FOREIGN TRADE STATISTICS OF THE PHILIPPINES: 2014

TOTAL EXTERNAL TRADE SUMMED UP TO $127.500 BILLION IN 2014

The country’s total external trade in goods in 2014 reached $127.500 billion, expanding by 7.0 percent from $119.108 billion in 2013. The positive growth of the external trade was due to the increase of both inward and outward trading of goods.  Total imports went up by 4.8 percent to $65.398 billion in 2014 from $62.411 billion in 2013.  Likewise, total export receipts accelerated by 9.5 percent from $56.698 billion in 2013 to $62.102 billion in 2014.  The country’s balance of trade in goods (BOT-G) registered a $3.296 billion deficit in 2014 from $5.713 billion deficit in 2013 (Table 1).

TOP 10 EXPORTS ACCOUNTED FOR 82.0 PERCENT OF TOTAL EXPORT RECEIPTS

Export sales from the top ten exported commodities totaled to $50.913 billion, accounting for 82.0 percent of the total export revenue in 2014.  This registered an increase of 12.3 percent from $45.334 billion in 2013 (Table 2).

Electronic Products continued to be the top earner and major exported commodity for 2014 with 43.1 percent of the total exports and which accelerated by 11.9 percent from $23.931 billion in 2013 to $26.790 billion.

Other Manufactures placed second with a share of 8.2 percent and a total receipt of $5.079 billion.  It declined by 7.5 percent from the 2013 value of $5.491 billion.

Machinery and Transport Equipment contributing 6.4 percent of the total export receipts, was the third top export in 2014 with revenue amounting to $3.978 billion, posting the highest increase of 90.5 percent among the top ten exports.

Woodcrafts and Furniture, which ranked fourth with a share of 5.4 percent, declined by 0.1 percent from $3.337 billion to $3.334 billion in 2014.

Other Mineral Products with share of 4.3 percent, ranked fifth with export receipts of $2.645 billion.  It increased by 41.8 percent from the 2013 value of $1.865 billion.

Rounding up the list of top ten exports for 2014 were: Chemicals with an export value of $2.603 billion, decreased by 0.6 percent from $2.620 billion in 2013; Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships with proceeds billed at $2.050 billion, gained by 18.4 percent from $1.731 billion in 2013; Articles of Apparel, worth $1.854 billion, expanded by 17.3 percent; Metal Components with $1.377 billion export receipts, decreased by 18.3 percent; and Coconut Oil, worth $1.203 billion, rose by 19.6 percent from $1.006 billion export receipts in 2013.

TOP 10 IMPORTS ACCOUNTED FOR 74.8 PERCENT OF IMPORT BILL

Total payment for the country’s top ten imports for 2014 reached $48.888 billion or 74.8 percent of the total import payment, registering a positive growth of 4.6 percent from $46.738 billion in 2013 (Table 3).

Electronic Products, remained as the top imported commodities for 2014, accounting for 23.4 percent of the total import bill.  It posted a decrease of 1.4 percent from $15.511 billion in 2013 to $15.297 billion in 2014.

Mineral Fuels, Lubricants and Related Materials ranked second with 20.2 percent share and increased by 0.4 percent to $13.189 billion in 2014 from $13.140 billion in 2013.

Transport Equipment which ranked third, comprised 9.5 percent of the total imports, and increased by 0.2 percent from $6.223 billion in 2013 to $6.238 billion in 2014.

Industrial Machinery and Equipment, ranked fourth, recorded a 5.0 percent share and grew by 1.5 percent to $3.243 billion worth of imports from $3.194 billion recorded value in 2013.

Other Food and Live Animals ranked fifth with 3.4 percent share of the total imports worth $2.237 billion, higher by 23.5 percent from $1.812 billion in 2013.

Rounding up the list for the top ten imports for 2014 were: Plastics in Primary and Non-Primary Forms, $2.076 billion, registering the highest increase among the top ten imports by 38.8 percent; Iron and Steel, $1.809 billion, increased by 24.0 percent; Miscellaneous Manufactured Articles, $1.709 billion, expanded by 25.7 percent; Cereals and Cereal Preparations, $1.702 billion, went up by 33.3 percent; and Telecommunication Equipment, $1.388 billion or an increase of 9.5 percent.

JAPAN ACCOUNTED FOR 15.0 PERCENT OF THE TOTAL TRADE

The country’s top 10 trading partners contributed a total trade worth $98.145 billion or 76.7 percent of the total external trade in 2014.  This comprised a total export receipt of $52.170 billion or 84.0 percent of the total exports and total import bill of $45.975 billion or 69.7 percent of the total imports.  This registered a favorable balance of trade-in goods (BOT-G) which amounted to $6.195 billion.

Japan was the country’s top trading partner in 2014, accounting for a total trade worth $19.154 billion or 15.0 percent of the country’s total trade. Exports to Japan totaled $13.901 billion while imports were valued at $5.252 billion, posting a trade surplus of $8.649 billion (Table 4).  Electronic Products got a large share of 22.5 percent of the total exports to Japan valued at $3.129 billion, followed by Woodcrafts and Furniture at $3.023 billion or 21.7 percent (Table 5).  On the other hand, majority of the imported products from Japan were Electronic Products billed at $1.714 billion or 32.6 percent and Transport Equipment with $928.95 million or 17.7 percent (Table 6).

People’s Republic of China was the country’s second largest trading partner in 2014 with total trade worth $18.337 billion or 14.3 percent of the total trade.  Export receipts from China stood at $8.467 billion while payment for imports was valued at $9.870 billion, resulting to a $1.402 billion trade deficit (Table 4). Export-wise, the biggest sales came from Electronic Products at $3.935 billion or 46.5 percent of the country’s exports to China.  Other Mineral Products followed with total receipts of $1.681 billion or 19.9 percent (Table 5).  Imported goods purchased from China consisted of Electronic Products worth $1.889 billion or 19.1 percent of the country’s total imports. Minerals, Fuels, Lubricants and Related Materials followed with imports of $947.79 million or a share of 9.6 percent (Table 6).

United States of America placed third accounting for 11.2 percent or $14.399 billion total trade in 2014.  Receipts from exports to USA were valued at $8.661 billion while payment for imports totaled to $5.738 billion, reflecting a trade surplus of $2.922 billion (Table 4).  Majority of the exports were Electronic Products worth $3.180 billion or 36.7 percent of the total exports to USA and Articles of Apparel with $1.215 billion or 14.0 percent share (Table 5).  Major inward shipments from USA were Electronic Products with payment worth $2.445 billion or 42.6 percent of the total.  Cereals and Cereal Preparations ranked second and valued at $553.99 million or 9.7 percent of the total (Table 6).

Singapore ranked as the fourth largest trading partner of the country for 2014 with a total trade amounting to $9.043 billion or a share of 7.1 percent to total trade. Total outward shipments were valued at $4.451 billion while import payments reached $4.592 billion, recording a trade deficit of $140.77 million (Table 4).  Electronic Products and Petroleum Products were the country’s major exports to Singapore with earnings of $3.120 billion or 68.7 percent share and $356.51 million or 7.9 percent of the total exports, respectively (Table 5). The bulk of inward commodities from this country were Electronic Products with import bill of $1.884 billion or 41.0 percent share, and Mineral Fuels, Lubricants and Related Materials worth $908.34 million or 19.8 percent share (Table 6).

Republic of Korea was the country’s fifth largest trading partner in 2014 with total trade worth $7.644 billion or 6.0 percent of the total external trade.  Export revenues from this country stood at $2.561 billion while payment for imports was valued at $5.083 billion, resulting to a $2.523 billion trade deficit (Table 4).  The major exported goods were Electronic Products at $816.30 million or 31.9 percent and Other Manufactures with total receipts of $774.09 million or 30.2 percent of the country’s exports to Korea (Table 5).  However, the main imports from this country were Minerals, Fuels, Lubricants and Related Materials which worth $2.286 billion or 45.0 percent and Electronic Products with import payments valued at $1.068 billion or 21.0 percent (Table 6).

TRADING WITH EU MEMBER COUNTRIES RECORDED AT 11.2 PERCENT IN 2014

The country’s external trade in goods with the European Union (EU) – member countries for 2014 totaled to $14.332 billion or 11.2 percent share of the total trade.  Exports to EU reached $6.714 billion or 10.8 percent of the total export receipts, while imports were valued at $7.619 billion or a 11.6 percent share to total imports, resulting to a balance of trade in goods (BOT-G) deficit of $905.21 million. Among the EU - member countries, Germany was the country’s top trading partner with a total trade of $5.375 billion or 37.5 percent of EU’s total trade. Revenue from exports to Germany amounted to $2.657 billion while payments for imports were worth $2.718 billion or a trade deficit of $60.16 million (Table 7).

Major goods exported to the EU – member countries in 2014 were: Electronic Products, $4.083 billion; Coconut Oil (crude and refined), $450.56 million; Other Manufactures, $439.86 million; Machinery and Transport Equipment, $245.40  million; and Articles of Apparel, $211.09 million (Table 8).

Top five imported goods from the EU – member countries were: Transport Equipment, $2.212 billion; Electronic Products, $2.113 billion; Industrial Machinery and Equipment, $523.66 million; Medicinal and Pharmaceutical Products, $440.51 million; and Other Food and Live Animals, $342.74 million (Table 9).

TOTAL TRADE WITH ASEAN MEMBER COUNTRIES POSTED AT $24.863 BILLION

Total external trade in goods with ASEAN – member countries for 2014 amounted to $24.863 billion or 19.5 percent of the country’s entire trade. Exports to ASEAN - member countries were valued at $9.212 billion while imports were worth $15.651 billion, generating a unfavorable balance of trade in goods (BoT-G) of $6.439 billion.  Singapore was the country’s top trading partner among the ASEAN - member countries with a total trade accounting for $9.043 billion or 36.4 percent share of the ASEAN total trade.  Exports to Singapore was worth $4.451 billion while imports payment was valued at $4.592 billion, reflecting a trade deficit of $140.77 million (Table 7).

Leading exports for the ASEAN – member countries in 2014 were: Electronic Products, $4.494 billion; Other Manufactures, $1.203 billion; Machinery and Transport Equipment, $821.28 million; Chemicals, $493.35 million; and Petroleum Products, $440.31 million (Table 8).

Top five imported commodities from the ASEAN – member countries were: Electronic Products, $3.548 billion; Mineral Fuels, Lubricants and Related Materials, $2.675 billion; Transport Equipment, $1.860 billion; Plastics in Primary and Non-Primary Forms, $1.005 billion; and Other Food and Live Animals, $821.76 million (Table 9).

TOTAL TRADE WITH APEC REACHED $103.18 BILLION

Majority of the country’s external trade for 2014 were from APEC – member countries which amounted to $103.18 billion or 80.9 percent of the country’s total trade.  Export receipts totaled to $52.769 billion or 85.0 percent of the total exports while import payment summed up to $50.412 billion or 77.1 percent share of the total imports.  Trading with this economic bloc resulted to a favorable balance of trade in goods (BOT-G) to the country which amounted to $2.358 billion.  Topping the list of the country’s major trading partners within APEC were: Japan, $19.154 billion or 15.0 percent share; USA, $14.399 or 11.3 percent share; People’s Republic of China, $18.337 billion or 14.4 percent share; Singapore, $9.043 billion or 7.1 percent share; and Republic of Korea, $7.644 billion or 6.0 percent share of the APEC total trade (Table 10).

Electronic Products were still the country’s major export to APEC – member countries for 2014 with sales valued at $22.173 billion or 42.0 percent share of the total APEC exports. Other top exported commodities were: Other Manufactures, $4.374 billion; Woodcrafts and Furniture, $3.238 billion; Machinery and Transport Equipment, $3.164 billion; and Other Mineral Products, $2.638 billion (Table 11).

The top imported goods from APEC - member countries were: Electronic Products, $13.110 billion; Mineral Fuels, Lubricants and Related Materials, $8.517 billion; Transport Equipment, $3.769 billion; Industrial Machinery and Equipment, $2.596 billion; and Plastics in Primary and Non-Primary Forms, $1.845 billion (Table 12).

Technical Notes:

1. The commodity groupings in this Special Release are in accordance with the 2004 Philippine Standard Commodity Classification (PSCC).  This is in compliance with the former NSCB Resolution No. 03, Series of 2005 entitled “Approving and Adopting the 2004 Philippine Standard Commodity Classification” by all concerned government agencies and instrumentalities.

2. All transactions that pass through the Automated Export Documentation System (AEDS) and Electronic to Mobile (E2M) System are included in the compilation of export statistics.

3. Starting with 2010 series, import statistics are adjusted based on the transactions that pass through the Electronic to Mobile (E2M) System.