Highlights of Foreign Trade Statistics of the Philippines : First Semester 2018

Reference Number: 

2018-266

Release Date: 

Tuesday, October 9, 2018

TOTAL EXTERNAL TRADE AMOUNTS TO $84.73 BILLION

The country’s total external trade in goods during the first semester of 2018 was recorded at $84.73 billion.  This represented an increase of 6.2 percent from the $79.82 billion total external trade in the same semester of 2017.  Total imports went up by 13.2 percent, from $45.78 billion in 2017 to $51.84 billion in 2018.  On the other hand, total export receipts decreased by 3.4 percent from $34.04 billion in 2017 to $32.89 billion in 2018. This brought the country’s balance of trade in goods (BoT-G) at $18.94 billion deficit in 2018, higher than the $11.75 billion deficit in 2017 (Table 1).

TOP 10 EXPORTS ACCOUNT FOR 81.8 PERCENT OF TOTAL EXPORT RECEIPTS

Export sales from the top ten exported commodities which totaled to $26.89 billion, accounted for 81.8 percent of the total export revenue in the first semester of 2018.  This registered an increase of 1.3 percent from $26.54 billion in the same period of 2017 (Table 2).

Electronic Products continued to be the top earner with 55.7 percent share to the total exports.  This grew by 5.4 percent, from $17.40 billion in 2017 to $18.33 billion in 2018.

Other Manufactured Goods placed second with a share of 6.0 percent and a total receipt of $1.97 billion.  It decreased by 8.2 percent from the 2017 value of $2.15 billion.

Machinery and Transport Equipment, contributing 5.6 percent to the total export receipts, was the third top export commodity in 2018 with revenue amounting to $1.84 billion.  This recorded a decrease of 8.7 percent from the 2017 value of $2.02 billion.

Metal Components with a share of 2.8 percent, or an export receipts of $912.42 million, ranked fourth. This represented an increase of 38.9 percent from the 2017 value of $657.00 million.

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships which ranked fifth and with a share of 2.3 percent, decreased by 27.4 percent from $1.05 billion in 2017 to $758.57 million in 2018.

Completing the list of top ten export commodities for 2018 were: Gold with an export value of $678.46 million or an increase of 15.6 percent from $587.12 million in 2017; Cathodes and Sections of Cathodes of Refined Copper with $615.74 million export receipts or an increase of 13.8 percent from $541.15 million; Electronic Equipment and Parts with proceeds billed at $610.02 million or a growth of 4.9 percent from $581.39 million in 2017; Coconut Oil, worth $598.31 million which declined by 28.7 percent from $839.26 million in 2017; and Other Mineral Products, worth $568.10 million which reduced by 21.2 percent from $720.90 million export receipts in 2017.

TOP 10 IMPORTS ACCOUNT FOR 73.1 PERCENT OF IMPORT BILL

Total payment for the country’s top ten import commodities for the first semester of 2018 reached $37.88 billion or 73.1 percent of the total import payment.  This amounts registered a positive growth of 16.0 percent from $32.66 billion in the same period of 2017 (Table 3).

Electronic Products remained as the top imported commodities in 2018, accounting for 26.0 percent of the total import bill.  It increased by 16.9 percent from $11.53 billion in 2017 to $13.48 billion in 2018.

Mineral Fuels, Lubricants and Related Materials which ranked second, comprised 11.6 percent of the total imports and an increase of 19.1 percent, from $5.06 billion in 2017 to $6.02 billion in 2018.

Transport Equipment ranked third with 9.9 percent share and an increase of 6.2 percent from $4.81 billion in 2017 to $5.11 billion in 2018.

Industrial Machinery and Equipment, which ranked fourth, recorded a 6.8 percent share and an increase of 19.2 percent, from $2.97 billion worth of imports in 2017 to $3.54 billion recorded value in 2018.

Iron and Steel ranked fifth with 5.5 percent share to total imports or $2.83 billion.  This was higher by 31.7 percent from $2.15 billion total imports in 2017.

Completing the list of the top ten import commodities for 2018 were: Other Food and Live Animals with $1.56 billion or an increase of 3.7 percent; Miscellaneous Manufactured Articles, $1.54 billion or an increase of 24.9 percent; Telecommunication Equipment and Electrical Machinery, $1.40 billion or an increase of 11.5 percent; Plastics in Primary and Non-Primary Forms, $1.28 billion which rose by 11.9 percent; and Cereals and Cereal Preparations, $1.13 billion or an increase of 11.7 percent.

PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 16.6 PERCENT OF THE TOTAL TRADE

The country’s top 10 trading partners contributed a total trade worth $66.00 billion or 77.9 percent of the total external trade in the first semester of 2018. This comprised a total export receipt of $25.83 billion or 78.5 percent of the total exports and total import bill of $40.17 billion or 77.5 percent of the total imports. This translates to an unfavorable balance of trade-in goods (BOT-G) which amounted to $14.35 billion.

People’s Republic of China was the country’s top trading partner in 2018 with total trade worth $14.08 billion or 16.6 percent of the total trade.  Export receipts from China stood at $4.09 billion while payment for imports was valued at $9.99 billion, resulting to a $5.90 billion trade deficit (Table 4).  Export-wise, the biggest sales came from Electronic Products at $2.35 billion or 57.3 percent of the country’s exports to China. Other Manufactured Goods followed with total receipts of $335.43 million or 8.2 percent (Table 5).  Imported goods purchased from China consisted of Electronic Products worth $2.00 billion or 20.0 percent of the country’s total imports. Iron and Steel followed with imports of $1.37 billion or a share of 13.7 percent (Table 6).

Japan was the country’s second largest trading partner in 2018, accounting for a total trade worth $9.98 billion or 11.8 percent of the country’s total trade. Exports to Japan totaled $4.71 billion while imports were valued at $5.27 billion, posting a trade deficit of $563.70 million (Table 4). Electronic Products got a large share of 27.5 percent of the total exports to Japan valued at $1.30 billion, followed by Machinery and Transport Equipment at $446.69 million or 9.5 percent (Table 5). On the other hand, majority of the imported products from Japan were Electronic Products billed at $1.55 billion or 29.3 percent and Industrial Machinery and Equipment with $793.98 million or 15.1 percent (Table 6).

United States of America (USA) placed third, accounting for 10.4 percent or $8.77 billion total trade in 2018. Receipts from exports to USA were valued at $4.97 billion while payment for imports totaled to $3.81 billion, reflecting a trade surplus of $1.16 billion (Table 4). Majority of the exports were Electronic Products worth $2.42 billion or 48.7 percent of the total exports to USA and Other Manufactured Goods with $314.80 million or 6.3 percent share (Table 5). Major inward shipments from USA were Electronic Products with payment worth $1.29 billion or 33.8 percent of the total. Feeding Stuff for Animals (Not Including Unmilled Cereals) ranked second with a value of $451.83 million or 11.9 percent of the total (Table 6).

Republic of Korea ranked as the fourth largest trading partner of the country in 2018 with a total trade amounting to $6.54 billion or a share of 7.7 percent to total trade. Total outward shipments were valued at $1.22 billion while import payments reached $5.32 billion, recording a trade deficit of $4.10 billion (Table 4). Electronic Products and Other Manufactured Goods were the country’s major exports to Republic of Korea with earnings of $560.59 million or 46.1 percent share and $142.55 million or 11.7 percent of the total exports, respectively (Table 5). The bulk of inward commodities from this country were Electronic Products with import bill of $2.90 billion or 54.5 percent share, and Mineral Fuels, Lubricants and Related Materials worth $940.36 million or 17.7 percent share (Table 6).

Hong Kong was the country’s fifth largest trading partner in 2018 with total trade worth $6.29 billion or 7.4 percent of the total external trade.  Export revenues from Hong Kong stood at $4.85 billion while payment for imports was valued at $1.44 billion, resulting to a $3.41 billion trade surplus (Table 4). The major exported goods were Electronic Products at $3.95 billion or 81.5 percent and Gold with total receipts of $453.11 million or 9.3 percent of the country’s exports to Hong Kong (Table 5).  However, the main import commodities from this country were Electronic Products worth $858.04 million or 59.6 percent and Transport Equipment with import payments valued at $109.71 million or 7.6 percent (Table 6).

TRADING WITH EU MEMBER COUNTRIES IS AT 9.6 PERCENT OF TOTAL TRADE

The country’s external trade in goods with the European Union (EU) member countries totaled to $8.13 billion or 9.6 percent share to the total trade. Exports to EU reached $4.60 billion or 14.0 percent of the total export receipts, while imports were valued at $3.53 billion or a 6.8 percent share to total imports, resulting to a balance of trade in goods (BOT-G) surplus of $1.07 billion. Among the EU member countries, Germany was the country’s top trading partner with a total trade of $2.35 billion or 28.9 percent of EU’s total trade. Revenue from exports to Germany amounted to $1.44 billion while payment for imports was worth $908.71 million, reflecting a trade surplus of $532.33 million (Table 7).

Major goods exported to the EU member countries in 2018 were: Electronic Products, $2.70 billion; Machinery and Transport Equipment, $564.84 million; Coconut Oil, $265.35 million; Other Manufactured Goods, $182.15 million; and Tuna, $171.86 million (Table 8).

Top five imported goods from the EU member countries were: Electronic Products, $620.73 million; Transport Equipment, $596.49 million; Industrial Machinery and Equipment, $410.31 million; Medicinal and Pharmaceutical Products, $288.02 million; and Other Food and Live Animals, $258.48 million (Table 9).

 

TOTAL TRADE WITH ASEAN MEMBER COUNTRIES POSTS AT $18.21 BILLION

Total external trade in goods with ASEAN member countries for 2018 amounted to $18.21 billion or 21.5 percent of the country’s total trade. Total exports to ASEAN member countries was valued at $5.21 billion while total imports was worth $13.00 billion, generating an unfavorable balance of trade in goods (BoT-G) of $7.79 billion. Singapore was the country’s top trading partner among the ASEAN member countries with a total trade accounting for $5.18 billion or 28.4 percent share to the ASEAN total trade. Exports to Singapore amounted to $2.16 billion while imports payment was valued at $3.02 billion, reflecting a trade deficit of $867.77 million (Table 7).

Leading exports for the ASEAN member countries in 2018 were: Electronic Products, $3.31 billion; Other Manufactured Goods, $311.84 million; Metal Components, $280.68 million; Cathodes and Sections of Cathodes, of Refined Copper, $238.74 million; and Machinery and Transport Equipment, $164.00 million (Table 8).

Top five import commodities from the ASEAN member countries were: Transport Equipment, $2.63 billion; Electronic Products, $2.37 billion; Mineral Fuels, Lubricants and Related Materials, $1.40 billion; Industrial Machinery and Equipment, $742.17 million; and Other Food and Live Animals, $658.32 million (Table 9).

TOTAL TRADE WITH APEC MEMBER COUNTRIES REACHES $70.78 BILLION

Bulk of the country’s external trade was from APEC member countries.  This amounted to $70.78 billion or 83.5 percent of the country’s total trade.  Export receipts totaled to $27.09 billion or 82.4 percent of the total exports while import payment summed up to $43.69 billion or 84.3 percent share of the total imports.  Trading with this economic bloc resulted to an unfavorable balance of trade in goods (BOT-G) amounting to $16.60 billion. Topping the list of the country’s major trading partners within APEC were: People’s Republic of China, $14.08 billion or 19.9 percent share; Japan, $9.98 billion or 14.1 percent share; USA, $8.77 billion or 12.4 percent share; Republic of Korea, $6.54 billion or 9.2 percent share; and Hong Kong, $6.29 billion or 8.9 percent share of the APEC total trade (Table 10).

Electronic Products were still the country’s major export to APEC member countries in 2018 with sales valued at $15.25 billion or 56.3 percent share to the total APEC exports. Other top export commodities were: Other Manufactured Goods, $1.69 billion; Machinery and Transport Equipment, $1.20 billion; Metal Components,$824.23 million; and Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, $736.74 million (Table 11).

The top import goods from APEC member countries were: Electronic Products, $12.78 billion; Transport Equipment, $4.34 billion; Mineral Fuels, Lubricants and Related Materials, $3.62 billion; Industrial Machinery and Equipment, $3.05 billion; and Iron and Steel, $2.51 billion (Table 12).

 

 

 

 

Explanatory Notes

This Report is a summary of the monthly revised international merchandise trade statistics for the first semester of 2018.

This includes late entries from documents received from beyond the cut-off date which is every 25th day of the month. All documents received after the cut-off date are processed and included in the generation of the revised monthly statistical tables.  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.

The commodity groupings in this Special Release are in accordance with the 2015 Philippine Standard Commodity Classification (PSCC).  The 2015 PSCC is used to classify the commodities at the most detailed level.

List of standards and 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
PSCC - Philippine Standard Commodity Classification version 2015
ROW – Rest of the World
USA – United States of America

Data on international merchandise trade statistics are available at Philippine Statistics Authority website at www.psa.gov.ph.  For further details, you may contact, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).

 

(Sgd.) ROSALINDA P. BAUTISTA
(Director II)
Officer-in-Charge
Sectoral Statistics Office

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