A.    TOTAL EXTERNAL TRADE AND BALANCE OF TRADE

1.    Total external trade decreased by 11.6 percent

In September 2023, the country’s total external trade in goods amounted to USD 16.97 billion, which indicates an annual decline of 11.6 percent from the USD 19.19 billion total external trade in the same period of the previous year. In August 2023, total external trade in goods registered an annual decrease of 7.1 percent, while an annual increase of 11.7 percent was registered in September 2022. (Figure 1, and Tables A and 1)

Of the total external trade in September 2023, 60.3 percent were imported goods, while the remaining were exported goods.

2.    Trade deficit posted an annual decline

The balance of trade in goods (BoT-G) is the difference between the value of exports and imports. The BoT-G in September 2023 amounted to USD -3.51 billion, indicating a trade deficit with an annual decrease of 27.3 percent. In August 2023, the trade deficit recorded an annual decline of 31.4 percent, while an annual growth of 26.8 percent was posted in September 2022. (Figure 1, and Tables A and 4)

B.    EXPORTS

1.    Sales from export posted a negative growth

The country’s total export sales in September 2023 amounted to USD 6.73 billion, indicating an annual decrease of 6.3 percent from the USD 7.18 billion total exports in the same month of the previous year. In August 2023, the total exports recorded an annual increase of 4.2 percent, while it posted an annual growth of 7.3 percent in September 2022. (Figures 1 and 2, and Tables A and 3)

The commodity group with the highest annual decrement in the value of exports in September 2023 was electronic products with USD 424.39 million. This was followed by other manufactured goods with an annual decline of USD 48.60 million and other mineral products with an annual decrease of USD 36.54 million. (Tables B and 5)

2.    Year-to-date annual total exports decreased

The year-to-date annual total export earnings, that is from January to September 2023, amounted to USD 54.54 billion.  This represents an annual decrease of 6.6 percent from the year-to-date annual total export value of USD 58.37 billion in January to September 2022. (Tables 3 and 6)

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

By commodity group, electronic products continued to be the country’s top exports in September 2023 with total earnings of USD 4.09 billion or 60.8 percent of the country’s total exports during the period. This was followed by other mineral products with an export value of USD 285.01 million (4.2%) and other manufactured goods with USD 272.83 million (4.1%). (Figure 3 and Table 5)

4.    Manufactured goods still comprised the largest portion of total exports among major types of goods

By major type of goods, exports of manufactured goods contributed the largest to the country’s total exports in September 2023 amounting to USD 5.56 billion or a share of 82.7 percent. This was followed by mineral products with a share of USD 619.05 million (9.2%); and total agro-based products, which contributed USD 393.27 million (5.8%). (Figure 4 and Table 7)

5.    United States of America contributed the highest to the total export value

By major trading partner, exports to the United States of America (USA) comprised the highest export value amounting to USD 1.06 billion or a share of 15.8 percent to the country’s total exports in September 2023.

Completing the top five major export trading partners for this month with their export values and percent shares to the total exports were:

a.    People’s Republic of China, USD 1.05 billion (15.7%);
b.    Japan, USD 898.94 million (13.4%);
c.    Hong Kong, USD 836.17 million (12.4%); and
d.    Republic of Korea, USD 306.54 million (4.6%). (Figure 5 and Table 9)

6.    Majority of exports were for Asia-Pacific Economic Cooperation (APEC) countries

By economic bloc, majority of the country’s merchandise exports in September 2023 went to the APEC countries with a share of  USD 5.61 billion (83.4%) to the country’s total exports. This was followed by East Asia, valued at USD 3.39 billion (50.4%), and Regional Comprehensive Economic Partnership (RCEP) at USD 3.28 billion (48.7%). (Figure 6, and Tables 10 and 18)

7.    East Asia contributed the highest export value by geographic region

By geographic region, East Asia comprised the highest export value in September 2023 amounting to USD 3.39 billion (50.4%). This was followed by Northern America with an export value of USD 1.10 billion (16.4%) and Southeast Asia with USD 974.07 million (14.5%) worth of exports. (Figure 7 and Table 19)

C.    IMPORTS

1.    Import value decreased in September 2023

The total imported goods in September 2023 amounted to USD 10.24 billion, indicating an annual decrease of 14.7 percent from the USD 12.01 billion in the same month of the previous year. In August 2023, import value recorded an annual decline of 13.0 percent, while in September 2022, it exhibited a double-digit annual increase of 14.4 percent. (Figures 1 and 8, and Tables A and 2)

In September 2023, the commodity group with the highest annual decrement in the value of imported goods was electronic products at USD 756.15 million. This was followed by mineral fuels, lubricants and related materials, which declined by USD 564.30 million; and organic and inorganic chemicals with an annual drop of USD 124.93 million. (Tables C and 11)

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

The year-to-date annual total import value, that is from January to September 2023, amounted to USD 94.36 billion. This represents an annual decrement of 10.2 percent from the total import value of USD 105.06 billion in January to September 2022. (Tables 2 and 12)

3.    Electronic products recorded the highest import value among commodity groups

The commodity group with the highest imported value in September 2023 was electronic products, which amounted to USD 2.20 billion or a share of 21.5 percent to the country’s total imports. This was followed by mineral fuels, lubricants and related materials at USD 1.49 billion (14.5%); and transport equipment at USD 1.15 billion (11.3%). (Figure 9 and Table 11)

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 country’s total imports in September 2023 amounting to USD 3.60 billion (35.2%). Imports of capital goods ranked second with a share of USD 2.99 billion (29.2%), followed by consumer goods with an import value of USD 2.12 billion (20.7%). (Figure 10 and Table 13)

5.    People’s Republic of China had the highest import value

People’s Republic of China was the country’s largest supplier of imported goods valued at USD 2.63 billion or 25.6 percent of the country’s total imports in September 2023.

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

a.    Indonesia, USD 902.56 million (8.8%);
b.    Thailand, USD 840.32 million (8.2%);
c.    Japan, USD 833.15 million (8.1%); and
d.    Republic of Korea, USD 696.29 million (6.8%). (Figure 11 and Table 15)

6.    Imports came largely from APEC member countries

By economic bloc, APEC countries were the largest suppliers of the country’s imported goods in September 2023 with a share of  USD 8.78 billion (85.7%). This was followed by RCEP with an import value of USD 7.55 billion (73.7%) and East Asia with USD 4.70 billion (45.9%). (Figure 12, and Tables 16 and 18)

7.    East Asia contributed the highest import value among geographic regions

By geographic region, East Asia had the highest import value of USD 4.70 billion (45.9%) in September 2023. This was followed by Southeast Asia with an import value amounting to USD 3.13 billion (30.5%) and Northern America valued at USD 668.58 million (6.5%). (Figure 13 and Table 19)

CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General