EXTERNAL TRADE PERFORMANCE

SEPTEMBER 2015

(Preliminary)

p-preliminary, r-revised

IMPORTS INCREASES BY 6.7 PERCENT IN SEPTEMBER 2015

The   total   imported   goods by the country for the month of September 2015 amounted to $6.170 billion, an increase of 6.7 percent from $5.783 billion recorded during the same period a year ago. This increase was due to the positive performance of seven out of the top ten major imported commodities for the month.  These were: metal products (115.4%); iron and steel (59.7%); industrial machinery and equipment (56.2%); transport equipment (43.0%); telecommunication equipment and electrical machinery (34.7%); electronic products (34.7%); and miscellaneous manufactured articles (4.6%).

Combined imports for the nine month period of 2015 amounted to $49.915 billion, a 2.3 percent increase compared with $48.803 billion in the same period of last year.

The balance of trade in goods (BOT-G) for the Philippines in September 2015 registered a deficit of $1.230 billion lower than the $63.33 million trade surplus in the same period last year.

ELECTRONIC PRODUCTS ACCOUNT FOR 32.3 PERCENT OF IMPORT BILL

Total   payment   for   the   country’s   top ten imports for September 2015 reached $4.558 billion or 73.9 percent of the total import bill.

Inbound shipments   of   Electronic   Products    in  September 2015     accounted  for    32.3  percent of the total import bill with value amounting to   $1.993 billion.  However, it rose by 34.7 percent over last year's figure of $1.480 billion.  Components/Devices (Semiconductors),   having the biggest   share  of 26.5 percent among electronic products, increased by 41.5 percent to $1.632 billion in September 2015 from $1.153 billion in September 2014.

Transport Equipment, contributing 9.3 percent to the total import bill was the country’s   second   top import for the month amounting to $572.37 million.  It went up by 43.0 percent compared to last year’s value of $400.27 million.

Minerals   Fuels,   Lubricants    and    Related   Materials  placed    third    with  9.2 percent share to total imports valued at $565.59 million.  This registered a decrease of 56.5 percent from its previous year’s level of $1.301 billion.

Imports of Industrial Machinery and Equipment ranked fourth with 7.6 percent share and reported value of $470.08 million in September 2015.  It grew by 56.2 percent from $300.90 million in September 2014.

Iron and Steel ranked fifth, with 3.3 percent share to the total imports which valued at $206.52 million in September 2015.  It registered a 59.7 percent increment from its year ago level of $129.34 million.

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

• Miscellaneous Manufactured Articles   valued  at $171.62 million 
• Other Food and Live Animals, $156.46 million   
• Telecommunication Equipment and Electrical Machinery, $151.17 million
• Metal Products, $141.04 million 
• Plastics    in     Primary    and    Non – Primary   Forms, $130.46 million. 

PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS IS 43.0 PERCENT OF THE TOTAL IMPORTS

Total importation of Raw Materials and Intermediate Goods in September 2015 were valued at $2.654 billion, accounting for 43.0 percent of the total imports.  It increased by 20.1 percent over last year's figure of $2.210 billion.  Semi-Processed Raw Materials,  having the biggest share of this commodity group at 40.0 percent was $2.465 billion, went up by 24.5 percent compared to $1.980 billion value in September 2014. 

Payments for inward shipments of Capital Goods accounted for 32.6 percent of the total  imports.  It   increased by 40.7 percent to $2.014 billion in September 2015 from $1.431 billion in September 2014. 

Purchases of Consumer Goods recorded 14.2 percent share with a total import bill valued at $876.83 million in September 2015.   It recorded  a positive growth of 10.1 percent from $796.36 million registered in September 2014.  

Mineral Fuels, Lubricants and Related Materials with 9.2 percent share to total imports, decreased by 56.5 percent from $1.301 billion in September 2014 to $565.59 million in September 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 4.2 percent and valued $259.8 million.

Furthermore,  imports  of  Special  Transactions  went up by 34.3 percent to $59.61 million recorded in September 2015 from $44.39 million in September 2014.

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 15.3 PERCENT

Aggregate payments from the top ten import sources for September 2015 amounted to $4.882 billion or 79.1 percent of the total.

People’s Republic of China remained as the country’s biggest source of imports at 15.3 percent share in September 2015.  Payments were recorded at $944.17 million, an increase of 16.8 percent from $808.46 million in September 2014.   Revenue from the country’s exports to China, on the other hand, reached $473.57 million, generating a total trade value of    $1.418 billion and $470.60 million trade deficit.

United States of America (USA) including Alaska and Hawaii was the second biggest source of imports for September 2015 with 11.2 percent share to the total import bill amounting to $691.09 million, a positive growth of 33.6 percent from $517.17 million in September 2014.  Exports to USA amounted to $726.24 million, yielding a two-way trade value of $1.417 billion and a trade surplus of $35.15 million.

Japan including Okinawa came third, contributing 11.1 percent or $685.22 million to the total import bill in September 2015.  It   grew by 52.3 percent from its September 2014 value of $449.90 million.  Export receipts from Japan in September 2015 reached $1.084 billion yielding a total trade value of $1.769 billion and a favourable balance of trade of $398.29 million.

Taiwan ranked fourth, accounting for 8.2 percent share of the total import bill in September 2015, a decrease by 2.0 percent from $517.87 million in September 2014   to $507.29 million   in   September 2015.  Exports to this country amounted to $173.54 million   resulting  to a total trade value of $680.83 million and a trade deficit of $333.76 million.

Republic of Korea placed fifth, accounting for 7.2 percent share of the total import bill worth $447.24 million in September 2015, an increase of 2.6 percent from $435.79 million in September 2014.  Exports to Korea amounted to $225.62 million resulting to a total trade value of $672.85 million and a trade deficit of $221.62 million.

Other   major sources of imports for the month of September 2015 were: Thailand, $441.42 million; Singapore, $404.54 million; Malaysia (includes Sabah and Sarawak), $276.39 million; Indonesia, $262.92 million; and Germany, $222.19 million.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 44.9 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 September 2015 as it accounted for 44.9 percent of the total imports valued at $2.771 billion.  It increased by 18.5 percent from $2.339 billion in September 2014.  Total exports to countries of East Asia amounted to $2.593 billion resulting to a total trade of $5.364 billion and a trade deficit of $178.03 million.

Commodities imported from ASEAN member countries were valued at $1.484 billion,   contributing 24.0 percent share to total and registered an increment of 6.1 percent from $1.399 billion recorded in September 2014.  Proceeds from exports to ASEAN member countries were worth $660.89 million, resulting to a total trade of $2.145 billion and a trade deficit of $822.74 million.

Imports     from    European Union were valued at $609.57 million.  It dropped by 3.1 percent compared to a year ago value of $628.82 million.  Exports to member countries of European Union were worth $587.61 million, resulting to a total trade of $1.197 billion and a trade deficit of $21.96 million.