External Trade Performance : October 2011

Reference Number: 

2011-102

Release Date: 

Wednesday, December 28, 2011

 

p - preliminary
r - revised

 Total external trade in goods for January to October 2011 reached $91.815 billion, representing a 4.1 percent increment from $88.178 billion registered during the same period a year earlier. Similarly, total imports grew by 12.2 percent to $50.521 billion compared to $45.028 billion posted during the same period a year earlier. Aggregate exports, on the other hand, fell by 4.3 percent from $43.150 billion in January to October of previous year to $41.293 billion.  Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit of $9.228 billion, a value higher than the $1.878 billion deficit recorded during the same period in 2010.

Figure 2A  Philippine Trade Performance in January - October : 2011 and 2010

Figure 2B  Philippine Trade Performance in October : 2011 and 2010

 OCTOBER  2011 IMPORTS UP BY 2.3 PERCENT

The country’s total merchandise imports for October 2011 were estimated at $5.019 billion, higher by 2.3 percent from $4.904 billion in 2010. Month-on-month, however, it dropped by 1.1 percent from $5.076 billion in September 2011.   Total trade for October 2011 was registered at $9.107 billion, a decrement of 6.0 percent from $9.693 billion in October 2010.  Thus, the balance of trade in goods (BOT-G) registered a deficit of $932.00 million, higher than the last year’s deficit at $116.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 24.6 PERCENT OF IMPORT BILL

Accounting for 24.6 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 October 2011 with value placed at $1.235 billion. However, it declined by 19.9 percent from $1.542 billion registered in October 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share at 17.6 percent, also contracted by 27.4 percent from $1.220 billion last year to $885.55 million in October 2011.

Imports of Mineral Fuels, Lubricants and Related Materials ranked second in October 2011 amounting to $1.159 billion. It expanded by 28.4 percent over last year's figure of $902.82 million.

Transport Equipment, registered as the country’s third top import for the month with 6.7 percent share to total imports and valued at $337.49 million. The amount was lower by 9.1 percent from $371.32 million posted a year ago.

Industrial Machinery and Equipment contributing 5.3 percent to the total import bill was the PH’s fourth top import for the month with payments placed at $267.20 million, an annual growth of 13.4 percent from last year’s $235.60 million.

Fifth in rank and with a 2.6 percent share to total imports was Iron and Steel amounting to $132.89 million; higher by 38.6 percent from its year ago level of $95.89 million.

Plastics in Primary and Non-Primary Forms ranked sixth, comprising 2.5 percent of total imports registered $123.77 million, improved by 2.2 percent from last year’s record of $121.09 million.

Rounding up the list of the top ten imports for 2011 were Organic and Inorganic Chemicals valuing at $122.39 million (2.4%); Telecommunication Equipment and Electrical Machinery including telecommunications and sound recording and reproducing apparatus and equipment, amounting to $98.90 million (2.0%); Cereals and Cereal Preparations, registering the highest positive annual growth among the top ten imports in October 2011 at 68.2 percent with $84.94 million (1.7%); and Medicinal and Pharmaceutical Products, $78.25 million (1.6%).

Aggregate payment for the country’s top ten imports for October 2011 reached $3.640 billion or 72.5 percent of the total import bill.

 RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 35.4 PERCENT OF THE TOTAL IMPORTS

Accounting for 35.4 percent of the total imports, payments in October 2011 for Raw Materials and Intermediate Goods amounted to $1.779 billion or an equivalent 1.0 percent decrease over last year's figure of about $1.797 billion.  Compared to previous month’s level, purchases also fell by 12.3 percent from $2.029 billion. Semi-Processed Raw Materials had the biggest share at 31.3 percent and valued at $1.574 billion or an annual increase of 4.2 percent from about $1.510 billion registered last year.

Expenditures for Capital Goods comprising 27.9 percent of the total imports, was down by 10.8 percent from about $1.569 billion in October 2010 to $1.399 billion.

Mineral Fuels, Lubricants and Related Materials with 23.10 percent share, expanded by 28.4 percent to $1.159 billion from $902.82 million in October 2010.

Purchases of Consumer Goods grew by 10.1 percent to $617.93 million from $561.33 million in October 2010. On the other hand, Special Transactions were  lower by 14.0 percent from $74.59 million to $64.15 million in October 2011.

 IMPORTS FROM JAPAN ACCOUNTS FOR 12.1 PERCENT

Comprising 12.1 percent share of the total import bill in October 2011, Japan, including Okinawa was reported as the country’s biggest source of imports with $606.42 million, an increase of 0.8 percent from $601.36 million in October 2010.   Exports to Japan amounted to $827.75 million, yielding a two-way trade value of $1.434 billion and a trade surplus for PH of $221.33 million.

United States of America (USA) including Alaska and Hawaii, was the second biggest source of imports with 9.8 percent share and recorded payments worth $493.68 million.   This number represented a 2.5 percent increment from $481.58 million registered in October 2010.  Revenue from PH’s exports to USA, on the other hand, reached $607.23 million, generating a total trade value of $1.101 billion and $113.55 million trade surplus for the Philippines.

People’s Republic of China with a 9.5 percent share to total imports followed as the third biggest source of imports at $476.34 million, higher by about 9.0 percent from $437.16 million during the same month in 2010. Exports to People’s Republic of China, amounted to $568.02 million resulting to a total trade value of $1.044 billion and a trade surplus of $91.68 million.

Singapore settled fourth, accounting for 8.1 percent share of the total import bill in October 2011 at $407.08 million or an annual negative growth of 3.4 percent from $421.51 million in October 2010.  Exports to Singapore amounted to $273.17 million resulting to a total trade value of $680.25 million and a trade deficit of $133.91 million.

Fifth in rank was Republic of Korea, representing 8.0 percent of the total import bill in October 2011 amounted to $402.91 million or a year-on year positive growth of 30.2 percent. Meanwhile, export receipts from Republic of Korea reached $192.39 million yielding a total trade value of $595.30 billion and a trade deficit of $210.53 million.

Other major sources of imports for October 2011 were Saudi Arabia, $335.25 million (6.7%); Taiwan, $327.80 million (6.5%); Thailand, $287.20 million (5.7%); Malaysia, including Sabah and Sarawak, $271.41 million (5.4%); and Indonesia, $232.63 million (4.6%).

Payments for imports from the top ten sources for October 2011 amounted to $3.841 billion or about 76.5 percent of the total.

IMPORTS FROM EAST ASIA WORTH $1.942 BILLION

Total imports of the Philippines from East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 38.7 percent with payments posted at $1.942 billion or a 7.9 percent increase from October 2010 level at $1.800 billion.  Total exports to member-countries of East Asia on the other hand, were valued at $2.022 billion, resulting to a total trade of about $3.964 billion and a balance of trade in goods (BOT-G) surplus of $80.19 million.

Philippine imports from ASEAN member-countries representing 25.0 percent share in October 2011 amounted to $1.256 billion, an increase of 0.8 percent from $1.247 billion registered in October 2010. Meanwhile, exports to ASEAN member-countries were worth $643.20 million, resulting to a total trade of about $1.900 billion and a trade deficit of $613.21 million.

Imports from European Union comprising 6.8 percent share to total imports were valued at $340.77 million while exports to member-countries of European Union amounted to $503.57 million.  This aggregated to total trade of $844.35 million and a trade surplus of $162.80 million for the Philippines.

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 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
Administrator

 

 

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

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