External Trade Performance : October 2014

Reference Number: 

2014-086

Release Date: 

Tuesday, December 23, 2014

EXTERNAL TRADE PERFORMANCE

 

OCTOBER 2014

(Preliminary)

 

 

October

 

2014 p

2013 r

 

TOTAL IMPORTS

     FOB Value in Million US Dollars

     Year-on-Year Growth (Percent)  

Electronic Products

     FOB Value in Million US Dollars

     Year-on-Year Growth (Percent)

 

 

5,206.65

7.5

 

1,106.93

-  11.3

 

 

 4,844.03

    - 8.2

 

1,247.28

     - 7.3

 

Top 10 Philippine Imports from All Countries: October 2014 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Plastics in Primary and Non-Primary Forms
71.5
Transport Equipment
-11.9
Iron and Steel
67.0
Electronic Products
-11.3
Other Food and Live Animals
59.7
 
 
Miscellaneous Manufactured Articles
51.2    

Mineral Fuels, Lubricants and Related Materials

18.7    

Telecommunication Equipment and Electrical Machinery

14.8    
Industrial Machinery and Equipment

11.2

 

 

Cereals and Cereal Preparations

9.9

 

 

p-preliminary, r-revised

 

 

IMPORTS INCREASE BY 7.5 PERCENT IN OCTOBER 2014

Total external trade in goods for October 2014 amounting to $5.207 billion, increased by 7.5 percent from $4.844 billion recorded during the same period a year ago. The increase in total imports for this period was due to the positive performance of eight out of the top ten major commodities for the month.  These were: Plastics in Primary and Non-Primary Forms; Iron and Steel; Other Food & Live Animals; Miscellaneous Manufactured Articles; Mineral Fuels, Lubricants and Related Materials; Telecommunication Equipment and Electrical Machinery; Industrial Machinery and Equipment; and Cereals and Cereal Preparations.

Cumulative imports for January to October 2014 amounted to $53.420 billion and showed a 4.0 percent increase compared with $51.373 billion in the same period of last year.

The balance of trade in goods (BOT-G) for the Philippines in October 2014 registered a deficit of $56 million compared to the $183 million trade surplus in the same period last year.

ELECTRONIC PRODUCTS ACCOUNTS FOR 21.3 PERCENT OF IMPORT BILL

Inward shipments of Electronic Products were the top imported commodity in October 2014, accounting for 21.3 percent of the aggregate import bill and value amounting to $1.107 billion.  It decreased by 11.3 percent over last year's figure of $1.247 billion.  Among the major groups of electronic products, Components/Devices (Semiconductors), although having the biggest share of 15.0 percent among electronic products, decreased by 16.5 percent from $934.07 million in October 2013 to $780.36 million in October 2014.

Imports of Mineral Fuels, Lubricants and Related Materials ranked second with 16.4 percent share and reported value of $852.77 million in October 2014.  It expanded by 18.7 percent from $718.30 million in October 2013.

Transport Equipment placed third with 10.7 percent share to total imports valued at $558.20 million.  It decelerated by 11.9 percent from previous year’s level of $633.48 million.

Industrial Machinery and Equipment, contributing 5.3 percent to the total import bill was the country’s fourth top import for the month amounting to $273.38 million.  It went up by 11.2 percent compared to last year’s value of $245.91 million.

Fifth in rank and with 4.5 percent share to the total imports, Other Food and Live Animals recorded $232.74 million worth of imports.  It registered a 59.7 percent increase from its year ago level of $145.71 million.

Rounding up the list of the top ten imports for October 2014 were:  Plastics in Primary and Non-Primary Forms valued at $198.13 million; Miscellaneous Manufactured Articles, $175.48 million; Iron and Steel, $152.32 million; Cereals and Cereal Preparations amounting to $135.35 million; and Telecommunication Equipment and Electrical Machinery, $125.05 million. 

Aggregate payment for the country’s top ten imports for October 2014 reached $3.810 billion or 73.2 percent of the total import bill.

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTS FOR 35.9 PERCENT OF THE TOTAL IMPORTS

Payments for purchases of Raw Materials and Intermediate Goods in October 2014 valued at $1.872 billion and accounted for 35.9 percent of the total imports.  It decreased by 0.8 percent over last year's figure of $1.886 billion.  Semi-Processed Raw Materials had the biggest share of 33.4 percent valued at $1.739 billion. 

Payments for inward shipments of Capital Goods accounting for 28.4 percent of the total imports, declined by 1.6 percent from $1.500 billion in October 2013 to $1.477 billion in October 2014. 

Purchases of Consumer Goods recorded 18.4 percent share with a total import bill valued at $959.18 million in October 2014.  It increased by 35.8 percent from $706.08 million registered in October 2013.  

Mineral Fuels, Lubricants and Related Materials with 16.4 percent share to total imports increased by 18.7 percent to $852.77 million in October 2014 from $718.30 million in October 2013.  Other mineral fuel and lubricants such as gas oils, motor spirit (regular and premium unleaded) and aviation spirit contributed the biggest share of imports in this commodity group.

Special Transactions rose by 39.1 percent to $46.47 million in October 2014 from $33.41 million in same month last year.

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 16.4 PERCENT

People’s Republic of China remained as the country’s biggest source of imports with 16.4 percent share in October 2014.  Payments were recorded at $851.84 million, an increase of 35.2 percent from $630.09 million in October 2013.   Revenue from country’s exports to China, on the other hand, reached $624.03 million, generating a total trade value of $1.476 billion and $227.81 million trade deficit.

Japan including Okinawa was the second biggest source of imports for October 2014 with 8.6 percent share to the total import bill amounting to $448.13 million and increased by 5.2  percent  from  $425.87  million  in  October 2013.    Exports to Japan amounted to $1.124 billion,  yielding a two-way trade value of $1.572 billion and a trade surplus of $675.69 million.

Taiwan came third, contributing 7.9 percent of the total import bill in October 2014, with import value of $411.58 million.  It increased by 6.9 percent from its October 2013 value of $384.85 million.  Export receipts from Taiwan in October 2014 reached $180.20 million yielding a total trade value of $591.78 million and a trade deficit of $231.38 million.

United States of America (USA) including Alaska and Hawaii ranked fourth, accounting for 7.8 percent share of the total import bill in October 2014 with a negative growth of 11.9 percent from $460.68 million to $405.99 million in October 2014.  Exports  to  this country amounted to $779.08 million resulting to a total trade value of $1.185 billion and a trade surplus of $373.09 million.

Fifth in rank was Singapore accounting for 7.0 percent share of the total import bill worth $362.73 million in October 2014 and increased by 23.4 percent from $293.85 million in October 2013.  Exports to Singapore amounted to $371.79 million resulting to a total trade value of $734.52 million and a trade surplus of $9.06 million.

Other   major   sources   of   imports   for   the month of October 2014 were:   Thailand,  $357.36  million;   Republic  of   Korea,  $353.77  million;     Indonesia,  $316.29 million; Malaysia, $275.98 million; and Germany, $180.61 million.

Aggregate payments for imports from the top ten sources for October 2014 amounted to $3.964 billion or 76.1 percent of the total.

IMPORTED GOODS FROM EAST ASIA ACCOUNTS FOR 42.7 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 October 2014 as it accounted for 42.7 percent of the total imports valued at $2.225 billion.  It increased by 18.5 percent from $1.878 billion in October 2013.  Total exports to member countries of East Asia amounted to $2.633 billion resulting to a total trade of $4.858 billion and a trade surplus of $407.95 million.

Goods imported from ASEAN member countries were valued at $1.438 billion, contributing 27.6 percent share and increased by 32.9 percent from $1.082 billion recorded in October  2013.   Proceeds  from exports to ASEAN member countries were worth $776.90 million,  resulting  to  a  total  trade  of  $2.215 billion  and  a  trade  deficit of $660.93 million.

Imports  from  European  Union  were valued at $519.37 million.  It declined by 25.1 percent compared to a year ago value of $693.33 million.  Exports to member countries of European Union were worth $604.59 million, resulting to a total trade of $1.124 billion and a trade surplus of $85.22 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.

 

 

 

(Sgd.) LISA GRACE S. BERSALES, Ph. D.

National Statistician

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