Highlights of the Philippine Export and Import Statistics : May 2018

Reference Number: 

2018-109

Release Date: 

Tuesday, July 10, 2018

 

 

HIGHLIGHTS OF THE PHILIPPINE EXPORT AND IMPORT STATISTICS

MAY 2018 (Preliminary)

 

 

Exports

Imports

May 2018 p

May 2017 r

May 2018 p

May 2017 r

TOTAL

 

 

 

 

     FOB Value (in Million US Dollars)

5,761.74

5,987.55

9,462.49

8,494.95

        Year-on-Year Growth (Percent)

-3.8

24.0

11.4

20.2

Electronic Products

 

 

 

 

     FOB Value (in Million US Dollars)

3,132.99

3,062.82

2,355.92

2,029.59

        Year-on-Year Growth (Percent)

2.3

31.5

16.1

16.2

 

Top 10 Philippine Exports to All Countries: May 2018 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Metal Components
    80.9
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships
   -40.8
Machinery and Transport Equipment
    24.9
Other Mineral Products
   -29.5
Cathodes and Sections of Cathodes, of Refined Copper
    23.5
Electronics Equipment and Parts
   -8.6
Other Manufactured Goods
    7.0
 
  
Gold
    4.4
 
   
Electronic Products     2.3    
Banana (Fresh     1.6    
 
 
Top 10 Philippine Imports from All Countries: May 2018 p
(Year-on-Year Growth in Percent)

Gainers

Loser

Mineral Fuels, Lubricants and Related Material
    41.6
Transport Equipment
   -1.6
Iron and Steel
    31.4
 
  
Miscellaneous Manufactured Articles
    26.9
 
  
Electronic Products
    16.1
 
  
Telecommunication Equipment and Electrical Machinery
    14.8
 
   
Plastics in Primary and Non-primary Forms      9.6    
Metal Products      8.6    
Other Food and Live Animals      7.8    
Industrial Machinery and Equipment      7.6    
 
 
                              p - preliminary, r - revised
 
 
 

1.    TOTAL TRADE SUMS UP TO $15.22 BILLION

The country’s total external trade in goods in May 2018 reached $15.22 billion, reflecting an increase of 5.1 percent from $14.48 billion recorded during the same month in 2017. Total exports went down by 3.8 percent, from $5.99 billion in May 2017 to $5.76 billion in May 2018. On the other hand, total imports increased to $9.46 billion in May 2018 from $8.49 billion in the same month of previous year or an annual growth rate of 11.4 percent.  Furthermore, the country’s balance of trade in goods (BoT-G) expanded to a $3.70 billion deficit in May 2018, higher than the $2.51 billion deficit in May 2017.  (Tables 1, 2 and 3)

 
 

 

2.    EXPORTS DECLINE BY 3.8 PERCENT WHILE IMPORTS GROW BY 11.4 PERCENT

The country’s total export sales dropped by 3.8 percent from $5.99 billion in May 2017 to $5.76 billion in May 2018. This was brought about by the decreases posted by three out of the top ten commodities for the month led by exports of ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (40.8%); other mineral products (29.5%); and electronic equipment and parts (8.6%). (Table 2)

However, total imported goods for the month of May 2018, amounting to $9.46 billion, rose by 11.4 percent from $8.49 billion posted during the same month of 2017. The increase was due to the positive growth of the nine out of the top ten major import commodities for May 2018. These were the following: mineral fuels, lubricants and related materials (41.6%); iron and steel (31.4%); miscellaneous manufactured articles (26.9%); electronic products (16.1%); telecommunication equipment and electrical machinery (14.8%); plastics in primary and non-primary forms (9.6%); metal products (8.6%); other food & live animals (7.8%); and industrial machinery and equipment (7.6%).  (Table 3)

 

3. EXPORTS OF ELECTRONIC PRODUCTS GROW BY 2.3 PERCENT

Electronic   Products  continued   to   be   the   country’s   top   export with   total   earnings of $3.13 billion, accounting for 54.4 percent share to the total exports revenue in May 2018. It increased by 2.3 percent from the $3.06 billion export receipts in the same month of the previous year. Components/Devices (Semiconductors) had the biggest share of 39.9 percent among electronic products, which, however, posted a slight decrease of 0.1 percent, from $2.303 billion in May 2017 to $2.301 billion in May 2018.

Machinery and Transport Equipment was the second top export earner with export revenue of $455.48 million. Export sales of this commodity group went up by 24.9 percent from the $364.68 million recorded in May 2017. 

Other Manufactured Goods placed third with $366.31 million or 6.4 percent of the total export receipts. This export commodity rose by 7.0 percent from the $342.43 million export revenue posted in May 2017.

Metal Components with $202.89 million revenue was the fourth top export earner in May 2018. It posted a significant growth of 80.9 percent from the previous year’s export of $112.14 million.

Bananas (Fresh) placed fifth with $146.41 million and a 2.5 percent share to the total export receipts in May 2018.  This showed an increase of 1.6 percent from the previous year’s receipts of $144.08 million.

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

  • Cathodes and Sections of Cathodes, of Refines Copper, with $136.44 million, went up by 23.5 percent;
  • Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, with $109.20 million, decreased by 40.8 percent;
  • Other Mineral Products, with  $102.13 million, dropped by 29.5 percent;
  • Gold, with $93.24 million, increased by 4.4 percent;
  • Electronic Equipment and Parts, with  $81.98 million, decreased by 8.6 percent;

Total receipts from the top ten major exports reached $4.83 billion or 83.8 percent of the total export.  This recorded an increase of 3.9 percent from the May 2017 level of $4.64 billion. (Table 2)

 
 
 

4.  ELECTRONIC PRODUCTS COMPRISE 24.9 PERCENT OF TOTAL IMPORT BILL 

Total payment for the country’s top ten imports for May 2018 registered an amount of $9.46 billion, reflecting an increase of 11.4 percent over the May 2017 import value of  $8.50 billion.  (Table 3)

Inbound shipments of Electronic Products in May 2018 accounted for 24.9 percent of the total import bill valued at $2.36 billion. It went up by 16.1 percent from the $2.03 billion posted value during the same month of 2017. Among electronic products, Components/Devices (Semiconductors) contributed the biggest share of 16.6 percent.    It increased by 12.2 percent, from $1.40 billion in May 2017 to $1.57 billion in May 2018.

Mineral Fuels, Lubricants and Related Materials placed second with import value   reaching $1.26 billion or 13.3 percent share to total import bills. It rose by 41.6 percent from the May 2017 value of $887.51 million.

Transport Equipment placed third with import value amounting to $1.01 billion.  This commodity decreased by 1.6 percent from the May 2017 imports value of $1.03 billion.

Imports of Industrial Machinery and Equipment, valued at $592.11 million in May 2018 or a percent share of 6.3 percent, ranked fourth. Import of this commodity went up by 7.6 percent from $550.03 million in May 2017.

Iron and Steel came in fifth with an import value of $551.29 million and with a share of 5.8 percent. Import of this commodity increased by 31.4 percent over the May 2017 value of $419.50 million.

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

  • Other Food and Live Animals, $303.93 million, increased by 7.8 percent;
  • Miscellaneous   Manufactured Articles, $287.70 million, went up by 26.9 percent;
  • Telecommunication Equipment and Electrical Machinery, $267.65 million, rose by 14.8 percent; 
  •  Plastics in Primary and Non-Primary forms, $225.63 million, increased   by 9.6 percent; and
  • Metal Products, $185.48 million, grew by 8.6 percent.
 

5.    EXPORTS OF MANUFACTURED GOODS DROP BY 2.7 PERCENT

Exports of Manufactured Goods, with a share of 83.8 percent of total exports, were valued at   $4.83   billion   in   May   2018   (Table 4).  It   decreased by 2.7 percent compared to $4.97 billion export value in May 2017.

Total Agro-Based Products with a share of 6.3 percent or $363.98 million, decreased by 23.2 percent in May 2018.

Exports from Mineral Products with a share of 6.5 percent or $374.78 million, declined by 6.9 percent in May 2018.

Merchandise exports from Special Transactions, with a value of $162.21 million or a share of 2.8 percent to the total export revenue, increased by 54.5 percent in May 2018 from the previous year’s figure of $105.01 million.

Exports of Forest Products, accounting for 0.4 percent share to the total exports or a value of $21.55 million, surged by 77.8 percent in May 2018.

Petroleum Products, with 0.2 percent share amounting to $9.67 million, fell by 66.6 percent from $28.92 million in May 2017.

 

6.    IMPORTS OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 36.7 PERCENT

By major type of goods, imports of Raw Materials and Intermediate Goods represented the largest share of 36.7 percent to total imports. It increased by 4.3 percent from $3.33 billion in May 2017 to $3.48 billion in May 2018.  Semi-Processed Raw Materials, valued at $3.16 billion, accounted for 33.4 percent of the total imports for the commodity group.   Import of this commodity climbed by 7.2 percent from the $2.95 billion posted in May 2017. (Table 5)

Imports of Capital Goods in May 2018, valued at $3.16 billion, accounted for 33.4 percent of the total imports. It went up by 10.1 percent from the May 2017 value, amounting to $2.87 billion.

Imports of Consumer Goods comprised 16.1 percent of the total imports in May 2018 or an amount of $1.52 billion.  It increased by 11.6 percent from the $1.37 billion registered value in May 2017.

Mineral Fuels, Lubricants and Related Materials, accounting for 13.3 percent of total imports, posted an increase of 41.6 percent, from $887.51 million in May 2017 to $1.26 billion in May 2018.  Other mineral fuels, lubricants and related materials had the biggest share of imports for this commodity group contributing 6.7 percent of the total imports for the commodity or an amount of $633.20 million. 

Moreover, imports of Special Transactions had a 0.4 percent share and an increase of 16.7 percent from $35.92 million registered in May 2017 to $41.92 million in May 2018.

 
 

7.    EXPORTS TO UNITED STATES OF AMERICA ACCOUNTS FOR 14.6 PERCENT

Total exports receipt recorded by the country’s top ten market destinations for May 2018 amounted to $4.68 billion or 81.2 percent share to the total exports. (Table 6) 

United States of America (USA), including Alaska and Hawaii, ranked first with an export value of $840.15 million or a share of 14.6 percent of total exports in May 2018. This represents an increase of 6.6 percent from $788.09 million in May 2017.

Hong Kong placed second with exports value of $796.47 million or 13.8 percent of the total exports for May 2018.  Total exports for Hong Kong grew by 13.8 percent from $699.92 million value posted in May 2017.

People’s Republic of China came in third with $761.40 million or 13.2 percent of the total exports. This went up by 8.9 percent from $699.12 million in the same month of 2017.

Japan, including Okinawa, ranked fourth with export shipments valued at $756.31 million or a share of 13.1 percent. Exports to this country went down by 25.8 percent from $1.02 billion recorded in May 2017.

Singapore, contributing a 6.4 percent share to total exports or an export value of $366.39 million, placed fifth.  It decreased by 3.3 percent from $379.06 million posted in the same month of the previous year.

Completing the top ten market destinations for May 2018 were: Republic of Korea, $274.29 million; Germany, $235.07 million; Thailand, $229.86 million; Taiwan, $212.35 million; and Netherlands, $206.13 million.

 

8.  IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA COMPRISE 20.3 PERCENT

Import bills from the top ten countries for imports in May 2018 amounted to $7.37 billion or 77.8 percent of the total imports. 

People’s Republic of China was the country’s biggest source of imports with 20.3 percent share in May 2018.  Import payments to this country stood at $1.92 billion, posting an increase of 18.8 percent from $1.62 billion in May 2017.

Republic of Korea, which placed second, accounted for 10.3 percent or an import value of $978.61 million in May 2018. This represents an increase of 42.4 percent from the May 2017 value amounting to $687.04 million.   

Japan, including Okinawa, ranked third with imports valued at $901.27 million in May 2018 or a share of 9.5 percent. Import from this country declined by 5.6 percent from $955.12 million in May 2017. 

United States of America (USA), including Alaska and Hawaii, placed fourth with imports valued at $689.71 million in May 2018 or a share of 7.3 percent. Import bills from this country decreased by 5.2 percent from $727.69 million in May 2017. 

Thailand ranked fifth with a 6.9 percent share of the total import bills in May 2018.  Its total import bills rose by 13.0 percent from $580.29 million in May 2017 to $655.85 million in May 2018.

Completing the list of major sources of imports for the month of May 2018 were: Indonesia, $586.35 million; Singapore, $515.10 million; Taiwan, $498.77 million; Malaysia (includes Sabah and Sarawak), $333.90 million; and Hong Kong, $282.61 million.

 
 

9.  EXPORTS TO COUNTRIES IN EAST ASIA COMPRISE 48.6 PERCENT

By economic bloc, the bulk of the country’s merchandise exports in May 2018, which comprised 48.6 percent of total exports or $2.80 billion, went to countries in East Asia.  This amount fell by 8.4 percent from $3.06 billion in May 2017 .

Total exports   to   ASEAN   member   countries   was   valued   at   $887.68 million or a share of 15.4 percent of total merchandise exports. This slightly decreased by 0.1 percent from the registered amount of $888.96 million in May 2017.

Commodities exported to European Union member countries comprised 15.2 percent of the total exports in May 2018 or a value of $875.25 million. Exports to this economic bloc increased by 2.9 percent from the $850.98 million amount posted in the same month of the previous year. (Table 9)

 
 
 

10.  IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 48.5 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 May 2018, representing 48.5 percent of the total imports of $4.59 billion.  This amount posted an increase of 17.0 percent from $3.92 billion in May 2017. 

Commodities imported from ASEAN member countries reached $2.32 billion. It comprised    24.5 percent of the total imports, with an increase of 5.1 percent from the May 2017 import value of $2.21 billion.

Imports from European Union member countries amounted to $621.17 million. It decreased by 14.1 percent from the May 2017 value of $722.74 million.  (Table 10)

 
 
 
 
 

 

 

EXPLANATORY 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 25th 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 10th 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 2015 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 25th 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.

 

 

(Sgd.) LISA GRACE S. BERSALES, Ph. D.

Undersecretary
National Statistician and Civil Registrar General
 
 
 
See more at the Foreign Trade main page.
 
 

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