External Trade Performance : October 2010

Reference Number: 

2010-172

Release Date: 

Thursday, December 23, 2010

 

EXTERNAL TRADE PERFORMANCE
October 2010

(Preliminary)

p - preliminary
r - revised

JANUARY TO OCTOBER 2010 TOTAL TRADE STOOD AT $87.911 BILLION

Total external trade in goods for January to October 2010 reached $87.911 billion, a 31.4 percent increment from $66.897 billion registered during the same period in 2009. Total imports posted a 26.3 percent annual increase to $44.826 billion from $35.501 billion. Similarly, an increase of 37.2 percent for merchandise exports was noted to $43.084 billion in January to October of 2010 from $31.397 billion during the same period in 2009. Thus, the balance of trade in goods (BOT-G) for the Philippines registered a deficit of $1.742 billion during the 10-month period in 2010, a value lower than the $4.104 billion deficit in the same 10-month period last year.

Figure 1A Philippine Trade Performance in January - October : 2010 and 2009
(F.O.B. Value in Million US Dollars)

Figure 1B Philippine Trade Performance in October : 2010 and 2009
(F.O.B. Value in Million US Dollars)

OCTOBER 2010 IMPORTS INCREASED BY 28.4 PERCENT

Combined import and export merchandise trade for October 2010 was up by 27.9 percent to $9.664 billion from $7.556 billion in October 2009. Total merchandise imports increased at 28.4 percent to $4.888 billion from $3.808 billion in October 2009. Total exports, on the other hand, rose by 27.4 percent to $4.776 billion from $3.748 billion in October 2009. The balance of trade in goods (BOT-G) in October 2010 posted a deficit of $112.00 million compared to last year�s recorded deficit of $60.00 million. On a month-on-month basis, total imports for October 2010 grew by 6.9 percent from $4.573 billion recorded in September 2010.

ELECTRONIC PRODUCTS ACCOUNTED FOR 31.5 PERCENT OF IMPORT BILL

Accounting for 31.5 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in October 2010 amounted to $1.541 billion. It went up by 11.7 percent over last year's figure of $1.380 billion. On a monthly basis, it decline by 5.6 percent from $1.632 billion recorded in September 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 25.0 percent, expanded by 20.2 percent to $1.220 billion from $1.015 billion in October 2009.

Imports of Mineral Fuels, Lubricants and Related Materials in October 2010 ranked second with 18.4 percent share and posted a positive growth of 47.3 percent to $901.52 million from $612.11 million in October 2009.

Transport Equipment was the RP�s third top imports for the month with 7.6 percent share to total imports at $370.49 million. The value improved by 91.2 percent from it�s previous year level of $193.74 million.

Industrial Machinery and Equipment, contributing 4.8 percent to the total import bill, was the RP�s fourth top import for the month with payments placed at $235.15 million, an increase of 23.1 percent from last year�s level of $191.06 million.

Fifth in rank and with 3.9 percent share to the total imports, Metalliferous Ores and Metal Scrap accelerated by 159.4 percent or $189.27 million, the highest annual growth rate among the top ten imports from its year ago level of $72.96 million.

Organic and Inorganic Chemicals ranked sixth, comprising 2.9 percent of the total imports, recorded $140.34 million, higher by 38.2 percent from its year ago level of $101.53 million.

Rounding up the list of the top ten imports for October 2010 were Plastics in Primary and Non-Primary Forms worth $120.58 million, gained by 58.4 percent; Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment) amounting to $102.25 million increased by 26.8 percent; Iron and Steel valued at $95.98 million and the only commodity group among the top ten imports for October 2010 that showed an annual negative growth of 9.5 percent; and Medicinal and Pharmaceutical Products with purchases placed at $71.70 million rose by 36.5 percent.

Aggregate payment for the country�s top ten imports for October 2010 reached $3.769 billion or 77.1 percent of the total import bill.

Figure 2 Philippine Top Six Imports in October : 2010 and 2009
(F.O.B. Value in Million US Dollars)

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 36.6 PERCENT OF THE TOTAL IMPORTS

Accounting for 36.6 percent of the total imports, payments in October 2010 for Raw Materials and Intermediate Goods amounted to $1.789 billion or a 20.2 percent increment over last year's figure of $1.488 billion. Compared to the previous month�s level, purchases lowered by 1.5 percent from $1.816 billion. From among this group, Semi-Processed Raw Materials representing the biggest share of 30.7 percent was valued at $1.502 billion or 15.9 percent annual growth.

Capital Goods, which comprised 32.1 percent of the total imports, grew by 27.8 percent year-on-year to $1.567 billion from $1.227 billion in October 2009.

Mineral Fuels, Lubricants and Related Materials with 18.4 percent share, went up by 47.3 percent to $901.52 million from $612.11 million in October 2009.

Purchases of Consumer Goods amounted to $556.33 million or a 33.6 percent increment from $416.26 million in October 2009. Similarly, Special Transactions advanced by 13.8 percent to $74.26 million from $65.24 million in October 2009.

Figure 3 Philippine Imports by Major Type of Goods in October : 2009 and 2010
(F.O.B. Value in Million US Dollars)

IMPORTS FROM JAPAN ACCOUNTED FOR 12.3 PERCENT

Japan including Okinawa, was the country�s biggest source of imports for October 2010 with 12.3 percent share of the total import bill, higher by 20.0 percent to $601.20 million from $500.95 million in October 2009. Exports to Japan amounted to $762.35 million, yielding a two-way trade value of $1.364 billion and a trade surplus for RP of $161.15 million.

United States of America (USA) including Alaska and Hawaii, the second biggest source of imports with 9.8 percent share, recorded payments worth $481.47 million, up by 10.1 percent from $437.41 million recorded in October 2009. Revenue from RP�s exports to USA, on the other hand, reached $696.85 million, generating a total trade value of $1.178 billion and $215.38 million trade surplus for the Philippines.

People�s Republic of China came third, accounting for 8.9 percent share of the total import bill in October 2010 increased by 68.4 percent to $436.66 million from $259.27 million during the same month in 2009. Exports to People�s Republic of China amounted to $564.96 million resulting to a total trade value of $1.002 billion and a trade surplus of $128.30 million.

Singapore settled fourth, accounting for 8.6 percent share of the total import bill in October 2010 or a 23.5 percent increment to $421.92 million from $341.59 million during the same month in 2009. Exports to Singapore amounted to $860.80 million resulting to a total trade value of $1.283 billion and a trade surplus for the Philippines of $438.89 million.

Fifth in rank is Taiwan, representing 6.7 percent of the total import bill in October 2010, amounted to $326.71million. Meanwhile, export receipts from Taiwan in October 2010 reached $151.92 million yielding a total trade value of $478.63 million and a trade deficit of $174.79 million.

Other major sources of imports for the month of October 2010 were Saudi Arabia, $314.51 million; Republic of Korea, $306.29 million; Thailand, $303.32 million; Indonesia, $223.23 million; and Malaysia (including Sabah and Sarawak, $197.98 million.

Payments for imports from the top ten sources for October 2010 amounted to $3.613 billion or 73.9 percent of the total.

Figure 4 Philippine Imports by Country in October : 2010

IMPORTS FROM EASTERN ASIA WORTH $1.793 BILLION

Philippines total imports in October 2010 from Eastern Asia accounted for 36.7 percent of the county�s total imports with total payments worth $1.793 billion or a positive annual growth of 22.0 percent from October 2009 level of $1.470 billion. Total exports to member-countries of Eastern Asia was valued at $1.978 billion, resulting to a total trade of $3.771 billion and a balance of trade in goods (BOT-G) surplus of $185.06 million.

Imports from ASEAN member-countries in October 2010 amounted to $1.243 billion, a 25.4 percent share contribution to total imports. It was higher by 36.2 percent from $912.55 million registered in October 2009. Exports to ASEAN member-countries amounted $1.232 billion, resulting to a total trade of $2.475 billion and a trade deficit of $11.52 million.

October 2010 imports from European Union were valued at $375.06 million while exports to member-countries of European Union were worth $522.37 million. It aggregated to a total trade of $897.43 million and a trade surplus of $147.31 million for the Philippines.

Figure 5 Philippine Imports by Selected Economic Bloc in October : 2009 & 2010
(F.O.B. Value in Million US Dollars)

Notes:

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 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

Technical Notes:

1. Adjustments on electronic import statistics are based on the transactions that pass through the Automated Cargo Operating System (ACOS) 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
Administrator

 

Source: Foreign Trade Statistics Section
             Industry and Trade Statistics Department
             National Statistics Office
             Manila, Philippines

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