FOREIGN TRADE STATISTICS OF THE PHILIPPINES: 2015
TOTAL EXTERNAL TRADE SUMMED UP TO $129.894 BILLION IN 2015
The country’s total external trade in goods in 2015 reached $129.894 billion, expanding by 1.9 percent from $127.500 billion in 2014. The positive growth of the external trade was due to the increase of inward trading of goods. Total imports went up by 8.7 percent to $71.067 billion in 2015 from $65.398 billion in 2014. However, total export receipts decreased by 5.3 percent from $62.102 billion in 2014 to $58.827 billion in 2015. However, the country’s balance of trade in goods (BOT-G) registered a $12.240 billion deficit in 2015 higher than the $3.297 billion deficit in 2014 (Table 1).
TOP 10 EXPORTS ACCOUNTED FOR 83.5 PERCENT OF TOTAL EXPORT RECEIPTS
Export sales from the top ten exported commodities totaled to $49.110 billion, accounting for 83.5 percent of the total export revenue in 2015. This registered a decrease of 3.5 percent from $50.913 billion in 2014 (Table 2).
Electronic Products continued to be the top earner and major exported commodity for 2015 with 49.1 percent of the total exports and which accelerated by 7.9 percent from $26.790 billion in 2014 to $28.904 billion.
Other Manufactured Goods placed second with a share of 6.8 percent and a total receipt of $3.993 billion. It declined by 21.4 percent from the 2014 value of $5.079 billion.
Machinery and Transport Equipment contributing 6.7 percent of the total export receipts, was the third top export in 2015 with revenue amounting to $3.944 billion. This recorded a minimal decrease of 0.8 percent from the 2014 value of $3.978 billion.
Woodcrafts and Furniture, which ranked fourth with a share of 5.3 percent, declined by 6.2 percent from $3.334 billion to $3.128 billion in 2015.
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships with share of 3.6 percent, ranked fifth with export receipts of $2.134 billion. It increased by 4.1 percent from the 2014 value of $2.050 billion.
Rounding up the list of top ten exports for 2015 were: Chemicals with an export value of $1.782 billion, decreased by 31.6 percent from $2.603 billion in 2014; Articles of Apparel with proceeds billed at $1.459 billion, went down by 21.3 percent from $1.854 billion in 2014; Other Mineral Products, worth $1.397 billion, dropped by 47.2 percent from $2.645 billion; Metal Components with $1.240 billion export receipts, decreased by 9.9 percent from $1.377 billion; and Coconut Oil, worth $1.129 billion, declined by 6.2 percent from $1.203 billion export receipts in 2014.
TOP 10 IMPORTS ACCOUNTED FOR 74.0 PERCENT OF IMPORT BILL
Total payment for the country’s top ten imports for 2015 reached $52.602 billion or 74.0 percent of the total import payment, registering a positive growth of 7.6 percent from $48.888 billion in 2014 (Table 3).
Electronic Products remained as the top imported commodities for 2015, accounting for 28.9 percent of the total import bill. It posted an increase of 34.4 percent to $20.559 billion in 2015 from $15.297 billion in 2014.
Mineral Fuels, Lubricants and Related Materials ranked second with 13.0 percent share and decreased by 29.9 percent from $13.189 billion in 2014 to $9.249 billion in 2015.
Transport Equipment which ranked third, comprised 8.7 percent of the total imports, and fell by 1.3 percent from $6.238 billion in 2014 to $6.159 billion in 2015.
Industrial Machinery and Equipment, ranked fourth, recorded a 5.8 percent share and grew by 27.8 percent to $4.144 billion worth of imports from $3.243 billion recorded value in 2014.
Other Food and Live Animals ranked fifth with 3.8 percent share of the total imports worth $2.696 billion, higher by 20.5 percent from $2.237 billion in 2014.
Rounding up the list for the top ten imports for 2015 were: Iron and Steel, $2.659 billion, registering the highest increase among the top ten imports by 47.0 percent; Cereals and Cereal Preparations, $2.110 billion, increased by 24.0 percent; Miscellaneous Manufactured Articles, $1.804 billion, expanded by 5.5 percent; Telecommunication Equipment, $1.624 billion, went up by 17.0 percent; and Plastics in Primary and Non-Primary Forms, $1.598 billion or a decrease of 23.0 percent.
JAPAN ACCOUNTED FOR 14.4 PERCENT OF THE TOTAL TRADE
The country’s top 10 trading partners contributed a total trade worth $101.928 billion or 78.5 percent of the total external trade in 2015. This comprised a total export receipt of $48.294 billion or 82.1 percent of the total exports and total import bill of $53.634 billion or 75.5 percent of the total imports. This registered an unfavorable balance of trade-in goods (BOT-G) which amounted to $5.340 billion.
Japan was the country’s top trading partner in 2015, accounting for a total trade worth $18.669 billion or 14.4 percent of the country’s total trade. Exports to Japan totaled $12.301 billion while imports were valued at $6.369 billion, posting a trade surplus of $5.932 billion (Table 4). Electronic Products got a large share of 30.2 percent of the total exports to Japan valued at $3.721 billion, followed by Woodcrafts and Furniture at $2.853 billion or 23.2 percent (Table 5). On the other hand, majority of the imported products from Japan were Electronic Products billed at $2.193 billion or 34.4 percent and Transport Equipment with $962.86 million or 15.1 percent (Table 6).
People’s Republic of China was the country’s second largest trading partner in 2015 with total trade worth $17.646 billion or 13.6 percent of the total trade. Export receipts from China stood at $6.175 billion while payment for imports was valued at $11.471 billion, resulting to a $5.296 billion trade deficit (Table 4). Export-wise, the biggest sales came from Electronic Products at $3.388 billion or 54.9 percent of the country’s exports to China. Other Mineral Products followed with total receipts of $683.41 million or 11.1 percent (Table 5). Imported goods purchased from China consisted of Electronic Products worth $2.418 billion or 21.1 percent of the country’s total imports. Iron and Steel followed with imports of $1.823 billion or a share of 15.9 percent (Table 6).
United States of America placed third accounting for 12.7 percent or $16.491 billion total trade in 2015. Receipts from exports to USA were valued at $9.023 billion while payment for imports totaled to $7.468 billion, reflecting a trade surplus of $1.554 billion (Table 4). Majority of the exports were Electronic Products worth $3.557 billion or 39.4 percent of the total exports to USA and Articles of Apparel with $1.014 billion or 11.2 percent share (Table 5). Major inward shipments from USA were Electronic Products with payment worth $3.322 billion or 44.5 percent of the total. Feeding Stuff for Animals (Not Including Unmilled Cereals) ranked second and valued at $716.17 million or 9.6 percent of the total (Table 6).
Singapore ranked as the fourth largest trading partner of the country for 2015 with a total trade amounting to $8.806 billion or a share of 6.8 percent to total trade. Total outward shipments were valued at $3.801 billion while import payments reached $5.005 billion, recording a trade deficit of $1.205 billion (Table 4). Electronic Products and Other Manufactured Goods were the country’s major exports to Singapore with earnings of $3.256 billion or 85.7 percent share and $159.92 million or 4.2 percent of the total exports, respectively (Table 5). The bulk of inward commodities from this country were Electronic Products with import bill of $2.306 billion or 46.1 percent share, and Mineral Fuels, Lubricants and Related Materials worth $806.65 million or 16.1 percent share (Table 6).
Hong Kong was the country’s fifth largest trading partner in 2015 with total trade worth $8.231 billion or 6.3 percent of the total external trade. Export revenues from this country stood at $6.391 billion while payment for imports was valued at $1.840 billion, resulting to a $4.551 billion trade surplus (Table 4). The major exported goods were Electronic Products at $5.534 billion or 78.8 percent and Machinery and Transport Equipment with total receipts of $163.35 million or 2.3 percent of the country’s exports to Hong Kong (Table 5). However, the main imports from this country were Electronic Products which worth $1.032 billion or 56.1 percent and Transport Equipment with import payments valued at $123.84 million or 6.7 percent (Table 6).
TRADING WITH EU MEMBER COUNTRIES RECORDED AT 10.7 PERCENT IN 2015
The country’s external trade in goods with the European Union (EU) – member countries for 2015 totaled to $13.874 billion or 10.7 percent share of the total trade. Exports to EU reached $7.184 billion or 12.2 percent of the total export receipts, while imports were valued at $6.690 billion or a 9.4 percent share to total imports, resulting to a balance of trade in goods (BOT-G) surplus of $494.32 million. Among the EU - member countries, Germany was the country’s top trading partner with a total trade of $5.233 billion or 37.7 percent of EU’s total trade. Revenue from exports to Germany amounted to $2.632 billion while payments for imports were worth $2.601 billion or a trade surplus of $31.89 million (Table 7).
Major goods exported to the EU – member countries in 2015 were: Electronic Products, $4.061 billion; Machinery and Transport Equipment, $743.40 million; Coconut Oil (crude and refined), $476.04 million; Other Manufactured Goods, $430.83 million; and Chemicals, $178.65 million (Table 8).
Top five imported goods from the EU – member countries were: Electronic Products, $2.139 billion; Transport Equipment, $940.09 million; Industrial Machinery and Equipment, $598.32 million; Medicinal and Pharmaceutical Products, $433.47 million; and Other Food and Live Animals, $421.16 million (Table 9).
TOTAL TRADE WITH ASEAN MEMBER COUNTRIES POSTED AT $26.705 BILLION
Total external trade in goods with ASEAN – member countries for 2015 amounted to $26.705 billion or 20.6 percent of the country’s entire trade. Exports to ASEAN - member countries were valued at $8.751 billion while imports were worth $17.954 billion, generating a unfavorable balance of trade in goods (BoT-G) of $9.203 billion. Singapore was the country’s top trading partner among the ASEAN - member countries with a total trade accounting for $8.806 billion or 33.0 percent share of the ASEAN total trade. Exports to Singapore was worth $3.801 billion while imports payment was valued at $5.005 billion, reflecting a trade deficit of $1.205 billion (Table 7).
Leading exports for the ASEAN – member countries in 2015 were: Electronic Products, $5.226 billion; Other Manufactured Goods, $793.60 million; Machinery and Transport Equipment, $466.31 million; Chemicals, $453.92 million; and Metal Components, $294.97 million (Table 8).
Top five imported commodities from the ASEAN – member countries were: Electronic Products, $4.583 billion; Transport Equipment, $2.661 billion; Mineral Fuels, Lubricants and Related Materials, $2.372 billion; Other Food and Live Animals, $1.011 billion; and Cereals and Cereal Preparations, $709.29 million (Table 9).
TOTAL TRADE WITH APEC REACHED $106.638 BILLION
Majority of the country’s external trade for 2015 were from APEC – member countries which amounted to $106.638 billion or 82.1 percent of the country’s total trade. Export receipts totaled to $48.684 billion or 82.8 percent of the total exports while import payment summed up to $57.954 billion or 81.5 percent share of the total imports. Trading with this economic bloc resulted to an unfavorable balance of trade in goods (BOT-G) to the country which amounted to $9.270 billion. Topping the list of the country’s major trading partners within APEC were: Japan, $18.669 billion or 17.5 percent share; USA, $16.491 or 15.5 percent share; People’s Republic of China, $17.646 billion or 16.5 percent share; Singapore, $8.806 billion or 8.3 percent share; and Republic of Korea, $7.084 billion or 6.6 percent share of the APEC total trade (Table 10).
Electronic Products were still the country’s major export to APEC – member countries for 2015 with sales valued at $24.314 billion or 49.9 percent share of the total APEC exports. Other top exported commodities were: Other Manufactured Goods, $3.401 billion; Woodcrafts and Furniture, $3.029 billion; Machinery and Transport Equipment, $2.167 billion; and Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, $2.109 billion (Table 11).
The top imported goods from APEC - member countries were: Electronic Products, $18.290 billion; Mineral Fuels, Lubricants and Related Materials, $5.709 billion; Transport Equipment, $4.998 billion; Industrial Machinery and Equipment, $3.401 billion; and Iron and Steel, $2.612 billion (Table 12).
Technical Notes
This is a final report and a summary of all monthly Foreign Trade Statistics of the Philippines for the year 2015 released by the Philippine Statistics Authority. The total exports stated in this special release are the summation of all monthly Merchandise Export Performance, whereas, total imports are the consolidated monthly External Trade Performances in the country in the year 2015.
The final 2015 Foreign Trade Statistics for export and import figures are based on inclusions of late entries, i.e, documents received beyond 25th days after the reference month for exports and beyond 40th days after the reference month for imports.
The commodity groupings in this Special Release are in accordance with the 2004 Philippine Standard Commodity Classification (PSCC). This is in compliance with the former NSCB Resolution No. 03, Series of 2005 entitled “Approving and Adopting the 2004 Philippine Standard Commodity Classification” by all concerned government agencies and instrumentalities.
The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the most detailed level for statistical purposes.
All transactions that pass through the Automated Export Documentation System (AEDS) and Electronic to Mobile (E2M) System are included in the compilation of export statistics.
Starting with 2010 series, import statistics are adjusted based on the transactions that pass through the Electronic to Mobile (E2M) System.
List of acronyms used in this special release:
AEDS - Automated Export Documentation System
APEC – Asia Pacific Economic Cooperation
ASEAN – Association of Southeast Asian Nations
BoT-G – Balance of Trade
E2M - Electronic to Mobile
EU – European Union
FOB – Free on board
NSCB – National Statistical Coordination Board
PSCC - Philippine Standard Commodity Classification version 2004
ROW – Rest of the World
USA – United States of America
