1. TOTAL TRADE SUMS UP TO $15.84 BILLION

The country’s total external trade in goods in August 2018 amounted to $15.84 billion, indicating an increase of 7.8 percent from $14.69 billion reflected during the same month in 2017. Total exports grew by 3.1 percent, from $5.98 billion in August 2017 to $6.16 billion in August 2018.

Likewise, total imports went up to $9.68 billion in August 2018 from $8.72 billion in the same month of previous year or an annual growth rate of 11.0 percent.  Furthermore, the country’s balance of trade in goods (BoT-G) expanded to a $3.51 billion deficit in August 2018, from the $2.74 billion deficit in August 2017.  (Tables 1, 2 and 3)

2. EXPORTS AND IMPORTS GROW BY 3.1 PERCENT and 11.0 PERCENT, RESPECTIVELY

The country’s total export sales reflected an increase of 3.1 percent from $5.98 billion in August 2017 to $6.16 billion in August 2018. This was due to the increases posted by six out of the top 10 commodities for the month led by exports of cathodes and sections of cathodes, of refined copper (79.0%); bananas (fresh) (46.9%); other mineral products (21.8%); electronic products (7.0%); other manufactured goods (6.4%); and electronic equipment and parts (5.4%). (Table 2)

On the other hand, total imported goods for the month of August 2018 reached $9.68 billion or a growth of 11.0 percent from $8.72 billion posted during the same month in 2017. The increase was due to the positive growth of the 9 out of the top 10 major import commodities for August 2018. These were the following: cereals and cereal preparations (68.4%); iron and steel (63.6%); mineral fuels, lubricants and related materials (42.3%); transport equipment (29.2%); plastics in primary and non-primary forms (12.9%); electronic products (9.9%); miscellaneous manufactured articles (5.0%); industrial machinery and equipment (4.4%); and telecommunication equipment and electrical machinery (0.03%). (Table 3)

3. EXPORTS OF ELECTRONIC PRODUCTS GROW BY 7.0 PERCENT

Electronic Products continued to be the country’s top export with total earnings of $3.35 billion, representing a share of 54.3 percent of the total exports revenue in August 2018. Year-on-year growth for this commodity was 7.0 percent, from $3.13 billion export receipts in the same month of the previous year. Components/Devices (Semiconductors) comprised the biggest share of 40.8 percent among electronic products. It posted an increase of 7.7 percent, from $2.33 billion in August 2017 to $2.51 billion in August 2018.

Other Manufactured Goods ranked second with $396.53 million or 6.4 percent of the total export receipts. Export of this commodity increased by 6.4 percent from the $372.59 million export revenue posted in August 2017.

Machinery and Transport Equipment was the third top export earner with export revenue of $258.12 million or a share of 4.2 percent. Export sales of this commodity group went down by 3.5 percent from the $267.50 million recorded in August 2017. 

Bananas (Fresh) placed fourth with $167.46 million earnings or a 2.7 percent share to the total export receipts in August 2018. Export of this commodity rose by 46.9 percent from the previous year’s receipts of $114.01 million.

Cathodes and Sections of Cathodes, of Refined Copper, with $166.83 million revenue, was the fifth top export earner in August 2018. It posted a positive growth of 79.0 percent from the previous year’s export of $93.19 million.

Completing the list of the top ten exports and their corresponding sales were:

     • Other Mineral Products, with $151.92 million, which went up by 21.8 percent;
     • Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, with $145.00 million, which went down by 22.9 percent;
     • Chemicals, with  $132.61 million, which decreased by 8.2 percent;
     • Metal Components, with  $122.54 million, which dropped by 4.8 percent;
     • Electronic Equipment and Parts, with $113.89 million, which increased by 5.4 percent;

Total receipts from the top 10 major exports amounted to $5.00 billion or 81.1 percent of the total export. This recorded an increase of 7.1 percent from the August 2017 export value of $4.67 billion. (Table 2)

4. ELECTRONIC PRODUCTS ACCOUNTS FOR  25.4 PERCENT OF TOTAL IMPORT BILL

Total payment for the country’s top 10 imports for August 2018 reached $7.30 billion, recording an increment of 20.2 percent over the August 2017 import value of $6.07 billion.  (Table 3)

Inbound shipments of Electronic Products in August 2018 accounted for 25.4 percent of the total imports valued at $2.46 billion. It went up by 10.0 percent from the $2.24 billion posted value during the same period in 2017. Among electronic products, Components/Devices (Semiconductors) reflected the biggest share of 18.4 percent. It increased by 13.8 percent, from $1.56 billion in August 2017 to $1.78 billion in August 2018.

Transport Equipment ranked second with import bill amounting to $1.20 billion or 12.4 percent share to total import value. It expanded by 29.2 percent from the August 2017 value of $929.92 million.

Mineral Fuels, Lubricants and Related Materials came in third with import value reaching $1.19 billion.  This commodity went up by 42.3 percent from the August 2017 import value of $833.29 million.

Imports of Industrial Machinery and Equipment, valued at $591.99 million in August 2018 or a percent share of 6.1 percent, placed fourth. Import of this commodity increased by 4.4 percent from $566.89 million in August 2017.

Iron and Steel came in fifth with imports valued at $538.55 million and a share of 5.6 percent. Imports of this commodity rose by 63.6 percent over the August 2017 value of $329.17 million.

Completing the list of the top ten imports for August 2018 were:

     • Other Food and Live Animals, $305.30   million, which contracted by 1.4 percent;
     • Cereals and Cereal Preparations, $276.78 million, which increased by 68.4 percent;
     • Miscellaneous Manufactured Articles, $271.21 million which increased by 5.0 percent;
     • Telecommunication Equipment and Electrical Machinery, $237.96 million which  rose  by 0.03 percent; and
     • Plastics in Primary and Non-Primary forms, $231.49 million which grew by 12.9 percent.

5. EXPORTS OF MANUFACTURED GOODS INCREASE BY 3.5 PERCENT

Exports of Manufactured Goods, representing a share of 82.2 percent of total exports, were valued at $5.07 billion in August 2018 (Table 4).  It posted an increase of 3.5 percent compared to $4.90 billion export value in August 2017.

Exports from Mineral Products, with a share of 7.2 percent or $440.93 million, went up by 16.7 percent in August 2018.

Total Agro-Based Products, with a share of 7.1 percent or $435.88 million, declined by 19.23 percent in August 2018.

Merchandise exports from Special Transactions, with a value of $122.20 million or a share of 2.0 percent to the total export revenue, increased by 5.8 percent in August 2018 from the previous year’s figure of $115.55 million.

Petroleum Products, with 1.2 percent share amounting to $75.88 million, significantly went up by 163.5 percent from $28.80 million in August 2017.

Exports of Forest Products, accounting for 0.3 percent share to the total exports or a value of $20.98 million, increased by 7.5 percent in August 2018.

6. IMPORTS OF RAW MATERIALS AND INTERMEDIATE GOODS COMPRISE 35.9 PERCENT

By major type of goods, imports of Raw Materials and Intermediate Goods contributed the largest share of 35.9 percent to total import value. It increased by 4.3 percent from $3.33 billion in August 2017 to $3.48 billion in August 2018. Semi-Processed Raw Materials, with a share of 32.9 of the total imports for the commodity group amounted to $3.18 billion.  Import of this commodity increased by 8.1 percent from the $2.95 billion posted in August 2017. (Table 5)

Imports of Capital Goods, valued at $3.34 billion, accounted for 34.5 percent in August 2018. It went up by 12.9 percent from the August 2017 import value of $2.95 billion.

Imports of Consumer Goods, amounting to $1.65 billion, contributed 17.0 percent of the total imports in August 2018.  It grew by 5.9 percent from the $1.56 billion registered value in August 2017.

Imports of Mineral Fuels, Lubricants and Related Materials, comprising 12.3 percent of total imports, posted an increment of 42.3 percent, from $833.29 million in August 2017 to $1.19 billion in August 2018. Other mineral fuels, lubricants and related materials, valued at $571.25 million, accounted for the largest share of imports of this commodity group.

Moreover, imports of Special Transactions with a 0.4 percent share to total export, registered a decrease of 17.1 percent from $41.04 million in August 2017 to $34.01 million in August 2018.

7. EXPORTS TO PEOPLE’S REPUBLIC OF CHINA COMPRISE 15.3 PERCENT

Total exports receipt recorded by the country’s top 10 market destinations for August 2018 reached $5.11 billion or 82.9 percent share to the total exports. (Table 6)

People’s Republic of China ranked first with exports valued at $939.98 million or 15.3 percent of the total exports for August 2018.  Total exports for China grew by 34.4 percent from $699.48 million value posted in August 2017.

United States of America (USA), including Alaska and Hawaii, placed second with an export value of $934.04 million or a share of 15.2 percent of total exports in August 2018. Exports to this country represent an increase of 8.9 percent from $857.65 million in August 2017.

Hong Kong came in third with export shipments valued at $851.94 million or a share of 13.8 percent. Exports to this country went up by 5.2 percent from $810.17 million recorded in August 2017.

Japan including Okinawa, placed fourth with $846.64 million or 13.7 percent of the total exports. This went down by 6.5 percent from an export value of $905.47 million in the same month of 2017.

Singapore, contributing a 6.7 percent share to total exports or an export value of $409.81 million, ranked fifth. Outbound shipments to this country grew by 35.9 percent from $301.63 million posted in the same month of the previous year.

Completing the top ten market destinations for August 2018 were: Germany, $244.23 million; Taiwan, $232.22 million; Thailand, $230.43 million; Netherlands, $221.79 million; and Republic of Korea, $199.75 million.  (Table 6)

8.  IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 19.9 PERCENT

Import bills from the top 10 countries amounted to $7.40 billion or a share of 76.5 percent of the total imports in August 2018.

People’s Republic of China was the country’s biggest supplier of imports with 19.9 percent share in August 2018.  Import bills to this country registered an amount of $1.92 billion or an increase of 28.2 percent, from $1.50 billion in August 2017.

Republic of Korea, which ranked second, contributed a percent share of 9.6 percent or an import value of $932.21 million in August 2018. This recorded an increase of 14.8 percent from the August 2017 value amounting to $812.27 million.   

Japan, including Okinawa, ranked third with an import value of $857.93 million in August 2018 or a share of 8.9 percent. Imports from this country went down by 11.3 percent from $966.99 million in August 2017. 

Thailand placed fourth with a 7.8 percent share to the total import bills in August 2018.  Its total import bills rose by 23.9 percent from $610.99 million in August 2017 to $756.68 million in August 2018.

United States of America (USA), including Alaska and Hawaii, came in fifth with imports valued at $713.54 million in August 2018 or a share of 7.4 percent. Import bills from this country went up by 2.6 percent from $695.82 million in August 2017. 

Completing the list of major sources of imports for the month of August 2018 were: Indonesia, $539.36 million; Singapore, $494.17 million; Taiwan, $485.23 million; Malaysia (includes Sabah and Sarawak), $398.97 million; and Germany, $301.20 million.

9. EXPORTS TO COUNTRIES IN EAST ASIA COMPRISE  49.8 PERCENT

By economic bloc, the bulk of the country’s merchandise exports in August 2018, which comprised 49.8 percent of total exports or $3.07 billion, went to countries in East Asia.  This amount rose by 2.0 percent from $3.01 billion in August 2017.

Commodities exported to ASEAN member countries accounted to 16.0 percent of the total exports in August 2018 or a value of $987.91 million. Exports to this economic bloc increased by 10.3 percent from the $895.39 million posted in the same month of the previous year. (Table 9)

Total exports to United States of America were valued at $934.04 million or a share of 15.2 percent of total merchandise exports. This went up by 8.9 percent from the recorded value of $857.65 million in August 2017.

10. IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 46.2 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 August 2018 amounting to $4.47 billion, or a 46.2 percent share to the total imports.  This amount rose to 13.1 percent from $3.95 billion in August 2017. 

Commodities imported from ASEAN member countries reached $2.47 billion. It contributed 25.5 percent to the total imports and an increase of 3.6 percent from the August 2017 import value of $2.38 billion.

Imports from European Union member countries amounted to $889.18 million. It rose by 26.7 percent from the August 2017 value of $701.56 million. (Table 10)

(Sgd.)  JOSIE B. PEREZ
Assistant Secretary
(Deputy National Statistician)
Officer-in-Charge