VALUED AT $2.049 BILLION 

            Philippines’ total imports in November 2013 from East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 39.1 percent of the country’s total imports with total payments of $2.049 billion, higher by 5.2 percent from $1.949 billion in November 2012. Total exports to member-countries of East Asia were valued at $2.309 billion resulting to a total trade of $4.358 billion and a balance of trade in goods (BOT-G) surplus of $259.37 million.

            Imported goods from ASEAN member-countries for November 2013 registered at $1.215 billion, contributed 23.2 percent share, increasing by 6.6 percent from $1.140 billion registered in November 2012.  Exports to ASEAN member-countries were worth $676.32 million, resulting to a total trade of $1.891 billion and a trade deficit of $538.31 million.

            Imports from European Union were valued at $556.24 million.  It increased by 34.10 percent compared to a year ago recorded value of $414.79 million.  Exports to member-countries of European Union were worth $477.24 million, resulting to a total trade value of $1.033 billion and a trade deficit of $79.00 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).
  1. 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   NSCB   Resolution No. 03, Series of 2005 entitled “Approving and Adopting the 2004 Philippine Standard Commodity Classification” by all concerned government agencies and instrumentalities.

 

 

 

CARMELITA N. ERICTA

Administrator

 

 

 

 

 

 

 

 

 

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