External Trade Performance: July 2016

Reference Number: 2016-137
Release Date: 09 September 2016

EXTERNAL TRADE PERFORMANCE

 

JULY 2016

(Preliminary)

 

 

July

 

2016 p

2015 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)

 

 

6,726.35

-1.7

 

1,828.02

-8.1

 

 

 6,845.66

23.0

 

1,988.84

69.9

 

Top 10  Philippine Imports from All Countries: July 2016 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Power Generating and Specialized Machinery
28.7
Mineral Fuels, Lubricants and Related Materials
-26.3
Plastics in Primary and Non-Primary Forms
25.5
Electronic Products
-8.1
Miscellaneous Manufactured Articles
22.0
Iron and Steel
-5.7
Transport Equipment
15.4    

Other Food and Live Animals

12.1
 
 
Industrial Machinery and Equipment
10.1    
Telecommunication Equipment and Electrical Machinery
7.5    

p-preliminary, r-revised

 

 

IMPORTS DECREASED BY 1.7 PERCENT IN JULY 2016

The   total   imported   goods by the country for the month of July 2016 amounted to $6.726 billion, a decrease of 1.7 percent from $6.846 billion recorded during the same period a year ago.   The decrease was due to the negative growth rates of three out of the top ten major imported commodities for the month led by mineral fuels, lubricants and related materials (26.3%).  The other two were:  electronic products (8.1%), and iron and steel (5.7%).  (Table 2)

Cumulative imports for January to July 2016 amounted to $45.473 billion, an increase of 14.4 percent compared with $39.762 billion in the same period of last year. The balance of trade in goods (BOT-G) for the Philippines in July 2016, registered a deficit of $2.053 billion, higher than the $1.475 billion trade deficit in the same month last year.
(Table 1)

ELECTRONIC PRODUCTS ACCOUNT FOR 27.2 PERCENT SHARE OF IMPORT BILL

Total   payment   for   the   country’s   top ten imports for July 2016 reached $4.832 billion or 71.8 percent share of the total import bill.  (Table 2)

Inbound shipments   of   Electronic   Products    in  July 2016     accounted  for    27.2 percent share  of the total import bill with value amounting   to   $1.828 billion.  It decreased by 8.1 percent over the last year's figure of $1.989 billion.  Components/Devices (Semiconductors),   had the biggest   share  of 17.7 percent among electronic   products,  however, it went down by 22.9 percent from $1.542 billion in July 2015 to $1.189 billion in July 2016.

Minerals   Fuels,   Lubricants    and    Related   Materials  placed    second with 9.3 percent share to total imports valued at $625.96 million.  This registered a decrease of 26.3 percent from its previous year’s level of $848.77 million.

Transport Equipment, contributing 8.7 percent to the total import bill was the country’s    third top import  for   the   month amounting to  $584.61 million.   It rose by 15.4 percent compared to last year’s value of $506.45 million.

Imports of Industrial Machinery and Equipment ranked fourth with 7.3 percent share   and   reported  value  of  $491.52 million  in  July 2016.   It  accelerated  by 10.1 percent  from $446.55 million in July 2015.

Iron and Steel ranked fifth, with 4.7 percent share to the total imports which was valued at $313.71 million in July 2016.  It registered a 5.7 percent decrease from its year ago level of $332.70 million.

Rounding up the list of the top ten imports for July 2016 were: 

  • Other Food and Live Animals, $248.07 million;  
  • Miscellaneous Manufactured Articles, $209.03 million; 
  • Plastics in Primary and Non-Primary Forms, $189.63 million;
  • Telecommunication Equipment and Electrical Machinery, $186.73 million; and
  • Power Generating and Specialized Machinery, $154.60 million.

PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 39.9 PERCENT OF THE TOTAL IMPORTS

Total importation of Raw Materials and Intermediate Goods in July 2016 were valued at $2.687 billion,  accounting for 39.9 percent share of the total imports.  It decreased by 13.6 percent over last year's figure of $3.111 billion.  Semi-Processed Raw Materials,  having    the    biggest   share  of  this commodity group at 36.5 percent was valued at $2.456 billion.  It went down by 16.1 percent compared with $2.926 billion value in July 2015.

Payments for inward shipments of  Capital Goods accounted for 33.6 percent of the total  imports.  It   increased  by  23.1 percent  to $2.261 billion in July 2016 from $1.836 billion in July 2015.  (Table 3)

Purchases of Consumer Goods recorded 16.3 percent share with a total import bill valued     at    $1.097 billion    in    July  2016.   It    recorded  a   positive growth of 8.3 percent from $1.013 billion registered in July 2015.

Mineral Fuels, Lubricants and Related Materials with 9.3 percent share to total imports,   decreased  by   26.3   percent   from  $848.77 million  in  July  2015  to $625.96 million in July 2016.  Petroleum crude contributed the biggest share of imports in this commodity group at 4.3 percent and valued $287.24 million.  (Table 3)

Furthermore,   imports  of  Special  Transactions  went up by 52.7 percent to $55.90 million recorded in July 2016 from $36.60 million in July 2015. 

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 19.1 PERCENT

Aggregate payments from the top ten imports sources for July 2016 amounted to $5.312 billion or 79.0 percent of the total import bill.  (Table 4)

People’s Republic of China remained as the country’s biggest source of imports at 19.1 percent share in July 2016.  Payments were recorded at $1.287 billion, an increase of 11.2 percent from $1.157 million in July 2015.   Revenue from the country’s exports to People’s Republic of China,   on   the   other   hand,   reached $520.93 million, generating a total trade value of $1.808 billion and $766.16 million trade deficit.  (Tables 4 and 5)

Japan including Okinawa, came second, contributing 12.3 percent or $824.97 million to the total import bill in July 2016.  It   grew by 24.8 percent from its July 2015 value of $661.02 million.  Export   receipts   from   Japan  in July 2016 reached $909.56 million yielding  a  total   trade  value  of  $1.735  billion and a favourable balance of trade of $84.58 million.  (Tables 4 and 5)

United States of America (USA), including Alaska and Hawaii, was the third biggest source of imports for July 2016 with 8.5 percent share to the total import bill amounting to $571.46 million, a decrease of 24.5 percent from $756.73 million in July 2015.  Exports to USA amounted to $777.30 million, yielding a two-way trade value of $1.349 billion and a trade surplus of $205.84 million.

Thailand ranked fourth, accounting for 7.6 percent share of the total import bill in July  2016,  a positive growth of 16.1 percent to $514.38 million in July 2016 from $443.07 million   in   July 2015.  Exports to this country amounted to $163.81 million   resulting  to a total trade value of $678.19 million and a trade deficit of $350.57 million.

Republic of Korea placed fifth, accounting for 7.2 percent share of the total import bill  worth  $485.61  million   in   July   2016.  It   went down by less than one percent from $485.62 million  in  July 2015.  Exports   to   this country amounted to $154.67 million resulting to a total trade value of $640.29 million and a trade deficit of $330.94 million.  (Tables 4 and 5).

Other   major sources of imports for the month of July 2016 included in Top Ten Countries were: Taiwan, $453.32 million; Singapore, $443.70 million; Indonesia, $277.46 million; Malaysia (includes Sabah and Sarawak), $250.91 million; and Hong Kong, $203.25 million.

Moreover, imports from Other Countries was valued at $1.414 billion and accounted for 21.0 percent of the total imports for the month of July 2016.  Among the other countries, Vietnam recorded the highest import source at $150.42 million or 2.2 percent of the total.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 48.5 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 July 2016 as it accounted for 48.5 percent of the total imports valued at $3.263 billion.  It increased by 6.6 percent from $3.063 billion in July 2015.  Total exports to countries of East Asia amounted to $2.333 billion resulting to a total trade of $5.596 billion and a trade deficit of $930.78 million.  (Table 4a and 5a)

Commodities    imported   from   ASEAN   member   countries were valued at $1.640 billion,    contributing    24.4  percent  share to total and registered an increase of 1.7 percent from $1.612 billion recorded in July 2015.  Proceeds from exports to ASEAN member countries were worth $678.94 million, resulting to a total trade of    $2.319 billion and a trade deficit of $960.67 million.  (Table 4a and 5a)

Imports     from    European   Union  were valued at $494.91 million.  It dropped by 21.1 percent compared to a year ago value of $627.10 million.  Exports to member countries of European Union were worth $576.65 million, resulting to a total trade of $1.072 billion and a trade surplus of $81.74 million.  (Table 4a and 5a)

 

 

 

Technical Notes

 

Beginning with this issue, Press Releases on Imports and Exports will be disseminated at same date.  Therefore, the Press Release on Imports will be due every 10th day of each month. However, if the 10th day falls on a Saturday, release will be on Friday but if it falls on a Sunday or Monday the release will be on Tuesday.  If the release date falls on holiday, the date of release is moved accordingly.

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 forms by the importer.  These are the following import documents collected and processed by PSA:

  • Import Entry and Internal Revenue Declaration (BOC IEIRD Form 236)
  • Informal Import Declaration and Entry (BOC Form 177)
  • PEZA Warehousing Entry (BOC Form 242 CEWE)

Moreover, an electronic copy of the IEIRD, or called Single Administrative Document (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) 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.  Processing includes coding, editing, review and validation. Revised statistical tables are made available 10 to 15 working days after the press release date.

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

Detailed data on 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.) ESTELA T. DE GUZMAN
(Deputy National Statistician, CRCSO)
Officer-in-Charge

 

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