EXTERNAL TRADE PERFORMANCE
p - preliminary
r - revised
JANUARY TO SEPTEMBER 2011 TOTAL TRADE STANDS AT $82.765 BILLION
Total external trade in goods for January to September 2011 reached $82.765 billion, representing a 5.5 percent increment from $78.485 billion registered during the same period a year earlier. Similarly, total imports grew by 13.5 percent to $45.560 billion from $40.124 billion. On the other hand, aggregate exports fell by 3.0 percent from $38.362 billion in January to September of previous year to $37.205 billion. Thus, the balance of trade in goods (BOT-G) for the Philippines posted a deficit at $8.355 billion for the three quarters of 2011, a value higher than the $1.762 billion deficit recorded during the same period in 2010.
Figure 2A Philippine Trade Performance in January - September : 2011 and 2010
Figure 2B Philippine Trade Performance in September : 2011 and 2010
SEPTEMBER 2011 IMPORTS UP BY 11.7 PERCENT
The country’s total merchandise imports for September 2011 were estimated at $5.134 billion, higher by 11.7 percent from $4.597 billion in 2010. Similarly, month-on-month, it improved by 4.3 percent from $4.925 billion recorded in August 2011. Total trade for September 2011 was registered at $9.031 billion, a decrement of 9.1 percent from $9.938 billion in September 2010. Thus, the balance of trade in goods (BOT-G) registered a deficit at $1.238 billion, lower than the last year’s surplus at $744.00 million.
ELECTRONIC PRODUCTS ACCOUNT FOR 28.1 PERCENT OF IMPORT BILL
Accounting for 28.1 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 September 2011 with value placed at $1.443 billion. However, it declined by 11.6 percent from $1.632 billion registered in September 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share at 21.3 percent, contracted by 16.9 percent from $1.314 billion last year to $1.092 billion in September 2011.
Imports of Mineral Fuels, Lubricants and Related Materials ranked second in September 2011 amounting to $941.17 million. It expanded by 27.0 percent over last year's figure of $740.83 million.
Transport Equipment, registered as the country’s third top import for the month with 7.8 percent share to total imports and valued at $399.81 million. The amount improved by 34.8 percent from $296.49 million posted a year ago.
Industrial Machinery and Equipment contributing 5.0 percent to the total import bill was the PH’s fourth top import for the month with payments placed at $255.47 million, an annual growth of 18.0 percent from last year’s $216.56 million.
Fifth in rank and with a 3.1 percent share to total imports, Metalliferous Ores and Metal Scrap recorded $160.27 million; higher by 0.6 percent from its year ago level of $159.38 million.
Organic and Inorganic Chemicals ranked sixth, comprising 2.9 percent of total imports registered $150.45 million, up by 35.7 percent from last year’s record of $110.85 million.
Rounding up the list of the top ten imports for 2011 were Plastics in Primary and Non-Primary Forms valued at $140.41 million (2.7%); Iron and Steel, amounting to $121.07 million (2.4%); Cereal and Cereal Preparations, registered the highest positive annual growth among the top ten imports in September 2011 at 54.3 percent with $120.60 million (2.3%); and Telecommunication Equipment and Electrical Machinery including telecommunications and sound recording and reproducing apparatus and equipment, $104.50 million (2.0%).
Aggregate payment for the country’s top ten imports for 2011 reached $3.836 billion or 74.7 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 39.5 PERCENT OF THE TOTAL IMPORTS
Accounting for 39.5 percent of the total imports, payments in September 2011 for Raw Materials and Intermediate Goods amounted to $2.028 billion or an 11.2 percent increase over last year's figure of about $1.824 billion. Compared to the previous month’s level, purchases increased by 11.2 percent from $1.824 billion. Semi-Processed Raw Materials had the biggest share at 33.3 percent and valued at $1.712 billion or an annual increase of 11.4 percent from $1.536 billion registered last year.
Expenditures for Capital Goods comprising 29.1 percent of the total imports, was higher by 5.2 percent to $1.493 billion from $1.419 billion in September 2010.
Mineral Fuels, Lubricants and Related Materials with 18.3 percent share, expanded by 27.0 percent to $941.17 million from $740.83 million in September 2010.
Purchases of Consumer Goods grew by 9.3 percent to $597.86 million from $546.78 million in September 2010. Similarly, Special Transactions was up by 11.9 percent to $74.86 million from $66.88 million in September 2010.
IMPORTS FROM JAPAN ACCOUNTS FOR 12.2 PERCENT
Comprising 12.2 percent share of the total import bill, Japan, including Okinawa was reported as the country’s biggest source of imports for September 2011 with $627.43 million, an increase of 12.8 percent from $556.04 million in September 2010. Exports to Japan amounted to $685.16 million, yielding a two-way trade value of $1.313 billion and a trade surplus for PH of $57.73 million.
United States of America (USA) including Alaska and Hawaii, was the second biggest source of imports with 10.7 percent share and recorded payments worth $547.68 million. This number represents an 11.5 percent increment from $491.06 million registered in September 2010. Revenue from PH’s exports to USA, on the other hand, reached $518.73 million, generating a total trade value of $1.066 billion and $28.95 million trade deficit for the Philippines.
People’s Republic of China with a 9.7 percent share to total imports followed as the third biggest source of imports at $498.72 million, higher by 25.8 percent from $396.32 million during the same month in 2010. Exports to People’s Republic of China, amounted to $547.64 million resulting to a total trade value of $1.046 billion and a trade surplus of $48.92 million.
Singapore settled fourth, accounting for 7.5 percent share of the total import bill in September 2011 at $383.14 million or an annual negative growth of 7.7 percent from $415.12 million in September 2010. Exports to Singapore amounted to $299.24 million resulting to a total trade value of $682.38 million and a trade deficit of $83.90 million.
Fifth in rank was Saudi Arabia, representing 6.6 percent of the total import bill in September 2011 amounted to $337.47 million or a year-on year positive growth of 108.1 percent. Meanwhile, export receipts from Saudi Arabia reached $4.96 million yielding a total trade value of $342.43 billion and a trade deficit of $332.51 million.
Other major sources of imports for September 2011 were Thailand, $325.68 million (6.3%); Republic of Korea, $301.57 million (5.9%); Taiwan, $291.40 million (5.7%); Indonesia, $240.88 million (4.7%); and Germany, $191.78 million (3.7%).
Payments for imports from the top ten sources for September 2011 amounted to $3.746 billion or about 73.0 percent of the total.
IMPORTS FROM EAST
Total imports of the Philippines from East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 36.2 percent with payments posted at $1.859 billion or a 10.3 percent increase from September 2010 level of $1.685 billion. Total exports to member-countries of East Asia on the other hand, were valued at $1.851 billion, resulting to a total trade of about $3.710 billion and a balance of trade in goods (BOT-G) deficit of $8.40 million.
Philippine imports from ASEAN member-countries representing 23.3 percent share in September 2011 amounted to $1.195 billion, an increase of 1.5 percent from $1.178 billion registered in September 2010. Meanwhile, exports to ASEAN member-countries were worth $702.89 million, resulting to a total trade of $1.898 billion and a trade deficit of $492.43 million.
Imports from European Union comprising 8.1 percent share to total imports were valued at $414.80 million while exports to member-countries of European Union amounted to $494.80 million. This aggregated to total trade of $908.82 million and a trade surplus of $79.21 million for the Philippines.
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
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
Source: Foreign Trade Statistics Section
Industry and Trade Statistics Department
National Statistics Office