A. TOTAL EXTERNAL TRADE AND BALANCE OF TRADE

1. Total external trade continued to contract

The country’s total external trade in goods in January 2021, which amounted to USD 13.40 billion, dropped at an annual rate of -11.1 percent. This was faster than the annual decrease in the previous month of -4.2 percent. In January 2020, the annual rate was recorded at 1.5 percent. (Table A)

Of the total external trade in January 2021, 59.0 percent were imported goods, while the rest were exported goods.

 2. Trade deficit posted an annual decline

Balance of trade in goods (BoT-G) is the difference between the value of export and import. BoT-G in January 2021 amounted to USD -2.42 billion, representing a trade deficit with an annual decline of -30.9 percent. The trade deficit in the previous month fell at a slower annual rate of -27.4 percent while in January 2020, deficit was at -18.0 percent. (Figure 1, and Tables A and 2)

B. EXPORTS

1. Sales from export posted negative growth

The country’s total export sales in January 2021, amounting to USD 5.49 billion, decreased at an annual rate of -5.2 percent, from an annual increase of 1.7 percent in the previous month and 9.4 percent in January 2020. (Figure 2, and Tables A and 2)

Of the top 10 major commodity groups in terms of value of exports, four recorded annual decreases led by fresh bananas (-46.9%). This was followed by other manufactured goods (-12.8%); machinery and transport equipment (-11.9%), and coconut oil (-11.7%). (Tables B and 3)

2. Electronic products commodity group remained the highest on export sales

By commodity group, electronic products continued to be the country’s top export with total earnings of USD 3.24 billion. This amount accounted for 59.1 percent of the total exports in January 2021. This was followed by other manufactured goods with an export value of USD 292.68 million (5.3%); and ignition wiring set and other wiring sets used in vehicles, aircrafts, and ships which amounted to USD 224.65 million (4.1%). (Figure 3 and Table 3)

3. Manufactured goods commodity group still comprised the biggest chunk of total exports

By major type of goods, exports of manufactured goods shared the highest to the total exports in January 2021, amounting to USD 4.70 billion (85.7%). This was followed by total agro-based products with a share of USD 332.56 million (6.1%); and mineral products which contributed USD 319.80 million (5.8%). (Figure 4 and Table 4)

4. Total export value of Personal Protective Equipment (PPE) and medical supplies increased in January 2021

The total export value for Personal Protective Equipment (PPE) and medical supplies in January 2021 increased to USD 2.72 million or an annual growth of 11.0 percent from its value in January 2020.

Annual growth of export value for these medical items in the previous month was recorded at 709.0 percent, while in January 2020, the annual increase was noted at 497.8 percent. (Table C)

The annual increment noted in the export of other face mask (non-surgical/non-medical masks including masks made of cloth), which recorded an annual rate of 6,539.6 percent, contributed largely to the increase of export value for PPEs and medical supplies in January 2021.

Month-on-month, export value for PPE and medical supplies decreased by -18.0 percent in January 2021 and by -26.9 percent in the previous month. (Table C)

Contributing to the monthly decrease in the export value of PPE and medical supplies was surgical face mask with a monthly growth rate of -61.6%. Export value for face shield and other face mask commodity increased month-on-month in January 2021 by 70.5 percent and 9.0 percent, respectively.

5. United States of America contributed the highest export value

By major trading partner, exports to United States of America (USA) comprised the highest export value amounting to USD 854.43 million or a share of 15.6 percent to the total exports during the month.

Completing the top five major export trading partners with their export values and percent shares to the total exports were:

a. Japan, USD 806.04 million (14.7%);
b. People’s Republic of China, USD 800.06 million (14.6%);
c. Hong Kong, USD 711.77 million (13.0%); and
d. Thailand, USD 291.93 million (5.3%). (Figure 5 and Table 5)

6. Majority of exports were for APEC countries

By economic bloc, majority of the country’s merchandise exports in January 2021 went to the Asia-Pacific Economic Cooperation (APEC) member countries with a share of USD 4.64 billion (84.5%). This was followed by East Asia, valued at USD 2.75 billion (50.0%), and the Association of Southeast Asian Nations (ASEAN) which amounted to USD 908.77 million (16.6%). (Figure 6 and Table 6)

7. Eastern Asia contributed the highest export value by geographic region

By geographic region, Eastern Asia comprised the highest export value amounting to USD 2.75 billion in January 2021. This was followed by South-eastern Asia with an export value of USD 908.78 million and Northern America with USD 889.61 million. (Figure 7)

C. IMPORTS

1. Import value continued to drop

Total imported goods in January 2021, which amounted to USD 7.91 billion, remained at downtrend with an annual rate of -14.9 percent. (Figures 1 and 8, and Table A)

The value of imports registered a negative annual growth rate for 21 consecutive months since May 2019. In December 2020, the annual decline was lower at -8.2 percent while in January 2020, imports decreased by -2.8 percent annually. (Figure 8 and Table A)

The annual decrement of imported goods in January 2021 was due to the decrease in nine of the top 10 major import commodities. The annual rate of decline was fastest in industrial machinery and equipment (-36.9%). This was followed by transport equipment (-36.8%); and mineral fuels, lubricants, and related materials (-33.6%). (Tables D and 7)

2. Electronic products accounted for the highest import value among commodity groups

Most of the imported goods were electronic products with an import value of USD 2.34 billion or a share of 29.6 percent to the total imports in January 2021. This was followed by mineral fuels, lubricants, and related materials, valued at USD 681.74 million (8.6%); and transport equipment which amounted to USD 565.08 million (7.1%). (Figure 9 and Table 7)

3. Imports of raw materials and intermediate goods contributed the highest

By major type of goods, imports of raw materials and intermediate goods accounted for the largest share of USD 3.20 billion (40.4%) to the total imports in January 2021. Imports of capital goods ranked second with a share of USD 2.59 billion (32.7%), followed by consumer goods with USD 1.41 billion (17.9%). (Figure 10 and Table 8)

4. Total import value of Personal Protective Equipment (PPE) and medical supplies increased in January 2021

The total import value for Personal Protective Equipment (PPE) and medical supplies in January 2021 increased to USD 24.81 million, indicating an annual increment of 33.0 percent from its value in the same month of the previous year.

Annual growth of import value for these medical items in the previous month was recorded at 76.9 percent, while in January 2020, the annual increase was noted at 17.2 percent. (Table E)

The annual increments noted in the following PPE and medical supplies have increased the total import value for these items during the period:

a. surgical face mask (391.2%);
b. other face mask (66.6%);
c. testing kits (31.6%); and
d. protective clothing (26.6%)

Import value decreased for face shield (-44.2%), surgical gloves (-9.8%), and safety headgear (-8.3%).

Month-on-month, import value for PPE and medical supplies decreased by -16.2 percent in January 2021 from an increase of 55.5 percent in the previous month. (Table E)

Contributing to the monthly decrease in the import value of PPE and medical supplies were protective clothing (-92.0%), surgical face mask (-39.7%), surgical gloves (-18.4%), and testing kits (-15.8%). Import value for other face mask, safety headgear, and face shield commodities increased month-on-month in January 2021 by 119.8 percent, 50.2 percent, and 20.1 percent, respectively.

5. People’s Republic of China had the highest import value

The People’s Republic of China was the country’s biggest supplier of imported goods valued at USD 1.93 billion or 24.4 percent of the total imports in January 2021.

Completing the top five major import trading partners with their corresponding import payments and percent shares to the total imports were:

a. Japan, USD 667.77 million (8.4%);
b. Indonesia, USD 526.71 million (6.7%);
c. Republic of Korea, USD 524.84 million (6.6%); and
d. USA, USD 518.39 million (6.6%).
(Figure 11 and Table 9)

6. Imports came largely from APEC member countries

By economic bloc, APEC member countries were the biggest supplier of the country’s imported goods in January 2021 with a share in value amounting to USD 6.93 billion (87.7%). This was followed by East Asia with an import value of USD 3.87 billion (49.0%), and ASEAN with USD 2.27 billion (28.6%). (Figure 12 and Table 10)

7. Eastern Asia contributed the highest import value by geographic region

By geographic region, USD 3.87 billion of the country’s imports in January 2021 went to Eastern Asia. This was followed by South-eastern Asia, whose import value amounted to USD 2.27 billion, and Northern America, valued at USD 553.68 million. (Figure 13)

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

Explanatory Notes

Export and import trade statistics are compiled by the Philippine Statistics Authority (PSA) from export and import documents submitted to the Bureau of Customs (BOC) by exporters and importers or their authorized representatives as required by law. The PSA regularly collects the following documents:

1. Export Declaration (ED – DTI form);
2. Import Entry and Internal Revenue Declaration (BOC IEIRD Form 236);
3. Informal Import Declaration and Entry (BOC Form 177); and
4. Single Administrative Documents (SAD)

The digitized copies of all documents are provided by BOC and Philippine Economic Zone Authority (PEZA) to PSA on a monthly basis through email.

The output of the Automated Export Documentation System (AEDS) of the BOC is being utilized to generate export statistics. The AEDS is a paperless transaction in lieu of the manual filling up of export documents.

Moreover, an electronic copy of the IEIRD, or 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), now called the e2m (electronic to mobile) customs system, which is implemented through the BOC e-Customs Project.

All documents (hard copies and e-files) received within the cut-off date, which is every 25th day of the month, are compiled, processed, summarized, analyzed, and disseminated through monthly statistical tables and press releases. Processing includes coding, editing, review, and validation of results. All documents received after the cut-off date are included in the generation of the revised monthly statistical tables which are available 10 to 15 working days after the press release date.

Export and import trade statistics are revised on an ongoing basis for each month of the current year in the next reference month. Furthermore, an annual export and import trade statistics are finalized three (3) months after the reference year. The January 2020 values in this report, with superscript (r) to indicate revised values, are the same revised values presented during the February 2020 report.

The press release for a reference month is every 40th day after the reference month. However, if the 40th day falls on a Saturday, the release is made a day earlier (Friday). If it falls on a Sunday or Monday, the release is on Tuesday. Moreover, if the release date falls on a holiday, the date of release is moved accordingly.

The 2015 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at 10-digit code level for statistical purposes.

Data requests on international merchandise trade statistics can be made at the PSA, Economic Sector Statistics Service, Trade Statistics Division with telephone number (02) 8376-1975 and email address j.soliven@psa.gov.ph.