TOTAL EXTERNAL TRADE IS $75.586 BILLION IN FIRST SEMESTER 2017

The country’s total external trade in goods was recorded at $75.586 billion, expanding by 15.3 percent from $65.579 billion in 2016.  Total imports payments went up by 14.3 percent to $44.302 billion in 2017 from $38.746 billion in 2016, whereas, total export receipts grew by   16.6 percent to $31.284 billion in 2017 from $26.832 billion in 2016.  This brought the country’s balance of trade in goods (BoT-G) at $13.017 billion deficit in January to June 2017, higher than the $11.914 billion deficit in same period of 2016 (Table 1).

TOP 10 EXPORTS ACCOUNT FOR 81.7 PERCENT OF TOTAL EXPORT RECEIPTS

Export sales from the top ten exported commodities totaled to $25.554 billion, accounting for 81.7 percent of the total export revenue in the 1^st semester of 2017.  This registered an increase of 12.8 percent from $22.658 billion in 2016 (Table 2).

Electronic Products continued to be the top earner in with 49.8 percent share of the total exports.  This grew by 12.1 percent to $15.569 billion from $13.883 billion in 2016.

Other Manufactured Goods placed second with a share of 6.9 percent and a total receipt of $2.166 billion.  It increased by 20.3 percent from the 2016 value of $1.801 billion.

Machinery and Transport Equipment contributing 6.5 percent to the total export receipts, was the third top export in 2017 with revenue amounting to $2.027 billion.  This recorded an increase of 21.1 percent from the 2016 value of $1.675 billion.

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships with share of 3.4 percent, ranked fourth with export receipts of $1.048 billion.  It increased by
8.0 percent from the 2016 value of $970.99 million.

Woodcrafts and Furniture, which ranked fifth with a share of 3.3 percent, decreased by 37.8 percent from $1.645 billion in 2016 to $1.023 billion.

Completing the list of top ten export commodities were: Chemicals with an export value of $857.42 million, increased by 13.6 percent from $754.77 million in 2016; Coconut Oil with $792.50 million export receipts, increased by 88.2 percent from $421.07 million; Metal Components with proceeds billed at $726.40 million, went up by 33.5 percent from $543.94 million in 2016; Articles of Apparel, worth $688.44 million, expanded by 23.6 percent from $556.87 million; and Other Mineral Products, worth $655.14 million, surged by 61.6 percent from $405.53 million export receipts in 2016.

TOP 10 IMPORTS ACCOUNT FOR 71.8 PERCENT OF IMPORT BILL

Total payment for the country’s top ten import commodities for 1st semester of 2017 reached $31.801 billion or 71.8 percent of the total import payment, registering a positive growth of 8.7 percent from $29.255 billion in 2016 (Table 3).

Electronic Products remained as the top imported commodities, accounting for 25.0 percent of the total import bill.  It slightly increased by 0.7 percent to $11.065 billion in 2017 from $10.984 billion in 2016.

Mineral Fuels, Lubricants and Related Materials which ranked second, comprised 11.5 percent of the total imports, and increased by 30.6 percent to $5.106 billion in 2017 from $3.909 billion in 2016. 

Transport Equipment ranked third with 10.5 percent share and increased by 13.7 percent to $4.673 billion in 2017 from $4.109 billion in 2016.

Industrial Machinery and Equipment, at 6.5 percent share ranked fourth, and decreased by less than 1.0 percent from $2.900 billion worth of imports in 2016 to $2.900 billion recorded value in 2017.

Iron and Steel ranked fifth with 4.7 percent share of the total imports worth $2.081 billion, higher by 32.0 percent from $1.576 billion in 2016.

Rounding up the list for the top ten import commodities for the period were: Other Food and Live Animals, $1.466 billion, registering a decrease of 7.9 percent; Telecommunication Equipment and Electrical Machinery, $1.228 billion, increased by 7.9 percent; Miscellaneous Manufactured Articles, $1.227 billion, went up by 7.4 percent; Plastics in Primary and Non-Primary Forms, $1.126 billion, rose by 5.6 percent; and Cereals and Cereal Preparations, $929.56 million or an increase of 10.9 percent.

PEOPLE'S REPUBLIC OF CHINA ACCOUNTS FOR 15.0 PERCENT OF THE TOTAL TRADE

The country’s top 10 trading partners contributed a total trade worth $58.434 billion which was 77.3 percent of the total external trade in January to June 2017. This comprised of a total export receipt of $23.976 billion or 76.6 percent of the total exports and total import bill of $34.458 billion or 77.8 percent of the total imports. This translated to an unfavorable balance of trade-in goods (BOT-G) which amounted to $10.483 billion.

People’s Republic of China was the country’s top trading partner during the period with total trade worth $11.355 billion or 15.0 percent of the total trade.  Export receipts from China stood at $3.308 billion while payment for imports was valued at $8.048 billion, resulting to a $4.740 billion trade deficit (Table 4). Export-wise, the biggest sales came from Electronic Products at $1.993 billion or 60.3 percent of the country’s exports to China.  Other Manufactured Goods followed with total receipts of $291.22 million or 8.8 percent (Table 5).  Imported goods purchased from China consisted of Electronic Products worth $1.651 billion or 20.5 percent of the country’s total imports. Iron and Steel followed with imports of $1.250 billion or a share of 15.5 percent (Table 6).

Japan was the country’s second largest trading partner, accounting for a total trade worth $10.768 billion or 14.2 percent of the country’s total trade. Exports to Japan totaled $5.378 billion while imports were valued at $5.391 billion, posting a trade deficit of $13.33 million (Table 4).  Electronic Products got a large share of 27.2 percent of the total exports to Japan valued at $1.460 billion, followed by Woodcrafts and Furniture at $886.11 million or 16.5 percent (Table 5).  On the other hand, majority of the imported products from Japan were Electronic Products billed at $2.004 billion or 37.2 percent and Transport Equipment with $759.57 million or 14.1 percent (Table 6).

United States of America placed third accounting for 10.6 percent or $8.021 billion total trade.  Receipts from exports to USA were valued at $4.571 billion while payment for imports totaled to $3.450 billion, reflecting a trade surplus of $1.120 billion (Table 4).  Majority of the exports were Electronic Products worth $1.956 billion or 42.8 percent of the total exports to USA and Articles of Apparel and Clothing Accessories with $428.62 million or 9.4 percent share (Table 5).  Major inward shipments from USA were Electronic Products with payment worth $1.165 billion or 33.8 percent of the total.  Feeding Stuff for Animals (Not Including Unmilled Cereals) ranked second and valued at $383.17 million or 11.1 percent of the total (Table 6).

Hong Kong ranked as the fourth largest trading partner of the country for 1st semester 2017 with a total trade amounting to $5.371 billion or a share of 7.1 percent to total trade. Total outward shipments were valued at $4.037 billion while import payments reached $1.334 billion, recording a trade surplus of $2.703 billion (Table 4).  Electronic Products and Gold were the country’s major exports to Hong Kong with earnings of $3.235 billion or 80.1 percent share and $383.29 million or 9.5 percent of the total exports, respectively (Table 5). The bulk of inward commodities from this country were Electronic Products with import bill of $820.28 million or 61.5 percent share, and Transport Equipment worth $88.81 million or 6.7 percent share (Table 6).

Republic of Korea was the country’s fifth largest trading partner in 2017 with total trade worth $4.889 billion or 6.5 percent of the total external trade.  Export revenues from this country stood at $1.296 billion while payment for imports was valued at $3.593 billion, resulting to a $2.297 billion trade deficit (Table 4).  The major exported goods were Electronic Products at $519.54 million or 40.1 percent and Other Manufactured Goods with total receipts of $315.36 million or 24.3 percent of the country’s exports to Thailand (Table 5).  The main import commodities from this country were Electronic Products worth $1.081 billion or 30.1 percent and Mineral Fuels, Lubricants and Related Materials with import payments valued at $832.87 million or 23.2 percent (Table 6).

TRADING WITH EU MEMBER COUNTRIES IS AT 10.3 PERCENT OF TOTAL TRADE IN 2017

The country’s external trade in goods with the European Union (EU) member countries totaled to $7.780 billion or 10.3 percent share of the total trade.  Exports to EU reached $4.623 billion or 14.8 percent of the total export receipts, while imports were valued at $3.157 billion or a 7.1 percent share to total imports, resulting to a balance of trade in goods (BOT-G) surplus of $1.466 billion. Among the EU member countries, Germany was the country’s top trading partner with a total trade of $2.184 billion or 28.1 percent of EU’s total trade. Revenue from exports to Germany amounted to $1.270 billion while payments for imports were worth $914.41 million giving a trade surplus of $355.56 million (Table 7).

Major goods exported to the EU member countries in 2017 were: Electronic Products, $2.147 billion; Machinery and Transport Equipment, $945.19 million; Coconut Oil, $435.69 million; Other Manufactured Goods, $187.29 million; and Tuna, $131.99 million (Table 8).

Top five imported goods from the EU member countries were: Electronic Products, $486.76 million; Transport Equipment, $427.47 million; Industrial Machinery and Equipment, $415.39 million; Medicinal and Pharmaceutical Products, $319.38 million; and Other Food and Live Animals, $231.74 million (Table 9).

TOTAL TRADE WITH ASEAN MEMBER COUNTRIES IS AT $16.379 BILLION

Total external trade in goods with ASEAN member countries for the reference period amounted to $16.379 billion or 21.7 percent of the country’s total trade. Exports to ASEAN member countries were valued at $4.704 billion while imports were worth $11.675 billion, generating a unfavorable balance of trade in goods (BoT-G) of $6.971 billion.  Singapore was the country’s top trading partner among the ASEAN member countries with a total trade accounting for $4.640 billion or 28.3 percent share of the ASEAN total trade.  Exports to Singapore amounted to $1.930 billion while imports payment was valued at $2.709 billion, reflecting a trade deficit of $779.25 million (Table 7).

Leading exports for the ASEAN member countries in 2017 were: Electronic Products, $2.826 billion; Other Manufactured Goods, $304.87 million; Cathodes and Sections of Cathodes, of Refined Copper, $278.84 million; Metal Components, $216.80 million; and Chemicals, $169.65 million (Table 8).

Top five import commodities from the ASEAN member countries were: Electronic Products, $2.400 billion; Transport Equipment, $2.331 billion; Mineral Fuels, Lubricants and Related Materials, $1.174 million; Other Food and Live Animals, $618.94 million; and Industrial Machinery and Equipment, $576.95 million(Table 9).

TOTAL TRADE WITH APEC MEMBER COUNTRIES REACHES $62.895 BILLION

Bulk of the country’s external trade were with APEC member countries which amounted to $62.895 billion or 83.2 percent of the country’s total trade.  Export receipts totaled to $25.323 billion or 80.9 percent of the total exports while import payment summed up to $37.572 billion or 84.8 percent share of the total imports.  Trading with this economic bloc resulted to an unfavorable balance of trade in goods (BOT-G) amounting to $12.249 billion.  Topping the list of the country’s major trading partners within APEC were: People’s Republic of China, $11.355 billion or 18.1 percent share; Japan, $10.768 billion or 17.1 percent share; USA, $8.021 billion or 12.8 percent share; Hong Kong, $5.371 billion or 8.5 percent share; and Republic of Korea, $4.889 billion or 7.8 percent share of the APEC total trade (Table 10).

Electronic Products were still the country’s major export to APEC member countries in 2017 with sales valued at $13.185 billion or 52.1 percent share of the total APEC exports. Other top export commodities were: Other Manufactured Goods, $1.783 billion; Machinery and Transport Equipment, $1.039 billion; Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, $1.029 billion; and Woodcrafts and Furniture, $951.28 million (Table 11).

The top import goods from APEC member countries were: Electronic Products, $10.480 billion; Transport Equipment, $4.078 billion; Mineral Fuels, Lubricants and Related Materials, $3.379 billion; Industrial Machinery and Equipment, $2.396 billion; and Iron and Steel, $2.022 billion (Table 12).

Technical Notes

This Report is a summary of all monthly foreign trade statistics for first semester of 2017. 

The 2017 First Semester Foreign Trade Statistics include late entries, i.e, documents received beyond the cut-off date which is every 25^th day of the month.  All documents received after the cut-off date, however, are processed and included in the generation of the revised monthly statistical tables.

The commodity groupings in this Special Release are in accordance with the 2004 Philippine Standard Commodity Classification (PSCC).  The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the most detailed level.

All export transactions that pass through the Automated Export Documentation System (AEDS) and Electronic to Mobile (E2M) System are included in the compilation of data.

Below are the compositions of countries of the economic bloc mentioned in this Special Release:

List of acronyms used in this Special Release:

Data request of International Merchandise Trade Statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).