1.    EXPORTS

The value of seasonally adjusted total exports amounted to USD 6.46 billion in February 2024. This indicates a monthly increase of 1.7 percent from the deseasonalized total exports value of USD 6.35 billion in January 2024. (Figure 1, and Tables A and 1)

Similarly, the seasonally adjusted export value of manufactured goods amounting to USD 5.22 billion registered a monthly increase of 2.7 percent in February 2024 from the USD 5.08 billion export value in January 2024. Total agro-based products with a seasonally adjusted export value amounting to USD 447.20 million posted a monthly increment of 0.1 percent from the USD 446.55 million export value in January 2024. Meanwhile, the seasonally adjusted export sales from mineral products, which was recorded at USD 532.78 million, registered a monthly drop of 13.1 percent during the month from the deseasonalized export value of USD 613.36 million in the previous month. 

The seasonal factors, such as the degree of demand for selected major types of goods during the period, pulled down the total value of exports and export values of total agro-based products, mineral products, and manufactured goods. (Table 1)

The rest of the major types of goods, including forest products and petroleum products, have no seasonality.

2.    IMPORTS

The value of seasonally adjusted total imports in February 2024 amounted to USD 10.64 billion. This represents a monthly increase of 2.9 percent from the USD 10.33 billion total import value in January 2024. (Figure 2, and Tables A and 2)

Similarly, the seasonally adjusted import value of capital goods recorded at USD 2.99 billion posted a monthly increment of 3.0 percent in February 2024 from its USD 2.91 billion import value in January 2024. Raw materials and intermediate goods with USD 3.86 billion import value registered a monthly increase of 5.0 percent from its USD 3.68 billion import value in the previous month. 

On the other hand, consumer goods with a seasonally adjusted import value amounting to USD 2.04 billion posted a monthly decline of 1.9 percent from its USD 2.08 billion import value in January 2024.

The seasonal factors, such as the degree of demand for selected major types of goods during the period, pulled down the total value of imports and import values of capital goods, consumer goods, and raw materials and intermediate goods. (Table 2)

Mineral fuels, lubricants and related materials has no seasonality.

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

Technical Notes

The Monthly International Merchandise Trade Statistics (IMTS) or Foreign Trade Statistics generates the original series of the Total Exports and Total Imports. IMTS is compiled to serve the needs of many users including the government; the business community; compilers of other economic statistics, such as balance of payments and national accounts; various regional, supranational, and international organizations; researchers; and the public at large.

This special release features the seasonally adjusted IMTS using X-13 Auto-Regressive Integrated Moving Average (ARIMA) under the X-13-ARIMA-SEATS method, which uses the X-11 filter for seasonal adjustment of JDemetra+. The seasonally adjusted series show the trend of value of total exports and imports and selected major type of goods without the effects of seasonal factors.

The decomposition model chosen for the seasonal adjustment for each value is shown below.