EXTERNAL TRADE PERFORMANCE

SEPTEMBER 2016

(Preliminary)

p-preliminary, r-revised

IMPORTS INCREASE BY 13.5 PERCENT IN SEPTEMBER 2016

The   total   imported   goods by the country for the month of September 2016 amounted to $7.101 billion, an increase of 13.5 percent from $6.255 billion recorded during the same period a year ago. The increase was due to the positive growth rates of nine out of the top ten major imported commodities for the month led by cereals and cereal preparations (61.8%).  The other eight were:  iron and steel (56.1%), plastics in primary and non-primary forms (51.8%), miscellaneous manufactured articles (50.6%), other food and live animals (44.8%), transport equipment (41.0%), telecommunication equipment and electrical machinery (17.5%), mineral fuels, lubricants and related materials (2.4%), and industrial machinery and equipment (1.7%) (Table 3).

Cumulative imports for January to September 2016 amounted to $59.505 billion, an increase of 14.0 percent compared with $52.193 billion during the same period of last year. The balance of trade in goods (BOT-G) for the Philippines in September 2016, registered a deficit of $1.890 billion, higher than the $1.296 billion trade deficit in the same month last year (Table 1).

ELECTRONIC PRODUCTS ACCOUNT FOR 25.8 PERCENT SHARE OF IMPORT BILL

Total   payment   for   the   country’s   top ten imports for September 2016 reached $5.182 billion or 73.0 percent share of the total import bill (Table 3).

Inbound shipments   of   Electronic   Products    in September 2016     accounted for    25.8 percent share of the total import bill with value amounting   to   $1.831 billion.  It decreased by 10.1 percent over the last year's figure of $2.037 billion.  Components/Devices (Semiconductors)   had the biggest   share of 16.9 percent among electronic   products.  However, it went down by 26.9 percent from $1.638 billion in September 2015 to $1.196 billion in September 2016.

Transport Equipment, contributing 11.3 percent to the total import bill was the country’s    second top import for   the   month amounting to $804.76 million.   It rose by 41.0 percent compared to last year’s value of $570.62 million.

Minerals   Fuels,   Lubricants    and    Related   Materials placed third with 9.9 percent share to total imports valued at $705.62 million.  This registered an increase of 2.4 percent from its previous year’s level of $668.94 million.

Imports of Industrial Machinery and Equipment ranked fourth with 6.9 percent share and a reported value of $487.52 million in September 2016.   It grew by 1.7 percent from $479.22 million in September 2015.

Iron and Steel ranked fifth, with 4.1 percent share to the total imports which was valued at $290.52 million in September 2016.  It registered a 56.1 percent increase from its year ago level of $186.14 million.

Rounding up the list of the top ten imports for September 2016 were: 

• Other Food and Live Animals, $267.37 million;  
• Miscellaneous Manufactured Articles, $248.00 million;  
• Plastics in Primary and Non-Primary Forms, $197.59 million;
• Telecommunication Equipment and Electrical Machinery, $186.12 million; and
• Cereals and Cereal Preparations, $163.34 million.

PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 38.3 PERCENT OF THE TOTAL IMPORTS

Total importation of Raw Materials and Intermediate Goods in September 2016 was valued at $2.721 billion, accounting for 38.3 percent share of the total imports.  It increased by 2.7 percent over last year's figure of $2.651 billion.  Semi-Processed Raw Materials, having    the    biggest   share of this commodity group at 34.9 percent was valued at $2.480 billion.  It went up by 1.4 percent compared with $2.445 billion value in September 2015.

Payments for inward shipments of Capital Goods accounted for 32.5 percent of the total  imports.  It   increased by 15.8 percent  to $2.307 billion in September 2016 from $1.992 billion in September 2015 (Table 5).

Purchases of Consumer Goods recorded 18.5 percent share with a total import bill valued at $1.312 billion in September 2016.   It    recorded  a   positive growth of 47.7 percent from $888.71 million registered in September 2015.

Mineral Fuels, Lubricants and Related Materials with 9.9 percent share to total imports, increased by 2.4 percent to $705.62 million in September 2016 from $688.94 million in September 2015.  Other mineral fuel and lubricants such as gas oils, regular and premium unleaded motor spirit and aviation spirit increased by 20.0 percent contributing the biggest share of imports for this commodity group at 5.0 percent and valued $354.51 million (Table 5).

Furthermore,   imports of Special Transactions went up by 56.7 percent in September 2016 at $54.40 million from $34.72 million in September 2015.

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 19.7 PERCENT

Aggregate payments from the top ten imports countries for September 2016 amounted to $5.639 billion or 79.4 percent of the total import bill (Table 7).

People’s Republic of China remained as the country’s biggest source of imports at 19.7 percent share in September 2016.  Payments were recorded at $1.398 billion, an increase of 52.3 percent from $917.80 billion in September 2015.   Revenue from the country’s exports to People’s Republic of China,   on   the   other   hand,   reached $633.36 million, generating a total trade value of $2.031 billion and $764.46 million trade deficit (Tables 7 and 9).

Japan including Okinawa, came second, contributing 12.1 percent or $857.53 million to the total import bill in September 2016.  It   grew by 28.5 percent from its September 2015 value of $667.30 million.  Export   receipts   from   Japan in September 2016 reached $1.118 billion yielding a total   trade value of $1.976 billion and a favorable balance of trade of $260.79 million (Tables 7 and 9).

United States of America (USA), including Alaska and Hawaii, was the third biggest source of imports for September 2016 with 9.1 percent share to the total import bill amounting to $644.92 million, a decrease by 8.2 percent from $702.87 million in September 2015.  Exports to USA amounted to $737.30 million, yielding a two-way trade value of $1.382 billion and a trade surplus of $92.38 million.

Thailand ranked fourth, accounting for 8.0 percent share of the total import bill in September 2016, a positive growth of 28.8 percent to $570.96 million in September 2016 from $443.40 million   in   September 2015.  Exports to this country amounted to $205.44 million   resulting to a total trade value of $776.40 million and a trade deficit of $365.52 million.

Singapore placed fifth, accounting for 6.2 percent share of the total import bill worth  $442.01 million   in   September   2016.  It   increased by 5.7 percent from $418.18 million  in  September 2015.  Exports   to   this country amounted to $326.66 million resulting to a total trade value of $768.67 million and a trade deficit of $115.35 million (Tables 7 and 9).

Other   major sources of imports for the month of September 2016 included in Top Ten Countries were: Republic of Korea, $418.69 million; Indonesia, $404.87 million; Taiwan, $390.07 million; Malaysia, including Sabah and Sarawak, $316.00 million; and Hong Kong, $196.62 million.

Moreover, imports from Other Countries was valued at $1.461 billion and accounted for 20.6 percent of the total imports for the month of September 2016.  Among the other countries, Vietnam recorded the highest import source at $162.91 million or 2.3 percent of the total.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 46.2 PERCENT

By economic bloc, East Asia comprising of China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan, was the biggest source of the country’s imports in September 2016 as it accounted for 46.2 percent of the total imports valued at $3.277 billion.  It increased by 22.1 percent from $2.683 billion in September 2015.  Total exports to countries of East Asia amounted to $2.715 billion resulting to a total trade of $5.992 billion and a trade deficit of $562.49 million (Table 8 and 10).

Commodities imported from ASEAN member countries were valued at $1.914 billion, contributing 27.0  percent  share to total and registered an increase of 25.8 percent from $1.521 billion recorded in September 2015.  Proceeds from exports to ASEAN member countries were worth $748.63 million, resulting to a total trade of    $2.663 billion and a trade deficit of $1.165 billion (Table 8 and 10).

Imports from European Union were valued at $505.12 million.  It decreased by 19.9 percent compared to a year ago value of $630.68 million.  Exports to member countries of European Union were worth $690.62 million, resulting to a total trade of $1.196 billion and a trade surplus of $185.50 million (Table 8 and 10).

Technical Notes

Press Releases (PR) for Imports and Exports are now disseminated at same date.  Therefore, the both PR are release every 10^th day of each month. However, if the 10^th day falls on a Saturday, release will be on Friday but if it falls on a Sunday or Monday the release will be on Tuesday.  If the release date falls on holiday, the date of release is moved accordingly.

Import trade statistics are compiled by the Philippine Statistics Authority (PSA) from copies of import documents submitted to the Bureau of Customs (BOC) by importers or their authorized representatives as required by law.  Following are the source documents for imports:

• Import Entry and Internal Revenue Declaration (BOC IEIRD Form 236)
• Informal Import Declaration and Entry (BOC Form 177)
• PEZA Warehousing Entry (BOC Form 242 CEWE)

Moreover, an electronic copy of the IEIRD, or called Single Administrative Document (SAD), is utilized to capture the monthly import figures.  SAD-IEIRD is an on-line submission of import documents either by brokers or companies.  These are transactions that pass through the Automated Cargo Operating System (ACOS) or now called the e2m (electronic to mobile) customs system; a system implemented through the BOC e-Customs Project. The output of this system is provided by BOC to PSA on a monthly basis through email.

All documents (hard copies and e-files) received before the cut-off date which is every 10^th day of the month are compiled, processed and generated in a monthly statistical tables for the preparation of Press Release.  All documents received after the cut-off date, however, are processed and included in the generation of the revised statistical tables.  Processing includes coding, editing, review and validation. Revised statistical tables are made available 10 to 15 working days after the press release date.

The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the 10-Digit level for statistical purposes.

Detailed data on international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).