Highlights of the Philippine Export and Import Statistics November 2021 (Preliminary)

Reference Number: 

2022-11

Release Date: 

Tuesday, January 11, 2022

Table A. Summary of External Trade Performance

A. TOTAL EXTERNAL TRADE AND BALANCE OF TRADE

1. Total external trade increased

In November 2021, the country’s total external trade in goods amounted to USD 17.25 billion, and grew at an annual rate of 24.0 percent. In the previous month, the annual increase was slower at 15.2 percent. On the other hand, total external trade in November 2020 recorded a decline of -6.6 percent. (Table A)

Of the total external trade in November 2021, 63.6 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 November 2021 amounted to USD -4.71 billion, representing a trade deficit with an annual increase of 119.5 percent. The trade deficit in the previous month recorded an annual increase of 96.2 percent, while in November 2020, it was at -41.3 percent. (Figure 1, and Tables A and 2)

Figure 1. Philippine Export and Import Statistics

B. EXPORTS

1. Sales from export posted a positive growth

The country’s total export sales in November 2021, amounting to USD 6.27 billion, increased at an annual rate of 6.6 percent, from an increment of 2.0 percent in the previous month. In November 2020, total export sales increased at an annual rate of 4.6 percent. (Figures 1 and 2, and Tables A and 2)

Figure 2 Year on Year Growth Rate

Of the top 10 major commodity groups in terms of the value of exports,  six recorded annual increases led by coconut oil (95.0%). This was followed by electronic equipment and parts (33.9%), and chemicals (31.8%). (Tables B and 3)

Table B. Year on Year Growth Rate of Value of Philippine Exports for Top Ten Major Commodity Groups

2. Year-to-date total export increased

The cumulative export earnings from January to November 2021 amounted to USD 68.37 billion, a 15.2 percent increase compared to the export value earned from January to November 2020. (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 November 2021 with total earnings of USD 3.71 billion. This amount accounted for 59.2 percent of the total exports during the period. This was followed by other manufactured goods with an export value of USD 370.36 million (5.9%); and machinery and transport equipment which amounted to USD 172.46 million (2.7%). (Figure 3 and Table 3)

Figure 3. Philippine Top Five Exports by Commodity Group

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 November 2021 amounting to USD 5.29 billion (84.4%). This was followed by total agro-based products with a share of USD 491.22 million (7.8%); and mineral products which contributed USD 359.27 million (5.7%). (Figure 4 and Table 5)

Figure 4. Philippine Exports by Major Type of Goods

5. Total export value of Personal Protective Equipment (PPE) and medical supplies decreased in November 2021

The total export value for Personal Protective Equipment (PPE) and medical supplies in November 2021 dropped to USD 1.29 million. This represents an annual decrease of -71.6 percent from its value in November 2020.

The annual decrease in the export value for these medical items in the previous month was recorded at -84.7 percent, while in November 2020, the increase was significantly higher at 1,028.9 percent.

Export for surgical face mask dropped at an annual rate of -95.6 percent which largely contributed to the decrease of export value for PPE and medical supplies in November 2021. On the other hand, export value for other face mask (non-surgical/non-medical masks including masks made of cloth) showed an annual increase of 61.6 percent.

Month-on-month, export value for PPE and medical supplies decreased by -4.3 percent in November 2021, while in October 2021, it increased by 8.1 percent.

Contributing to the monthly decrease in the export value of PPE and medical supplies was the decrease in the export value of other face mask (non-surgical/non-medical masks including masks made of cloth) with a month-on-month decrement of -8.3 percent. On the other hand, export value for surgical face mask increased by 9.0 percent. (Tables C and 5a)

Table C. Philippine Exports of Personal Protective Equipment and Medical Supplies

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 997.85 million or a share of 15.9 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. People’s Republic of China, USD 887.48 million (14.1%);
b. Japan, USD 879.43 million (14.0%);
c. Hong Kong, USD 833.60 million (13.3%); and
d. Singapore, USD 360.68 million (5.7%).
(Figure 5 and Table 7)

Figure 5. Philippine Exports by Major Partner Country

7. Majority of exports were for APEC countries

By economic bloc, majority of the country’s merchandise exports in November 2021 went to the Asia-Pacific Economic Cooperation (APEC) member countries with a share of USD 5.25 billion (83.7%). This was followed by East Asia, valued at USD 3.04 billion (48.4%), and the Association of Southeast Asian Nations (ASEAN), which amounted to USD 1.05 billion (16.8%). (Figure 6 and Table 8)

Figure 6. Philippine Exports by Economic Bloc

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

By geographic region, Eastern Asia comprised the highest export value amounting to USD 3.04 billion in November 2021. This was followed by Southeastern Asia with an export value of USD 1.05 billion and Northern America with USD 1.04 billion. (Figure 7 and Table 17)

Figure 7. Philippine Exports by Geographic Region

C. IMPORTS

1. Import value increased

Total imported goods in November 2021, which amounted to USD 10.98 billion, increased at an annual rate of 36.8 percent. In October 2021, the annual increase was lower at 25.1 percent, while in November 2020, imports value decreased by -13.5 percent annually. (Figures 1 and 8, and Tables A and 2)

Figure 8. Year on Year Growth Rate

The annual increment of imported goods in November 2021 was due to the increase of all the top 10 major commodity groups which was led by medicinal and pharmaceutical products with 231.1 percent annual increase. This was followed by imports increases in mineral fuels, lubricants, and related materials (141.2%); and cereals and cereal preparations (132.4%). (Tables D and 9)

Table D. Year on Year Growth Rate of Value of Philippine Inports for Top Ten Major Commodity Groups

2. Year-to-date total import value increased

The cumulative import value from January to November 2021 amounted to USD 106.30 billion, representing an increment of 30.4 percent from the import value of USD 81.51 billion in the same period of 2020. (Table 10)

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 2.94 billion or a share of 26.8 percent to the total imports in November 2021. This was followed by mineral fuels, lubricants, and related materials, valued at USD 1.55 billion (14.1%); and transport equipment which amounted to USD 905.55 million (8.2%). (Figure 9 and Table 9)

Figure 9. Philippine Top Five Imports by Commodity Group

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

By major type of goods, imports of raw materials and intermediate goods accounted for the largest share to the total imports of USD 4.25 billion (38.7%) in November 2021. Imports of capital goods ranked second with a share of USD 3.35 billion (30.5%), followed by consumer goods with USD 1.76 billion (16.0%). (Figure 10 and Table 11)

Figure 10. Philippine Imports by Major Type of Goods

5. Total import value of Personal Protective Equipment (PPE) and medical supplies including COVID-19 vaccine increased in November 2021

The total import value for Personal Protective Equipment (PPE) and medical supplies, including Coronavirus disease 2019 (COVID-19) vaccine, increased to USD 341.04 million in November 2021, indicating an annual increment of 1,670.8 percent from its value in the same month of the previous year.

In November 2021, the total import of the COVID-19 vaccine was valued at USD 311.61 million.

Annual growth rate of import value for these medical items was recorded at 749.9 percent in the previous month, while in November 2020, the annual increase was far lower at 3.5 percent.

The annual increments noted in the following items have increased the total import value for PPE and medical supplies during November 2021:

a. surgical gloves (356.1%);
b. protective clothing (192.0%);
c. safety headgear (82.5%);
d. testing kits (56.3%); and
e. other face mask (non-surgical/non-medical masks including masks made of cloth) (8.8%).

Meanwhile, import value decreased year-on-year for face shield (-60.2%) and surgical face mask (-5.8%).

Month-on-month import value for PPE and medical supplies, including COVID-19 vaccine, increased by 81.0 percent in November 2021, while it registered a decrease of -15.4 percent in the previous month.

Contributing to the monthly increase in the import value of PPE and medical supplies in November 2021, including COVID-19 vaccine, were increases in the imports of the following:

a. safety headgear ( 277.8 %);
b. testing kits (222.2%);
c. COVID-19 vaccine (78.9%);
d. surgical face mask (34.9%); and
e. surgical gloves (2.0%).

On the other hand, import values decreased month-on-month for protective clothing (-49.0%), face shield (-32.3%), and other face mask (non-surgical/non-medical masks including masks made of cloth, -1.5%). (Tables E and 11a)

Table E. Philippine Imports of Personal Protective Equipment and Medical Supplies

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 2.28 billion or 20.8 percent of the total imports in November 2021.

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

a. Republic of Korea, USD 1.10 billion (10.0%);
b. Japan, USD 1.08 billion (9.8%);
c. Indonesia, USD 924.35 million (8.4%); and
d. Thailand, USD 671.56 million (6.1%).
(Figure 11 and Table 13)

Figure 11. Philippine Imports by Major Partner Country

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 November 2021 with a share of USD 9.39 billion (85.5%). This was followed by East Asia with an import value of USD 5.28 billion (48.1%), and ASEAN with USD 3.18 billion (28.9%). (Figure 12 and Table 14)

Figure 12. Philippine Imports by Economic Bloc

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

By geographic region, USD 5.28 billion of the country’s imports in November 2021 were from Eastern Asia. This was followed by Southeastern Asia whose import value amounted to USD 3.18 billion and Northern America valued at USD 668.97 million. (Figure 13 and Table 17)

Figure 13. Philippine Imports by Geographic Region

 

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. 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) for ED and 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 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 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 of the current month. Revisions are made for the previous months until the annual report is released three months after the reference year.

The 2019 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at 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.

 

 

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