A. TOTAL EXTERNAL TRADE AND BALANCE OF TRADE

1. Total external trade increased

In June 2022, the country’s total external trade in goods amounted to USD 19.13 billion which indicates an annual growth rate of 16.1 percent. In the previous month, the annual increase was faster at 20.8 percent, while in June 2021, it grew by 32.0 percent. (Table A)

Of the total external trade in June 2022, 65.3 percent were imported goods, while the rest were exported goods.

2. Trade deficit posted an annual increase

Balance of trade in goods (BoT-G) is the difference between the value of export and import. BoT-G in June 2022 amounted to USD -5.84 billion, indicating a trade deficit with an annual increase of 75.4 percent. The trade deficit in the previous month recorded an annual increase of 74.7 percent, while in June 2021, it was at 133.9 percent. (Figure 1, Tables A and 2)

B. EXPORTS

1. Sales from export posted a positive growth

The country’s total export sales in June 2022, amounting to USD 6.64 billion, reflected an annual rate of 1.0 percent, from an increment of 6.4 percent in the previous month. In June 2021, total export sales grew at an annual rate of 18.9 percent. (Figures 1 and 2, Tables A and 2)

Of the top 10 major commodity groups, five recorded annual increases in terms of the value of exports. This was led by other mineral products (75.8%), followed by coconut oil (63.2%), and chemicals (31.4%). (Tables B and 3)

2. Year-to-date annual total export increased

The year-to-date annual total export earnings, that is from January to June 2022, amounted to USD 38.53 billion. This represents an annual increase of 7.1 percent compared with year-to-date annual total export value earned in January to June 2021. (Table 4)

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

By commodity group, electronic products continued to be the country’s top export in June 2022 with total earnings of USD 3.52 billion. This amount accounted for 53.0 percent of the total exports during the period. This was followed by other mineral products with an export value of USD 486.90 million (7.3%); and other manufactured goods, which amounted to USD 349.01 million (5.3%). (Figure 3 and Table 3)

4. Manufactured goods still comprised the biggest chunk of total exports among major types of goods

By major type of goods, exports of manufactured goods shared the biggest to the total exports in June 2022 amounting to USD 5.22 billion (78.6%). This was followed by mineral products with a share of USD 774.39 million (11.7%); and total agro-based products, which contributed USD 495.63 million (7.5%). (Figure 4 and Table 5)

5. Total export value of Personal Protective Equipment and medical supplies increased in June 2022

The total export value for Personal Protective Equipment (PPE) and medical supplies in June 2022 rose to USD 0.96 million. This represents an annual increase of 65.6 percent from its value of USD 0.58 million in June 2021. The annual decline in the export value for these medical items in the previous month was recorded at -40.6 percent, while in June 2021, it went down by -74.4 percent.

The annual increase in export for surgical face mask at 618.0 percent contributed to the increment of export value for PPE and medical supplies in June 2022. On the other hand, export value declined year-on-year for other face mask (non-surgical/non-medical masks including masks made of cloth) at -38.2 percent.

Month-on-month, export value for PPE and medical supplies dropped by -0.2 percent in June 2022, while in May 2022, it increased by 21.4 percent.

Contributing to the monthly decrement in the export value of PPE and medical supplies was the decline in the export value of other face mask (non-surgical/non-medical masks including masks made of cloth, -59.6%). On the other hand, export value increased month-on-month for surgical face mask (377.7%). (Tables C and 7)

6. United States of America contributed the highest export value

By major trading partner, exports to the United States of America (USA) comprised the highest export value amounting to USD 1.05 billion or a share of 15.8 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 1.03 billion (15.5%);
b. People’s Republic of China, USD 868.68 million (13.1%);
c. Hong Kong, USD 826.73 million (12.4%); and
d. Singapore, USD 482.89 million (7.3%).
(Figure 5 and Table 8)

7. Majority of exports were for Asia-Pacific Economic Cooperation countries

By economic bloc, majority of the country’s merchandise exports in June 2022 went to the Asia-Pacific Economic Cooperation (APEC) member countries with a share of USD 5.72 billion (86.1%) to total exports. This was followed by East Asia, valued at USD 3.29 billion (49.5%), and the Association of Southeast Asian Nations (ASEAN) at USD 1.21 billion (18.3%). (Figure 6 and Table 9)

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

By geographic region, Eastern Asia comprised the highest export value amounting to USD 3.29 billion in June 2022. This was followed by Southeastern Asia with an export value of USD 1.21 billion and Northern America with USD 1.10 billion worth of export value. (Figure 7 and Table 19)

C. IMPORTS

1. Import value increased

Total imported goods in June 2022, which amounted to USD 12.49 billion, increased at an annual rate of 26.0 percent. In May 2022, it grew at a faster rate of 30.2 percent, while in June 2021, imports value recorded an uptrend of 42.4 percent.   (Figures 1 and 8, Tables A and 2)

The annual growth in the value of imported goods in June 2022 was mainly due to the increase in value of nine of the top 10 major commodity groups which was led by mineral fuels, lubricants, and related materials with 125.1 percent. This was followed by iron and steel, which rose by 34.3 percent annually; and telecommunication equipment and electrical machinery by 23.1 percent. (Tables D and 10)

2. Year-to-date annual total import value grew

The year-to-date annual total import value, that is from January to June 2022, amounted to USD 68.32 billion.  This represents an annual increment of 26.7 percent from the year-to-date annual total import value of USD 53.93 billion in January to June 2021. (Table 11)

3. 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 2.87 billion or a share of 22.9 percent to the total imports in June 2022. This was followed by mineral fuels, lubricants, and related materials, valued at USD 2.64 billion (21.2%); and transport equipment, which amounted to USD 878.27 million (7.0%). (Figure 9 and Table 10)

4. Imports of raw materials and intermediate goods contributed the highest among major types of goods

By major type of goods, imports of raw materials and intermediate goods accounted for the largest share to the total imports amounting to USD 4.63 billion (37.1%) in June 2022. Imports of capital goods ranked second with a share of USD 3.11 billion (24.9%), followed by mineral fuels, lubricants, and related materials with USD 2.64 billion (21.2%).

Imports of mineral fuels, lubricants, and related materials recorded a positive annual growth of 125.1 percent from its value of USD 1.17 billion in the same month of the previous year. Contributing to the annual increment in this commodity group was the increase in the import value of petroleum products used to run motor vehicles (includes diesel fuel and fuel oils, light oils and preparations, and aviation turbine fuel) with a value of USD 1.25 billion. (Figure 10 and Table 12)

5. Total import value of Personal Protective Equipment and medical supplies including COVID-19 vaccine decreased in June 2022

The total import value for Personal Protective Equipment (PPE) and medical supplies, including Coronavirus disease 2019 (COVID-19) vaccine, declined to USD 17.42 million in June 2022, indicating an annual decrement of -76.7 percent from its value in the same month of the previous year.

In June 2022, the total import for COVID-19 vaccine was valued at USD 2.02 million.

Annual growth rate of import value for PPE and medical supplies, including COVID-19 vaccine, was recorded at -73.2 percent in May 2022, while in June 2021, the annual increase was 111.2 percent.

The annual decrements noted in the following items have decreased the total import value for PPE and medical supplies, including COVID-19 vaccine in June 2022:

a. COVID-19 vaccine (-95.4%);
b. face shield (-85.8%);
c. surgical gloves (-78.4%);
d. surgical face mask (-65.1%);
e. testing kits (-58.5%);
f. protective clothing (-34.2%); and
g. other face mask (non-surgical/non-medical masks including masks made of cloth, -13.7%).

Meanwhile, import value increased year-on-year for safety headgear (172.0%).

Month-on-month, import value for PPE and medical supplies, including COVID-19 vaccine, dropped by -10.4 percent in June 2022, while it registered an increase of 13.7 percent in the previous month.

Contributing to the monthly decrement in the import value of PPE and medical supplies in June 2022, including COVID-19 vaccine, were the decreases in the following:

a. surgical gloves (-82.6%);
b. protective clothing (-72.4%);
c. surgical face mask (-42.7%);
d. safety headgear (-30.4%);
e. other face mask (non-surgical/non-medical masks including masks made of cloth, -27.9%); and
f. testing kits (-7.6%).

On the other hand, import value of PPE and medical supplies in June 2022, including COVID-19 vaccine, grew month-on-month for COVID-19 vaccine (22,734.4%) and face shield (452.7%). (Tables E and 14)

6.  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 2.55 billion or 20.4 percent of the total imports in June 2022.

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

a. Indonesia, USD 1.32 billion (10.6%);
b. Japan, USD 1.18 billion (9.4%);
c. Republic of Korea, USD 1.18 billion (9.4%); and
d. Singapore, USD 801.27 million (6.4%). (Figure 11 and Table 15)

7. Imports came largely from APEC member countries

By economic bloc, APEC member countries were the biggest suppliers of the country’s imported goods in June 2022 with a share of  USD 10.69 billion (85.6%). This was followed by East Asia with an import value of USD 5.70 billion (45.6%), and ASEAN with USD 3.97 billion (31.8%). (Figure 12 and Table 16)

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

By geographic region, USD 5.70 billion of the country’s imports in June 2022 were from Eastern Asia. This was followed by Southeastern Asia whose import value amounted to USD 3.97 billion and Northern America valued at USD 780.23 million. (Figure 13 and Table 19)

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 following are documents collected, either in electronic or hard copies:

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

The electronic copies of all documents that pass thru the online system are provided by BOC, Philippine Economic Zone Authority (PEZA), and Value Added Service Providers (VASPs) to PSA on a monthly basis through email and via shared Google Drive.

The electronic copies of the SAD Export Declarations (SAD-ED) from the Automated Export Documentation System (AEDS) of the BOC are 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 Import Entry and Internal Revenue Declaration (SAD-IEIRD) is utilized to capture the monthly import figures. The SAD-IEIRD is an import document submitted online 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 electronic 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 (PRs). Processing includes coding, editing, reviewing, and validating of results.

Preliminary results of export and import statistics are disseminated in the form of a press release (PR). The PR is disseminated 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. Preliminary results are posted on the PSA website (www.psa.gov.ph).

All documents received after the cut-off date are included in the generation of the revised results.  The revised data of the previous month are reported during the release of the preliminary report for the current month. Revisions are made for the previous months until the annual report is released three months after the reference year.

Import figure for the year 2021 with reference months June to December except for November and 2022 figures for January to May were revised due to exclusion of duplicate transactions identified by the BOC.  These transactions came from the withdrawal of manufactured goods from the freeport zone area.

The 2019 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the 10-digit code level for statistical purposes.

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