External Trade Performance: October 2015

Reference Number: 2015-108
Release Date: 29 December 2015

EXTERNAL TRADE PERFORMANCE

 

OCTOBER 2015

(Preliminary)

 

 

October

 

2015 p

2014 r

 

TOTAL IMPORTS

     FOB Value in Million US Dollars

     Year-on-Year Growth (Percent)  

Electronic Products

     FOB Value in Million US Dollars

     Year-on-Year Growth (Percent)

 

 

6,527.09

16.8

 

2,098.78

70.7

 

 

 5,589.32

15.4

 

1,229.34

-1.4

 

Top 10 Philippine Imports from All Countries: October 2015 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Electronic Products
70.7
Mineral Fuels, Lubricants and Related Materials
-38.5
Industrial Machinery and Equipment
52.5
Plastics in Primary and Non-Primary Forms
-24.5
Telecommunication Equipment and Electrical Machinery
36.3
Other Food and Live Animals
-17.8
Iron and Steel
32.0
Miscellaneous Manufactured Articles
-7.6

Cereals and Cereal Preparations

11.5
 
 
Transport Equipment
9.1    

p-preliminary, r-revised

IMPORTS INCREASES BY 16.8 PERCENT IN OCTOBER 2015

The   total   imported   goods by the country for the month of October 2015 amounted to $6.527 billion, an increase of 16.8 percent from $5.589 billion recorded during the same period a year ago. This increase was due to the positive performance of seven out of the top ten major imported commodities for the month.  These were: electronic products (70.7%); industrial machinery and equipment (52.5%); telecommunication equipment and electrical machinery (36.3%); iron and steel (32.0%); cereals and cereal preparations (11.5%); and transport equipment (9.1%).  (Table 2)

Combined imports for the ten month period of 2015 amounted to $56.527 billion, a 3.9 percent increase compared with $54.392 billion in the same period of last year. (Table 1)

The balance of trade in goods (BOT-G) for the Philippines in October 2015 registered a deficit of $1.937 billion higher than the $441.11 million trade deficit in the same period last year.  (Table 1)

ELECTRONIC PRODUCTS ACCOUNT FOR 32.2 PERCENT OF IMPORT BILL

Total   payment   for   the   country’s   top ten imports for October 2015 reached $4.864 billion or 74.5 percent of the total import bill.  (Table 1)

Inbound shipments   of   Electronic   Products    in  October 2015     accounted  for    32.2   percent  of the total import bill with value amounting to   $2.099 billion.  It rose by 70.7 percent over last year's figure of $1.229 billion.  Components/Devices (Semiconductors),   having the biggest share  of 24.4 percent among electronic products, increased by 85.4 percent to $1.592 billion in October 2015 from $858.66 million in October 2014.

Transport Equipment, contributing 10.5 percent to the total import bill was the country’s second top import for the month amounting to $685.81 million.  It went up by 9.1 percent compared to last year’s value of $628.62 million.

Minerals   Fuels,   Lubricants    and    Related   Materials  placed    third    with  8.0 percent share to total imports valued at $524.80 million.  This registered a decrease of 38.5 percent from its previous year’s level of $853.72 million.

Imports of Industrial Machinery and Equipment ranked fourth with 7.2 percent share and reported value of $466.74 million in October 2015.  It grew by 52.5 percent from $306.07 million in October 2014.

Iron and Steel ranked fifth, with 3.3 percent share to the total imports which valued at $212.23 million in October 2015.  It registered a 32.0 percent increment from its year ago level of $160.74 million.

Rounding up the list of the top ten imports for October 2015 were: 

  • Other Food and Live Animals   valued  at $204.97 million 
  • Telecommunication Equipment and Electrical Machinery, $181.65 million   
  • Miscellaneous Manufactured Articles, $177.47 million
  • Plastics    in     Primary    and    Non – Primary   Forms, $157.19 million 
  • Cereals and Cereal Preparations, $153.89 million. 

PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS IS 42.8 PERCENT OF THE TOTAL IMPORTS

Total importation of Raw Materials and Intermediate Goods in October 2015 were valued at $2.792 billion,  accounting for 42.8 percent share of the total imports.  It increased by 40.1 percent over last year's figure of $1.994 billion.  Semi-Processed Raw Materials,  having the biggest share of this commodity group at 39.8 percent was $2.599 billion, went up by 39.9 percent compared to $1.858 billion value in October 2014.  (Table 3)

Payments for inward shipments of Capital Goods accounted for 32.3 percent of the total  imports.  It   increased  by  25.4  percent  to  $2.106 billion in October 2015 from $1.680 billion in October 2014. 

Purchases of Consumer Goods recorded 16.3 percent share with a total import bill valued at $1.061 billion in October 2015.   It recorded a positive growth of 4.1 percent from $1.019 billion registered in October 2014.  

Mineral Fuels, Lubricants and Related Materials with 8.0 percent share to total imports, decreased by 38.5 percent from $853.72 million in October 2014 to $524.81 million in October 2015.  Other mineral fuel and lubricants such as gas oils, regular and premium unleaded motor spirit and aviation spirit contributed the biggest share of imports in this commodity group at 5.1 percent and valued $329.95 million.  (Table 3)

Furthermore,  imports  of  Special  Transactions  went down by 0.9 percent from $43.39 million recorded in October 2014 to $42.99 million in October 2015.  

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 17.2 PERCENT

Aggregate payments from the top ten imports sources for October 2015 amounted to $5.292 billion or 81.1 percent of the total.  (Table 4)

People’s Republic of China remained as the country’s biggest source of imports at 17.2 percent share in October 2015.  Payments were recorded at $1.123 billion, an increase of 22.9 percent from $913.36 million in October 2014.   Revenue from the country’s exports to People’s Republic of China,   on the other hand, reached $426.88 million, generating a total trade value of $1.549 billion and $695.65 million trade deficit.  (Table 5)

Japan including Okinawa came second, contributing 11.2 percent or $729.99 million to the total import bill in October 2015.  It   grew by 55.3 percent from its October 2014 value of $470.12 million.  Export receipts from Japan in October 2015 reached $1.036 billion yielding  a  total trade  value  of  $1.766  billion and a favourable balance of trade of $306.41 million.  (Table 4 and 5)

United States of America (USA) including Alaska and Hawaii was the third biggest source of imports for October 2015 with 10.7 percent share to the total import bill amounting to $701.06 million, a positive growth of 50.6 percent from $465.44 million in October 2014.  Exports to USA amounted to $675.35 million, yielding a two-way trade value of $1.376 billion and a trade deficit of $25.71 million.

Republic of Korea placed fourth, accounting for 8.6 percent share of the total import bill worth $564.11 million in October 2015, an increase of 53.6 percent from $367.17 million in October 2014.  Exports to Republic of Korea amounted to $174.55 million resulting to a total trade value of $738.66 million and a trade deficit of $389.56 million.  (Table 4 and 5)

Thailand ranked fifth, accounting for 7.8 percent share of the total import bill in October  2015,  an increase  of 34.3 percent to $506.41 million in October 2015 from $377.01 million   in   October 2014.  Exports to this country amounted to $174.28 million   resulting  to a total trade value of $680.69 million and a trade deficit of $332.13 million.

Other major sources of imports for the month of October 2015 were: Taiwan, $485.00 million; Singapore, $455.14 million; Indonesia, $278.03 million; Malaysia (includes Sabah and Sarawak), $270.40 million; and Hong Kong, $179.45 million.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 47.3 PERCENT

By economic bloc, East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) was the biggest source of the country’s imports in October 2015 as it accounted for 47.3 percent of the total imports valued at $3.084 billion.  It increased by 30.6 percent from $2.362 billion in October 2014.  Total exports to countries of East Asia amounted to $2.303 billion resulting to a total trade of $5.387 billion and a trade deficit of $781.74 million.  (Table 4a and 5a)

Commodities imported from ASEAN member countries were valued at $1.658 billion, contributing 25.4  percent  share to total and registered an increment of 9.2 percent from $1.518 billion recorded in October 2014.  Proceeds from exports to ASEAN member countries were worth $738.11 million, resulting to a total trade of    $2.396 billion and a trade deficit of $919.64 million.  (Table 4a and 5a)

Imports from European Union were valued at $524.34 million.  It dropped by 13.1 percent compared to a year ago value of $603.18 million.  Exports to member countries of European Union were worth $596.58 million, resulting to a total trade of $1.121 billion and a trade surplus of $72.24 million.  (Table 4a and 5a)

 

 

 

 

Technical Notes

 

Import trade statistics are compiled by the Philippine Statistics Authority (PSA) from copies of import documents submitted to the Bureau of Customs (BOC) by importers or their authorized representatives as required by law.  PSA collects a copy of the accomplished form by the importer.  These are the following import documents collected and processed by PSA:

                     1.    Import Entry & Internal Revenue Declaration (BOC IEIRD Form 236)

                     2.    Informal Import Declaration and Entry (BOC Form 177)

                     3.    PEZA Warehousing Entry (BOC Form 242 CEWE)

Moreover, in lieu of the manual filling-up of documents, the Single Administrative Document (SAD), an electronic copy of the IEIRD is utilized to augment 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) or now called the e2m (electronic to mobile) customs system; a system implemented through the BOC e-Customs Project. The output of this system is provided by BOC to PSA on a monthly basis through email.

All documents (hard copies and e-files) received before the cut-off date which is every 10th day of the month are compiled, processed and generated in a monthly statistical tables for the preparation of Press Release.  All documents received after the cut-off date, however, are processed and included in the generation of the revised statistical tables.  Revised statistical tables are made available 10 to 15 working days after the press release date.

Processing includes coding, editing, review and validation. However,  all  documents with transaction FOB value less $25 US dollars are considered out-of-scope and excluded in the generation of tables.  The Press Release is due every 25th day of each month.

The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the imported commodities at the most detailed level for statistical purposes.

Data request of international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).

 

 

 

                                    FOR THE NATIONAL STATISTICIAN:

 

 

(Sgd.)  JOSIE B. PEREZ
 
(Deputy National Statistician, CTCO)
Officer-in-Charge

 

 
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