HIGHLIGHTS OF THE PHILIPPINE EXPORT AND IMPORT STATISTICS

MARCH 2018 (Preliminary)

1.TOTAL TRADE SUMS UP TO $13.63 BILLION IN MARCH 2018

The country’s total external trade in goods in March 2018 reached $13.63 billion, reflecting a decrease of 3.4 percent from $14.11 billion recorded during the same month in 2017. Total exports went down by 8.21 percent from $6.00 billion in March 2017 to $5.5 billion in March 2018. On the other hand, total imports increased by 0.1 percent to $8.12 billion in March 2018 from $8.11 billion in March 2017.  Furthermore, the country’s balance of trade in goods (BoT-G) expanded to a $2.61 billion deficit in March 2018, higher than the $2.10 billion deficit in March 2017.  (Tables 1, 2 and 3)

2.  EXPORTS DECLINE BY 8.2 PERCENT WHILE IMPORTS GROW 0.1 PERCENT

The country’s total export sales dropped by 8.2 percent from $6.00 billion in March 2017 to $5.51 billion in March 2018. This was brought about by the decreases posted by seven out of the top ten commodities for the month led by exports of machinery and transport equipment (44.6%), other commodities that posted reduction were the following: gold (33.8%); coconut oil (30.3%); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (28.9%); other manufactured goods (24.5%); other mineral products (21.5%); and metal components (1.5%). (Table 2)

On the other hand, total imported goods for the month of March 2018 amounted to $8.12 billion, which slightly grew by 0.1 percent from $8.11 billion posted during the same period of the previous year. The increase was due to the positive growth of four out of the top ten major import commodities for the month.  These were the following: mineral fuels, lubricants and related materials (30.6%); iron and steel (14.5%); electronic products (6.7%); and telecommunication equipment and electrical machinery (4.4%). (Table 3)

3.  EXPORTS OF ELECTRONIC PRODUCTS GROW BY 6.8 PERCENT

Electronic Products continued to be the country’s top export earner amounting to $3.22 billion representing a 58.5 percent share of the total exports revenue in March 2018. Export of this commodity grew by 6.8 percent in March 2018 from $3.02 billion during the same month of the previous year. Components/Devices (Semiconductors), accounting for the biggest share of 41.7 percent among electronic products, increased by 2.6 percent to $2.3 billion in March 2018 from $2.24 billion in March 2017.

Other Manufactured Goods ranked second with $289.32 million or 5.3 percent share of the total export receipts. It decreased by 24.5 percent from the March 2017 export value of $383.19 million.

Machinery and Transport Equipment was the country’s third export earner valued at $267.43 million.  It dropped by 44.6 percent from the $483.07 million posted in March 2017.

Cathodes and Sections Of Cathodes, Of Refined Copper ranked fourth with export earnings reaching $139.96 million in March 2018 accounting for a share of 2.5 percent of the total export receipts. It expanded by 8.1 percent over its export value of $129.5 million in March 2017.

Ignition Wiring Sets and Other Wiring Sets Used in Vehicles, Aircrafts and Ships came in fifth with an export value of $129.38 million, sharing 2.3 percent of total export sales. Export of this commodity declined by 28.9 percent from a value of $182.08 million in March 2017.

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

• Metal Components, with  $121.2 million
• Coconut Oil, with $111.79 million, decreased by 30.3 percent
• Gold, with $106.24 million, dropped by 33.8 percent
• Electronic Equipment and Parts, with  $101.26 million, rose by 5.8 percent
• Other Mineral Products, with $85.71 million, contracted by 21.5 percent

Total receipts from the top ten major exports amounted to $4.57 billion or 83.0 percent of the total export, recording a decrease of 5.6 percent from the March 2017 level of $4.84 billion. (Table 2)

4.  ELECTRONIC PRODUCTS COMPRISE  27.4 PERCENT OF TOTAL IMPORT BILL

Total payment for the country’s top ten imports for March 2018 reached $6.04 billion, reflecting an increase of 2.7 percent over the March 2017 import value of $5.88 billion.  (Table 3)

Inbound shipments of Electronic Products in March 2018 accounted for 27.4 percent of the total import bill valued at $2.22 billion. It went up by 6.7 percent from the $2.08 billion posted during the same month of the previous year. Among electronic products, Components/Devices (Semiconductors), contributed the biggest share of 19.5 percent.  It increased by 6.8 percent to $1.58 billion in March 2018 from $1.48 billion in March 2017.

Minerals   Fuels,   Lubricants    and    Related   Materials placed second with import value reaching $1.17 billion or 14.4 percent share to total import bills. It rose by 30.6 percent from the previous year’s value of $898.23 million.

Transport Equipment was the third imported commodity valued at $731.28 million. This commodity went down by 18.9 percent from the previous year’s import value of $901.42 million.

Imports of Industrial Machinery and Equipment ranked fourth, valued at $517.30 million in March 2018. It recorded a 6.4 percent share to total import value. Import of this commodity contracted by 10.9 percent from $580.60 million in March 2017.

Iron and Steel came in fifth with an import value of $435.15 million and a share of 5.4 percent. Import of this commodity increased by 14.5 percent over the last year’s figure of $380.15 million.

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

• Other Food and Live Animals, $225.58 million, fell by 10.8 percent;
• Telecommunication Equipment and Electrical Machinery $208.53 million, went up by 4.4 percent;
• Plastics in primary and Non-primary forms, $194.44 million, declined by 8.8 percent; 
• Miscellaneous Manufactured Articles, $183.60 million, decreased by 14.1 percent; and
• Organic and Inorganic Chemicals, $147.22 million, went down by 5.8 percent.

5.  EXPORTS OF MANUFACTURED GOODS DROP BY 6.0 PERCENT

Exports of Manufactured Goods with a share of 84.6 percent of total exports, posted an export value of $4.66 billion in March 2018 (Table 4).  It decreased by 6.0 percent compared to $4.96 billion export value in March 2017.

Exports from Mineral Products with a share of 6.6 percent reached $362.82 million went down by 16.5 percent in March 2018.

Total Agro-Based Products with an export value of $313.56 million and a share of 5.7 percent, declined by 22.6 percent in March 2018.

Merchandise exports from Special Transactions with a share of 2.2 percent to the total export revenue, decreased by 26.4 percent in March 2018 from the previous year’s figure of $165.53 million.

Exports of Forest Products accounting for 0.4 percent share of the total exports had a value of $24.17 million. Exports of these goods surged by 213.4 percent in March 2018.

Petroleum Products with 0.4 percent share amounting to $24.19 million, slid by 13.6 percent from $28.00 million in March 2017.

6.  IMPORTS OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 38.2 PERCENT

By major type of goods, imports of Raw Materials and Intermediate Goods represented the largest share of 38.2 percent to total imports.  It decreased by 2.6 percent to $3.10 billion in March 2018 from $3.18 billion in March 2017. Semi-Processed Raw Materials, valued at $2.86 billion, accounted for 35.2 percent share of the commodity group. Import of this commodity decreased by 2.5 percent from the $2.93 billion posted in March 2017. (Table 5)

Imports of Capital Goods in March 2018 valued at $2.59 billion, accounted for a 31.9 percent share of the total imports.  It decreased by 2.7 percent over the previous year’s import value of $2.66 billion.

Imports of Consumer Goods comprising a 15.1 percent share amounted to $1.22 billion in March 2018. It went down by 7.6 percent from $1.32 billion registered in March 2017.

Mineral Fuels, Lubricants and Related Materials accounting for 14.4 percent share of total imports, posted an increase of 30.6 percent to $1.17 billion in March 2018 from $898.23 million in March 2017.  Petroleum crude had the biggest share of imports for this commodity group contributing 7.5 percent valued at $606.70 million. 

Moreover, imports of Special Transactions had a 0.5 percent share and a decrease of 19.9 percent to $37.71 million in March 2018 from $47.07 million registered in March 2017.

7.  EXPORTS TO U.S.A COMPRISE 15.7 PERCENT

Total exports receipt recorded by the country’s top ten market destinations for the March 2018 amounted to $4.64 billion or 84.2 percent share of the total. (Table 6) 

United States of America (USA), including Alaska and Hawaii, ranked first with exports valued at $865.25 million, contributing 15.7 percent share of the total exports for March 2018.  It went up by 4.4 percent from $828.66 million recorded in March 2017.

Hongkong ranked second with $847.60 million or a share of 15.4 percent of the total exports. It increased by 4.7 percent from $809.47 million posted in the same month of the previous year.

Japan, including Okinawa, ranked third with an export value of $774.63 million and a share of 14.1 percent of total exports in March 2018. Exports to this country went down by 4.3 percent from $809.19 million recorded in March 2017.

People’s Republic of China ranked fourth with export shipments valued at $676.21 million comprising 12.3 percent.  Outbound shipments to this country contracted by 3.1 percent from $697.53 million recorded in the same month of the previous year.

Singapore placed fifth, contributing 6.2 percent share of total exports, reached an export value of $344.14 million.  It rose by 1.3 percent from $339.65 million posted in March 2017.

Completing the top ten market destinations for March 2018 were:  Germany, $259.94 million; Netherlands, $249.35 million; Thailand, $236.49 million; Taiwan, $198.22 million; and Republic of Korea, $184.80 million.

8.  IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA COMPRISE 15.3 PERCENT

Import bills from the top ten countries for imports for March 2018 amounted to $6.14 billion or 75.6 percent share of the total. 

People’s Republic of China was the country’s biggest source of imports with 15.3 percent share in March 2018.  Import payments to this country stood at $1.24 billion, posting a decrease of 12.0 percent from $1.41 billion in March 2017.

Japan, including Okinawa, placed second, accounted for 11.0 percent and an import value of $891.21 million in March 2018. It dropped by 19.1 percent from March 2017 value amounting to $1.10 billion.   

Republic of Korea ranked third with imports valued at $830.88 million in March 2018 contributing a share of 10.2 percent. Import from this country rose to 14.1 percent from $728.05 million in March 2017. 

United States of America (USA), including Alaska and Hawaii, comprising for 7.7 percent share, placed fourth with imports valued at $624.51 million in March 2018. Import bills from this country decreased by 10.5 percent from $697.88 million in March 2017. 

Thailand ranked fifth with a 7.1 percent share of the total import bills in March 2018.  It declined by 2.3 percent to $574.90 million in March 2018 from $588.44 million in March 2017.

Rounding the list of major sources of imports for the month of March 2018 were:  Singapore, $516.23 million; Indonesia, $462.92 million; Taiwan, $444.75 million; Malaysia (includes Sabah and Sarawak), $295.01 million; and Saudi Arabia, $262.47 million.

9.  EXPORTS TO COUNTRIES IN EAST ASIA COMPRISE  FOR 48.7 PERCENT

By economic bloc, the bulk of the country’s merchandise exports in March 2018 went to countries in East Asia, comprising for 48.7 percent share of total exports valued at $2.68 billion.  It went down by 7.8 percent from $2.91 billion in March 2017.        

Exports to ASEAN member countries, was valued at $873.09 million contributing a share of 15.8 percent of total merchandise exports. It went down by 1.3 percent from $885.02 million registered in March 2017.

Commodities exported to European Union member countries comprised 14.0 percent of the total exports in March 2018 valued at $769.90 million. Exports to this economic bloc decreased by 15.9 percent from $915.12 million posted in the same month of the previous year. (Table 9)

10.  IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 44.5 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 March 2018 representing 44.5 percent of the total imports valued at $3.61 billion.  It posted a reduction of 7.5 percent from $3.91 billion in March 2017. 

Commodities imported from ASEAN member countries reached $2.05 billion. It comprised a 25.3 percent share to the total imports, with a decrease of 2.0 percent from the previous year’s import valued at $2.09 billion.

Imports from European Union amounted to $526.02 million.  It grew by 0.7 percent from the previous year’s value of $522.54 million.  (Table 10)

TECHNICAL NOTES

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

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

The output of the Automated Export Documentation System (AEDS) of the BOC is being utilized to generate export statistics. 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, a system implemented through the BOC e-Customs Project.

All documents (hard copies and e-files) received before the cut-off date which is every 25^th day of the month, are compiled, processed and generated in monthly statistical tables for the preparation of Press Release.  All documents received after the cut-off date, however, are processed and included in the generation of the revised monthly statistical tables.

The digitized copies of all documents are provided by BOC and PEZA to PSA on a monthly basis through email.

Processing includes coding, editing, review and validation.  Revised statistical tables are made available 10 to 15 working days after the press release date.

The Press Release for a reference month is due 40 days after every month.  However, if the 10^th day falls on a Saturday, release will be on Friday but if it falls on a Sunday or Monday the release will be on Tuesday.  If the release date falls on a holiday, the date of release is moved accordingly.

The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the most detailed 10-digit code level for statistical purposes.

Data requests of international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).

Note: Starting March 2018 reference month, the 2017 Final Foreign Trade Figure will be used.  The increase in 2017 data was due to the inclusions of received hard copies of export and import documents after the cut-off date which is every 25^th day of the month from some ports.  Moreover, all export and import transactions from electronic copies of documents with date of registry or date of lodgement outside the reference month are consolidated, processed and distributed to its corresponding reference period.