EXTERNAL TRADE PERFORMANCE
JANUARY 2016
(Preliminary)
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January
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2016 p |
2015 r |
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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) |
6,825.21 30.8
2,209.55 67.1 |
5,218.58 -13.1
1,322.47 1.3 |
Top 10 Philippine Imports from All Countries: January 2016 p
(Year-on-Year Growth in Percent)
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Gainer |
Losers |
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Metal Products
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73.9 |
Mineral Fuels, Lubricants and Related Materials
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-6.8 |
Electronic Products
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67.1 |
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Transport Equipment
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61.5 |
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Industrial Machinery and Equipment
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57.6 |
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Telecommunication Equipment and Electrical Machinery |
48.2 |
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Miscellaneous Manufactured Articles
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27.1 |
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Iron and Steel
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25.4 |
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Other Food and Live Animals
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14.3 |
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Plastics in Primary and Non-Primary Forms
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3.5 |
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p-preliminary, r-revised
IMPORTS INCREASE BY 30.8 PERCENT IN JANUARY 2016
The total imported goods by the country for the month of January 2016 amounted to $6.825 billion, a significant increase of 30.8 percent from $5.219 billion recorded during the same period a year ago. The increase was due to the positive performance of nine out of the top ten major imported commodities for the month led by metal products (73.9%). The other eight positive performers were: electronic products (67.1%); transport equipment (61.5%); industrial machinery and equipment (57.6%); telecommunication equipment and electrical machinery (48.2%); miscellaneous manufactured articles (27.1%); iron and steel (25.4%); other food and live animals (14.3%); and plastics in primary and non-primary forms (3.5%). (Table 2)
The balance of trade in goods (BOT-G) for the Philippines in January 2016, registered a deficit of $2.638 billion, higher than the $861.80 million trade deficit in the same month last year. (Table 1)
ELECTRONIC PRODUCTS ACCOUNT FOR 32.4 PERCENT OF IMPORT BILL
Total payment for the country’s top ten imports for January 2016 reached $5.114 billion or 74.9 percent of the total import bill. (Table 2)
Inbound shipments of Electronic Products in January 2016 accounted for 32.4 percent of the total import bill with value amounting to $2.210 billion. It increased by 67.1 percent over the last year's figure of $1.322 billion. Components/Devices (Semiconductors), had the biggest share of 22.5 percent among electronic products, went up by 64.4 percent to $1.537 billion in January 2016 from $934.94 million in January 2016.
Minerals Fuels, Lubricants and Related Materials placed second with 10.2 percent share to total imports valued at $697.39 million. This registered a decrease of 6.8 percent from its previous year’s level of $748.22 million.
Transport Equipment, contributing 10.1 percent to the total import bill was the country’s third top import for the month amounting to $687.89 million. It grew by 61.5 percent compared to last year’s value of $425.96 million.
Imports of Industrial Machinery and Equipment ranked fourth with 6.5 percent share and reported value of $442.88 million in January 2016. It accelerated by 57.6 percent from $281.06 million in January 2015.
Other Food and Live Animals ranked fifth, with 3.1 percent share to the total imports which was valued at $211.18 million in January 2016. It registered a 14.3 percent increase from its year ago level of $184.80 million.
Rounding up the list of the top ten imports for January 2016 were:
- Iron and Steel valued at $200.17 million
- Miscellaneous Manufactured Articles, $182.69 million
- Telecommunication Equipment and Electrical Machinery, $179.51 million
- Plastics in Primary and Non-Primary Forms, $154.09 million
- Metal Products, $148.28 million.
PURCHASES OF CAPITAL GOODS ACCOUNT FOR 37.7 PERCENT OF THE TOTAL IMPORTS
Payments for inward shipments of Capital Goods accounted for 37.7 percent of the total imports. It increased by 80.4 percent to $2.573 billion in January 2016 from $1.426 billion in January 2015. (Table 3)
Total importation of Raw Materials and Intermediate Goods in January 2016 were valued at $2.475 billion, accounting for 36.3 percent share of the total imports. It increased by 12.0 percent over last year's figure of $2.210 billion. Semi-Processed Raw Materials, having the biggest share of this commodity group at 33.7 percent was $2.300 billion. It went up by 19.6 percent compared to $1.924 billion in January 2015.
Purchases of Consumer Goods recorded 15.2 percent share with a total import bill valued at $1.038 billion in January 2016. It recorded a positive growth of 29.3 percent from $802.97 million registered in January 2015.
Mineral Fuels, Lubricants and Related Materials with 10.2 percent share to total imports, decreased by 6.8 percent from $748.22 million in January 2015 to $697.39 million in January 2016. Petroleum crude contributed the biggest percent share of imports for this commodity group at 4.8 percent and valued $330.25 million. (Table 3)
Furthermore, imports of Special Transactions went up by 33.6 percent to $41.93 million recorded in January 2015 from $31.39 million in January 2016.
IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 17.9 PERCENT
Aggregate payments from the top ten imports sources for January 2016 amounted to $5.210 billion or 76.3 percent of the total. (Table 4)
People’s Republic of China remained as the country’s biggest source of imports at 17.9 percent share in January 2016. Payments were recorded at $1.224 billion, an increase of 38.1 percent from $886.27 million in January 2015. Revenue from the country’s exports to People’s Republic of China, on the other hand, reached $405.65 million, generating a total trade value of $1.629 billion and $818.06 million trade deficit. (Table 5)
Japan including Okinawa came second, contributing 10.7 percent or $727.04 million to the total import bill in January 2016. It grew by 66.4 percent from its January 2015 value of $436.97 million. Export receipts from Japan in January 2016 reached $950.52 million yielding a total trade value of $1.678 billion and a favourable balance of trade of $223.48 million. (Tables 4 and 4a)
United States of America (USA), including Alaska and Hawaii, was the third biggest source of imports for January 2016 with 8.9 percent share to the total import bill amounting to $609.87 million, an increase of 19.9 percent from $508.78 million in January 2015. Exports to USA amounted to $698.85 million, yielding a two-way trade value of $1.309 billion and a trade surplus of $88.99 million.
Republic of Korea placed fourth, accounting for 7.2 percent share of the total import bill worth $491.76 million in January 2016, it went up by 55.1 percent from $316.96 million in January 2015. Exports to Republic of Korea amounted to $148.27 million resulting to a total trade value of $640.03 million and a trade deficit of $343.49 million. (Tables 4 and 4a).
Thailand ranked fifth, accounting for 7.2 percent share of the total import bill in January 2016, a positive growth of 64.3 percent to $491.08 million in January 2016 from $298.82 million in January 2016. Exports to this country amounted to $170.49 million resulting to a total trade value of $661.57 million and a trade deficit of $320.59 million.
Other major sources of imports for the month of January 2016 were: Taiwan, $467.43 million; Singapore, $438.32 million; Malaysia (includes Sabah and Sarawak), $279.83 million; Hong Kong, $240.80 million; and Indonesia, $240.24 million.
IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 46.3 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 January 2016 as it accounted for 46.3 percent of the total imports valued at $3.158 billion. It increased by 48.6 percent from $2.126 billion in January 2015. Total exports to countries of East Asia amounted to $2.085 billion resulting to a total trade of $5.242 billion and a trade deficit of $1.073 billion. (Table 4a and 5a)
Commodities imported from ASEAN member countries were valued at $1.613 billion, contributing 23.6 percent share to total and registered an increase of 28.6 percent from $1.254 billion recorded in January 2015. Proceeds from exports to ASEAN member countries were worth $630.02 million, resulting to a total trade of $2.243 billion and a trade deficit of $983.14 million. (Table 4a and 5a)
Imports from European Union were valued at $673.71 million. It grew by 24.7 percent compared to a year ago value of $540.07 million. Exports to member countries of European Union were worth $491.11 million, resulting to a total trade of $1.164 billion and a trade deficit of $182.60 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 forms 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, 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 Press Release is due every 25th day of each month. However, if the 25th 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.
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).