Table A. Summary of External Trade Performance
June 2020, May 2020 and June 2019
A. TOTAL EXTERNAL TRADE AND BALANCE OF TRADE
1. Slower annual decline for total external trade
The country’s total external trade in goods in June 2020, which amounted to USD 11.97 billion, declined at an annual rate of 19.9 percent. This was lower than its previous month’s annual drop of 35.3 percent but faster than its rate of decrease in June 2019 of 2.9 percent.
Of the total external trade, 55.4 percent were imported goods and the rest were exported goods.
2. Trade deficit dropped at a slower rate
Balance of trade in goods (BoT-G) is the difference between the value of export and import. BoT-G for June 2020 was USD -1.30 billion which represents a trade deficit with an annual decline of 50.6 percent. In the previous month, trade deficit fell at a faster rate of 63.8 percent and in June a year ago, it was slower at 25.8 percent. (Figure 1 and Table A)
1. Sales from export plunged
The country’s total export sales in June 2020 amounted to USD 5.33 billion, a decrease of 13.3 percent from the USD 6.15 billion total export generated in June 2019. The annual drop in June 2020 was the fourth month that total exports had consecutive negative growth. In the previous month, export value fell at an annual rate of 26.9 percent while in June 2019, it gained at a rate of 3.9 percent. (Figure 1 and Table A)
Of the top ten major commodity groups in terms of exported value, eight had annual decline which was led by metal components (-30.5%); coconut oil (-29.7%); and machinery and transport equipment (-26.3%). (Tables B and 3)
Table B. Top 10 Philippine Exports to All Trading Partners, June 2020p
2. Electronic products commodity group remained the highest on export sales
By commodity group, exports of electronic products continued to be the country’s top export with total earnings of USD 3.18 billion. This amount, which accounted for 59.6 percent of the total exports in June 2020, decreased annually by 10.4 percent, from USD 3.55 billion in June 2019. (Figure 2 and Table 3)
3. Manufactured goods still comprised the biggest chunk in total exports
By major type of goods, exports of manufactured goods shared the highest to total exports in June 2020 amounting to USD 4.408 billion (82.7%). However, exports for this type of goods went down by 13.6 percent, from its level a year ago of USD 5.104 billion. (Figure 3 and Table 5)
4. People’s Republic of China contributed the highest export value
By major trading partner, exports to People’s Republic of China comprised the highest value amounting to USD 891.58 million (16.7%) during the month. Exports to this country increased by 2.8 percent, from USD 867.28 million in June 2019.
Completing the top five major export trading partners were Japan with export value of USD 807.05 million (15.1%); United States of America (USA), USD 768.66 million (14.4%); Hong Kong, USD 761.72 million (14.3%); and Singapore, USD 319.89 million (6.0%). (Figure 4 and Table 7)
5. Majority of exports were for APEC countries
By economic bloc, USD 4.60 billion (86.2%) of the country’s merchandise exports in June 2020 went to Asia-Pacific Economic Cooperation (APEC) member countries. However, export value to APEC countries dropped by 11.9 percent, from USD 5.22 billion in June 2019. (Figure 5 and Table 8)
1. Imports value dropped by 24.5 percent
Total imported goods in June 2020, which amounted to USD 6.63 billion, plunged at an annual rate of 24.5 percent. In the previous month, the decline was faster at 40.6 percent while in June 2019, imports decreased by 7.2 percent annually. (Figure 1 and Table A)
The decrement of imported goods in June 2020 was due to the decreases in seven out of the top 10 major import commodities which was led by transport equipment (-70.5%); mineral fuels, lubricants and related materials (-56.9%); and iron and steel (-40.9%). (Table C and Table 9)
Table C. Top 10 Philippine Imports from All Trading Partners, June 2020p
2. Electronic products accounted for the highest import value among commodity groups
Among the imported commodity groups, electronic products, valued at USD 2.04 billion, contributed the highest share of 30.8 percent to the total imports in June 2020. Import value for this commodity group, however, declined by 14.6 percent in June 2020, from USD 2.39 billion in June 2019. (Figure 6 and Table 9)
3. Imports of raw materials and intermediate goods contributed the highest
By major type of goods, imports of raw materials and intermediate goods accounted for the largest share of USD 2.85 billion (42.9%) in June 2020. This type of goods, however, decreased by 10.7 percent, from USD 3.19 billion in June 2019.
Imports of capital goods, which shared USD 2.16 billion (32.6%), ranked second. This was followed by consumer goods with a share of USD 1.07 billion (16.1%). (Figure 7 and Table 11)
4. Import of Personal Protective Equipment (PPE), and medical supplies grew fastly
Import value for Personal Protective Equipment (PPE), and medical supplies in June 2020 amounted to USD 31.16 million, indicating an annual increase of 124.1 percent. Annual growths of imported values for these medical items in the previous month was lower at 65.0 percent and in June 2019 at 11.1 percent.
5. 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 with 23.7 percent share to the total imports in June 2020. Import value from this country amounted to USD 1.57 billion during the month, from USD 1.99 billion in June 2019.
The next four major import trading partners were Japan with import value of USD 567.14 million (8.5%); USA, USD 544.28 million (8.2%); Republic of Korea, USD 502.03 million (7.6%); and Singapore, USD 490.70 million (7.4%). (Figure 8 and Table 13)
6. Imports came largely from APEC member countries
By economic bloc, APEC member countries were the biggest supplier of the country’s imported goods in June 2020 with a value of USD 5.731 billion (86.4%). This amount, however, went down by 23.4 percent, from USD 7.486 billion in June 2019. (Figure 9 and Table 14)
DENNIS S. MAPA, Ph.D.
National Statistician and Civil Registrar General
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 PSA regularly collects the following documents:
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)
The digitized copies of all documents are provided by BOC and PEZA to PSA on a monthly basis through email.
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, which is implemented through the BOC e-Customs Project.
All documents (hard copies and e-files) received within the cut-off date, which is every 30th day of the month, are compiled, processed, summarized, analyzed and disseminated through monthly statistical tables, and press releases. Processing includes coding, editing, review and validation of results. All documents received after the cut-off date are included in the generation of the revised monthly statistical tables which are available 10 to 15 working days after the press release date.
The press release for a reference month is 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.
The 2015 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at 10-digit code level for statistical purposes.
Data requests on international merchandise trade statistics can be made at the PSA, Economic Sector Statistics Service, Trade Statistics Division (telephone number: (02) 8376-1975 or at email address, email@example.com).