EXTERNAL TRADE PERFORMANCE

NOVEMBER 2015

(Preliminary)

p-preliminary, r-revised

IMPORTS INCREASES BY 10.1 PERCENT IN NOVEMBER 2015

The   total   imported   goods by the country for the month of November 2015 amounted to $6.095 billion, an increase of 10.1 percent from $5.536 billion recorded during the same period a year ago. This increase was due to the positive performance of five out of the top ten major imported commodities for the month led by electronic products (68.8%).  The other four positive performers were: industrial machinery and equipment (37.3%); telecommunication equipment and electrical machinery (26.8%); transport equipment (19.8%); and cereals and cereal preparations (1.9%).  (Table 2)

On the other hand, imports for the period January to November 2015 registered a 4.5 percent increment, that is from $59.928 billion in 2014 to $62.629 billion in same period of 2015.

The balance of trade in goods (BOT-G) for the Philippines in November 2015, however, registered a deficit of $976.87 million higher than the $361.35 million trade deficit in the same period last year.  (Table 1)

ELECTRONIC PRODUCTS ACCOUNT FOR 35.0 PERCENT OF IMPORT BILL

Total   payment   for   the   country’s   top ten imports for November 2015 reached $4.591 billion or 75.3 percent of the total import bill.  (Table 2)

Inbound shipments   of   Electronic   Products    in  November 2015 accounted  for 35.0 percent  of the total import bill with value amounting to $2.131 billion.  It rose by 68.8 percent over last year's figure of $1.263 billion.  Components/Devices (Semiconductors), having the biggest share  of 26.1 percent among electronic products, increased by 74.1 percent to $1.589 billion in November 2015 from $912.47 million in November 2014.

Minerals   Fuels,   Lubricants    and    Related   Materials  placed    second    with  9.6 percent share to total imports valued at $582.85 million.  This registered a decrease of 40.1 percent from its previous year’s level of $972.53 million.

Transport Equipment, contributing 7.9 percent to the total import bill was the country’s    third    top import for the month amounting to  $484.31 million.   It went up by 19.8 percent compared to last year’s value of $404.26 million.

Imports of Industrial Machinery and Equipment ranked fourth with 6.1 percent share and reported value of $369.14 million in November 2015.  It grew by 37.3 percent from $268.89 million in November 2014.

Cereals and Cereal Preparations ranked   fifth, with 3.4 percent share to the total imports which valued at $209.10 million in November 2015.  It registered a 1.9 percent growth from its year ago level of $205.15 million.

Rounding up the list of the top ten imports for November 2015 were: 

• Other Food and Live Animals   valued  at $201.24 million 
• Miscellaneous Manufactured Articles, $171.18 million   
• Iron and Steel, $149.48 million
• Telecommunication Equipment and Electrical Machinery, $147.59 million 
• Plastics    in     Primary    and    Non – Primary   Forms, $145.08 million. 

PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS IS 41.4 PERCENT OF THE TOTAL IMPORTS

Total importation of Raw Materials and Intermediate Goods in November 2015 were valued at $2.522 billion,  accounting for 41.4 percent share of the total imports.  It increased by 14.0 percent over last year's figure of $2.213 billion.  Semi-Processed Raw Materials,  having   the biggest   share  of  this commodity group at 38.4 percent was $2.340 billion, went up by 16.3 percent compared to $2.012 billion in November 2014.  (Table 3)

Payments for inward shipments of Capital Goods accounted for 31.7 percent of the total  imports.  It   increased  by  40.8  percent  to  $1.934 billion in November 2015 from $1.374 billion in November 2014. 

Purchases of Consumer Goods recorded 16.8 percent share with a total import bill valued at $1.024 billion in November  2015.   It recorded a positive   growth   of 8.0 percent from $948.48 million registered in November 2014.  

Mineral Fuels, Lubricants and Related Materials with 9.6 percent share to total imports,   decreased by 40.1 percent  from  $972.53  million  in November  2014  to  $582.85 million in November 2015.  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 5.8 percent and valued $352.51 million.  (Table 3)

Furthermore,   imports  of  Special  Transactions  went up by 10.6 percent to $32.16 million recorded in November 2015 from $29.06 million in November 2014. 

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 16.7 PERCENT

Aggregate payments from the top ten imports sources for November 2015 amounted to $4.922 billion or 80.8 percent of the total.  (Table 4)

People’s Republic of China remained as the country’s biggest source of imports at 16.7 percent share in November 2015.  Payments were recorded at $1.018 billion, an increase of 8.5 percent from $938.86 million in November 2014.   Revenue from the country’s exports to People’s Republic of China,   on   the   other   hand,   reached $503.51 million, generating a total trade value of $1.522 billion and $514.85 million trade deficit.  (Table 5)

Japan including Okinawa came second, contributing 11.8 percent or $721.06 million to the total import bill in November 2015.  It   grew by 60.7 percent from its November 2014 value of $448.76 million.  Export receipts from Japan in November 2015 reached $1.091 billion yielding  a  total trade  value  of  $1.812  billion and a favourable balance of trade of $369.73 million.  (Table 4 and 4a)

United States of America (USA) including Alaska and Hawaii was the third biggest source of imports for November 2015 with 10.2 percent share to the total import bill amounting to $619.55 million, a positive growth of 33.7 percent from $463.42 million in November 2014.  Exports to USA amounted to $716.61 million, yielding a two-way trade value of $1.336 billion and a trade surplus of $97.06 million.

Taiwan ranked fourth, accounting for 9.2 percent share of the total import bill in November  2015,  an increase  of 77.5 percent to $561.05 million in November 2015 from $316.14 million   in   November 2014.  Exports to this country amounted to $385.95 million resulting  to a total trade value of $947.00 million and a trade deficit of $175.10 million.

Republic of Korea placed fifth, accounting for 7.7 percent share of the total import bill  worth  $466.36 million in November 2015, an  increase of 16.1  percent   from   $401.76 million in  November 2014.  Exports to Republic of Korea amounted  to $202.67 million resulting to a total trade value of $669.03 million and a trade deficit of $263.68 million.  (Table 4 and 4a)

Other major sources of imports for the month of November 2015 were: Thailand, $465.36 million; Singapore, $423.47 million; Malaysia (includes Sabah and Sarawak), $245.02 million; Indonesia, $212.59 million; and Hong Kong, $189.44 million.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 48.5 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 November 2015 as it accounted for 48.5 percent of the total imports valued at $2.958 billion.  It increased by 30.8 percent from $2.261 billion in November 2014.  Total exports to countries of East Asia amounted to $2.748 billion resulting to a total trade of $5.706 billion and a trade deficit of $209.93 million.  (Table 4a and 5a)

Commodities imported   from   ASEAN   member   countries were valued at $1.504 billion, contributing 24.7 percent  share to total and registered an increment of 11.8 percent from $1.345 billion recorded in November 2014.  Proceeds from exports to ASEAN member countries were worth $712.01 million, resulting to a total trade of $2.216 billion and a trade deficit of $791.90 million.  (Table 4a and 5a)

Imports from European Union were valued at $420.49 million.  It dropped by 20.1 percent compared to a year ago value of $526.31 million. Exports to member countries of European Union were worth $617.55 million, resulting to a total trade of $1.038 billion and a trade surplus of $197.06 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 form by the importer.  These are the following import documents collected and processed by PSA:

       1.  Import Entry & Internal Revenue Declaration (BOC IEIRD Form 236)

       2.  Informal Import Declaration and Entry (BOC Form 177)

       3.  PEZA Warehousing Entry (BOC Form 242 CEWE)

Moreover, in lieu of the manual filling-up of documents, the Single Administrative Document (SAD), an electronic copy of the IEIRD is utilized to augment 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 10^th 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.  Revised statistical tables are made available 10 to 15 working days after the press release date.

Processing includes coding, editing, review and validation.  The Press Release is due every 25^th day of each month.

The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the imported commodities at the most detailed level for statistical purposes.

Data request of international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).