A.    TOTAL EXTERNAL TRADE AND BALANCE OF TRADE

1.    Total external trade decreased by 9.8 percent

In October 2023, the country’s total external trade in goods amounted to USD 16.90 billion, which indicates an annual decline of 9.8 percent from the USD 18.74 billion total external trade in the same period of the previous year. In September 2023, total external trade in goods registered an annual decrease of 11.2 percent, while an annual increase of 12.5 percent was registered in October 2022. (Figure 1, and Tables A and 1)

Of the total external trade in October 2023, 62.3 percent were imported goods, while the remaining were exported goods.

2.    Trade deficit posted an annual increase

The balance of trade in goods (BoT-G) is the difference between the value of exports and imports. The BoT-G in October 2023 amounted to USD -4.17 billion, indicating a trade deficit with an annual increase of 26.0 percent. Trade deficit posted an annual decline of 25.8 percent in September 2023 and 13.1 percent in October 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 October 2023 amounted to USD 6.36 billion, indicating an annual decrease of 17.5 percent from the USD 7.71 billion total exports in the same month of the previous year. In September 2023, the total exports recorded an annual decrease of 6.3 percent, while it posted an annual growth of 20.1 percent in October 2022. (Figures 1 and 2, and Tables A and 3)

The commodity group with the highest annual decrement in the value of exports in October 2023 was electronic products with USD 1.48 billion. This was followed by copper concentrates with an annual decline of USD 43.09 million and coconut oil with an annual decrease of USD 23.22 million. (Tables B and 5)

2.    Year-to-date annual total exports decreased

The year-to-date annual total value of export, that is from January to October 2023, amounted to USD 60.91 billion. This represents an annual decrease of 7.8 percent from the year-to-date annual total export value of USD 66.08 billion in January to October 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 October 2023 with total earnings of USD 3.62 billion or 56.9 percent of the country’s total exports during the period. This was followed by other mineral products with an export value of USD 324.94 million (5.1%) and other manufactured goods with USD 312.84 million (4.9%). (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 October 2023 amounting to USD 5.19 billion or a share of 81.5 percent. This was followed by mineral products with a share of USD 599.36 million (9.4%), and total agro-based products, which contributed USD 418.59 million (6.6%). (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 1.02 billion or a share of 16.0 percent to the country’s total exports in October 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.    Japan, USD 902.65 million (14.2%);
b.    People’s Republic of China, USD 880.37 million (13.8%);
c.    Hong Kong, USD 759.02 million (11.9%); and
d.    Republic of Korea, USD 317.38 million (5.0%). (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 October 2023 went to APEC countries with a share of USD 5.34 billion (83.9%) to the country’s total exports. This was followed by Regional Comprehensive Economic Partnership (RCEP), valued at USD 3.18 billion (50.0%), and East Asia at USD 3.09 billion (48.6%). (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 October 2023 amounting to USD 3.09 billion (48.6%). This was followed by Northern America with an export value of USD 1.08 billion (17.0%) and Southeast Asia with USD 1.03 billion (16.2%) worth of exports. (Figure 7 and Table 19)

C.    IMPORTS

1.    Import value decreased in October 2023

The total imported goods in October 2023 amounted to USD 10.54 billion, indicating an annual decrease of 4.4 percent from the USD 11.02 billion import value in the same month of the previous year.  In September 2023, import value recorded an annual decline of 14.1 percent, while in October 2022, it exhibited an annual increase of 7.7 percent. (Figures 1 and 8, and Tables A and 2)

In October 2023, the commodity group with the highest annual decrement in the value of imported goods was electronic products at USD 590.51 million. This was followed by mineral fuels, lubricants and related materials, which declined by USD 99.34 million; and other food and live animals with an annual drop of USD 71.48 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 October 2023, amounted to USD 104.97 billion. This represents an annual decrement of 9.6 percent from the total import value of USD 116.08 billion in January to October 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 October 2023 was electronic products, which amounted to USD 2.19 billion or a share of 20.8 percent to the country’s total imports. This was followed by mineral fuels, lubricants and related materials at USD 1.79 billion (17.0%), and transport equipment at USD 886.10 million (8.4%). (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 of the country’s total imports in October 2023 amounting to USD 3.82 billion (36.2%). Imports of capital goods ranked second with a share of USD 2.86 billion (27.2%), followed by consumer goods with an import value of USD 2.02 billion (19.2%). (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 2.60 billion or 24.7 percent of the country’s total imports in October 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 917.53 million (8.7%);
b.    Japan, USD 834.89 million (7.9%);
c.    Republic of Korea, USD 785.81 million (7.5%); and
d.    USA, USD 711.77 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 October 2023 with a share of USD 8.91 billion (84.5%). This was followed by RCEP with an import value of USD 7.61 billion (72.2%) and East Asia with USD 4.67 billion (44.3%). (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 4.67 billion (44.3%) in October 2023. This was followed by Southeast Asia with an import value amounting to USD 3.13 billion (29.7%) and Northern America valued at USD 764.82 million (7.3%). (Figure 13 and Table 19)

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