Highlights of the International Merchandise Trade Statistics of the Philippines: First Semester 2019

Reference Number: 

2019-292

Release Date: 

Monday, October 14, 2019

TOTAL EXTERNAL TRADE DECREASE BY 0.8 PERCENT

The country’s total external trade in goods during the first semester of 2019 was recorded at USD87.33 billion, representing a decrease of 0.8 percent from the USD88.03 billion total external trade in the same semester of 2018.  Of the total external trade, USD34.22 billion or 39.2 percent were exported goods and USD53.12 billion or 60.8 percent were imported goods.

The country’s balance of trade in goods (BoT-G) recorded a USD18.90 billion deficit in the first semester of 2019, which was lower than the USD19.24 billion deficit in same semester of 2018 (Table 1).

Figure 1

TOTAL EXPORTS DECREASE BY 0.5 PERCENT

The country’s total export sales in the first semester of 2019 was USD34.22 billion.  It decreased by 0.5 percent from USD34.40 billion in the same semester of 2018.

Export sales from the top ten exported commodities which totaled to USD28.07 billion, accounted for 82.0 percent of the total export revenue in the first semester of 2019. This registered an increase of 1.1 percent from USD27.75 billion in the same period of 2018.  (Table 2)

Electronic products continued to be the top earner with 55.4 percent share to the total exports.  It grew by 0.8 percent, from USD18.80 billion in the first semester of 2018 to USD18.95 billion in the same period of 2019.

Other manufactured goods placed second with a share of 5.9 percent and a total receipt of USD2.01 billion.  It decreased by 8.7 percent from the first semester of 2018 value of USD2.20 billion.

Machinery and transport equipment, contributing 4.2 percent to the total export receipts, was the third top export commodity in the first semester of 2019 with revenue amounting to USD1.45 billion.  Export of this commodity decreased by 20.4 percent from the same period of 2018 value of USD1.82 billion.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships with a share of 3.3 percent, or an export receipts of USD1.13 billion, ranked fourth. Export of this commodity increased by 15.9 percent from the first semester of 2018 value of USD977.26 million.

Fresh bananas, which ranked fifth, shared 2.9 percent to the total.  It surged by 58.3 percent from USD624.56 million in the first semester of 2018 to USD988.50 million in the same semester of 2019.

Completing the list of top ten export commodities for the first semester of 2019 were metal components with an export value of USD753.58 million increased by 3.8 percent from USD726.29 million in same period of 2018; gold with USD733.15 million export receipts went up by 10.9 percent from USD660.84 million; cathodes and sections of cathodes of refined copper with proceeds billed at USD717.94 million or a growth of 16.3 percent from USD617.08 million in the first semester of 2018; chemicals worth USD703.83 million declined by 5.4 percent from USD744.02 million in the same period of 2018; and other mineral products worth USD634.11 million rose by 9.0 percent from USD581.83 million export receipts in the first semester of 2018.

Figure 2

TOTAL IMPORTS DECLINE BY 1.0 PERCENT

Total imports in the first semester of 2019 went down by 1.0 percent, from USD53.63 billion in the first semester of 2018 to USD53.12 billion in the same semester of 2019.

Total payment for the country’s top ten import commodities for the first semester of 2019 reached USD38.80 billion or 73.1 percent of the total import payment.  This amount registered a decrease of 0.3 percent from USD38.90 billion in the same period of 2018 (Table 3).

Electronic products remained as the top imported commodities in the first semester of 2019, accounting for 26.4 percent of the total import bill.  It increased by 2.4 percent from USD13.72 billion in the first semester of 2018 to USD14.04 billion in the same period of 2019.

Mineral fuels, lubricants and related materials, which ranked second, comprised 12.0 percent of the total imports.  This commodity decreased by 2.4 percent from USD6.51 billion in the first semester of 2018 to USD6.35 billion in the same semester 2019.

Transport equipment ranked third with 9.4 percent share.  It declined by 4.2 percent from USD5.24 billion in the first semester of 2018 to USD5.02 billion in the same period of 2019.

Industrial machinery and equipment, which ranked fourth, recorded a 6.1 percent share and a decrease of 4.0 percent, from USD3.38 billion worth of imports in the first semester of 2018 to USD3.24 billion in the same semester of 2019.

Iron and steel ranked fifth with 4.4 percent share to total imports or USD2.36 billion.  This was lower by 20.5 percent from USD2.97 billion total imports in the first semester of 2018.

Completing the list of the top ten import commodities for the first semester of 2019 were cereals and cereal preparations with USD1.71 billion surged by 37.0 percent; other food and live animals, USD1.70 billion, increased by 5.2 percent; miscellaneous manufactured articles, USD1.67 billion, grew by 8.9 percent; telecommunication equipment and electrical machinery, usd1.43 billion, rose by 6.3 percent; and plastics in primary and non-primary forms, usd1.28 billion, decreased by 5.3 percent.

Figure 3

PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 18.8 PERCENT OF THE TOTAL TRADE

The country’s top 10 trading partners contributed a total trade worth USD67.95 billion or 77.8 percent to the total external trade in the first semester of 2019. This comprised an export receipt of USD27.08 billion or 79.2 percent of the total exports and import bill of USD40.87 billion or 76.9 percent of the total imports. This translates to an unfavorable balance of trade-in goods (BOT-G) which amounted to USD13.78 billion (Table 4).

People’s Republic of China was the country’s top trading partner in the first semester of 2019 with total trade worth USD16.43 billion or 18.8 percent of the total trade.  Export receipts from China stood at USD4.62 billion while payment for imports was valued at USD11.80 billion, resulting to a USD7.18 billion trade deficit (Table 4).  Export-wise, the biggest sales came from electronic products at USD2.52 billion or 54.6 percent of the country’s exports to ChinaOther manufactured goods followed with total receipts of USD410.45 million or 8.9 percent (Table 5).  Imported goods purchased from China consisted of electronic products worth USD2.83 billion or 23.9 percent of the country’s total imports.  Mineral fuels, lubricants and related materials followed with import value of USD1.43 billion or a share of 12.1 percent (Table 6).

Japan was the country’s second largest trading partner in the first semester of 2019, accounting for a total trade worth USD10.16 billion or 11.6 percent of the country’s total trade.  Exports to Japan totaled to USD5.15 billion while imports were valued at USD5.01 billion, posting a trade surplus of USD134.22 million (Table 4).  Electronic products had the largest share of 29.3 percent to the total exports to Japan valued at USD1.51 billion, followed by ignition wiring sets and other wiring sets used in vehicles at USD584.03 million or 11.4 percent (Table 5).  On the other hand, majority of the imported products from Japan were Electronic Products billed at USD1.62 billion or 32.4 percent and industrial machinery and equipment with USD726.11 million or 14.5 percent of the total (Table 6).

The United States of America (USA) placed third, accounting for 10.9 percent or USD9.53 billion total trade in the first semester of 2019.  Receipts from exports to USA were valued at USD5.63 billion while payment for imports totaled to USD3.91 billion, reflecting a trade surplus of USD1.72 billion (Table 4). Majority of the exports were electronic products worth USD3.03 billion or 53.9 percent of the total exports to USA and other manufactured goods with USD330.88 million or 5.9 percent share (Table 5).  Major inward shipments from USA were electronic products with payment worth USD1.43 billion or 36.6 percent of the total.  Feeding stuff for animals (not including unmilled cereals) ranked second with a value of USD429.88 million or 11.0 percent of the total (Table 6).

Hong Kong was the country’s fourth largest trading partner in the first semester of 2019 with a total trade worth USD6.08 billion or 7.0 percent of the total external trade.  Export revenues from Hong Kong stood at USD4.42 billion while payment for imports was valued at USD1.66 billion, resulting to a USD2.76 billion trade surplus (Table 4). The major exported goods were electronic products valued at USD3.53 billion or 79.9 percent and gold with total receipts of USD543.44 million or 12.3 percent of the country’s exports to Hong Kong (Table 5).  However, the main import commodities from this country were electronic products worth USD1.16 billion or 70.0 percent and telecommunication equipment and electrical machinery with import payments valued at USD77.84 million or 4.7 percent of the total (Table 6).

Republic of Korea ranked as the fifth largest trading partner of the country in the first semester of 2019 with a total trade amounting to USD5.79 billion or a share of 6.6 percent to total trade. Total outward shipments were valued at USD1.49 billion while import payments reached USD4.31 billion, recording a trade deficit of USD2.82 billion (Table 4).  Electronic products and fresh bananas were the country’s major exports to Republic of Korea with earnings of USD818.46 million or 55.0 percent share and USD140.88 million or 9.5 percent of the total exports, respectively (Table 5). The bulk of inward commodities from this country were electronic products with import bill of USD1.94 billion or 45.0 percent share, and mineral fuels, lubricants and related materials worth USD1.02 billion or 23.6 percent share (Table 6).

Figure 4

TRADING WITH EU MEMBER COUNTRIES IS AT 9.5 PERCENT OF TOTAL TRADE

The country’s external trade in goods with the European Union (EU) member countries totaled to USD8.31 billion or 9.5 percent share to the total trade. Exports to EU reached USD4.11 billion or 12.0 percent of the total export receipts, while imports were valued at USD4.20 billion or a 7.9 percent share to total imports, resulting to a balance of trade in goods (BOT-G) deficit of USD90.53 million.  Among the EU member countries, Germany was the country’s top trading partner with a total trade of USD2.61 billion or 31.4 percent of EU’s total trade.  Revenue from exports to Germany amounted to USD1.36 billion while payment for imports was worth USD1.25 billion, reflecting a trade surplus of USD115.72 million (Table 7).

Major goods exported to the EU member countries in the first semester of 2019 were electronic products, USD2.62 billion; machinery and transport equipment, USD238.43 million; coconut oil, USD224.48 million; other manufactured goods, USD165.07 million; and tuna, USD116.84 million (Table 8).

The Top five imported goods from the EU member countries were transport equipment, USD744.34 million; electronic products, USD709.20 million; industrial machinery and equipment, USD369.75 million; medicinal and pharmaceutical products, USD355.66 million; and other food and live animals, USD283.76 million (Table 9).

 

TOTAL TRADE WITH ASEAN MEMBER COUNTRIES COMPRISE 22.2 PERCENT

Total external trade in goods with ASEAN member countries for the first semester of 2019 amounted to USD19.35 billion or 22.2 percent of the country’s total trade.  Total exports to ASEAN member countries was valued at USD5.34 billion while total imports was worth USD14.02 billion, generating an unfavorable balance of trade in goods (BoT-G) of USD8.68 billion. Singapore was the country’s top trading partner among the ASEAN member countries with a total trade accounting for USD4.98 billion or 25.7 percent share to the ASEAN total trade. Exports to Singapore amounted to USD1.85 billion while imports payment was valued at USD3.12 billion, reflecting a trade deficit of USD1.27 billion (Table 7).

Leading exports for the ASEAN member countries in the first semester of 2019 were electronic products, USD3.28 billion; other manufactured goods, USD420.04 million; cathodes and sections of cathodes, of refined copper, USD277.18 million; metal components, USD248.10 million; and chemicals, USD161.79 million (Table 8).

The top five import commodities from the ASEAN member countries were electronic products, USD2.66 billion; transport equipment, USD2.44 billion; mineral fuels, lubricants and related materials, USD1.91 billion; other food and live animals, USD740.23 million; and cereals and cereal preparations, USD700.85 million (Table 9).

Figure 5

TOTAL TRADE WITH APEC MEMBER COUNTRIES ACCOUNT FOR 84.2 PERCENT

Bulk of the country’s external trade was from APEC member countries.  This amounted to USD73.53 billion or 84.2 percent of the country’s total trade.  Export receipts totaled to USD28.74 billion or 84.0 percent of the total exports while import payments summed up to USD44.80 billion or 84.3 percent share of the total imports.  Trading with this economic bloc resulted to an unfavorable balance of trade in goods (BOT-G) amounting to USD16.06 billion. The list of the country’s top major trading partners within APEC were People’s Republic of China, USD16.43 billion or 22.3 percent share; Japan, USD10.16 billion or 13.8 percent share; USA, USD9.53 billion or 13.0 percent share; Hong Kong, USD6.08 billion or 8.3 percent share; and Republic of Korea, USD5.79 billion or 7.9 percent share of the APEC total trade (Table 10).

Electronic products were still the country’s major exports to APEC member countries in the first semester of 2019 with sales valued at USD15.95 billion or 55.5 percent share to the total APEC exports. Other top export commodities were other manufactured goods, USD1.78 billion; machinery and transport equipment, USD1.12 billion; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, USD1.12 billion; and fresh bananas, USD869.66 million (Table 11).

The top import goods from APEC member countries were electronic products, USD13.21 billion; mineral fuels, lubricants and related materials, USD4.59 billion; transport equipment, USD4.09 billion; industrial machinery and equipment, USD2.76 billion; and iron and steel, USD2.26 billion (Table 12).

Figure 6

 

 

 

(Sgd.) ROSALINDA P. BAUTISTA
          Assistant Secretary
          Deputy National Statistician
          Sectoral Statistics Office

 

 

 

 

 

 

Explanatory Notes

This Report is a summary of the monthly revised international merchandise trade statistics for the first semester of 2019.

This includes late entries from documents received beyond the cut-off date which is every 25th day of the month. All documents received after the cut-off date are processed and included in the generation of the revised monthly statistical tables.  All export transactions that pass through the Automated Export Documentation System (AEDS) and Electronic to Mobile (E2M) System are included in the compilation of data.

The commodity groupings in this Special Release are in accordance with the 2015 Philippine Standard Commodity Classification (PSCC).  The 2015 PSCC is used to classify the commodities at the most detailed level.

List of standards and acronyms used in this Special Release are as follows:

AEDS - Automated Export Documentation System
APEC – Asia-Pacific Economic Cooperation
ASEAN – Association of Southeast Asian Nations
BoT-G – Balance of Trade
E2M - Electronic to Mobile
EU – European Union
FOB – Free on board
PSCC - Philippine Standard Commodity Classification version 2015
ROW – Rest of the World
USA – United States of America

Data on international merchandise trade statistics are available at Philippine Statistics Authority website at www.psa.gov.ph.  For further details, you may contact Trade Statistics Division of the Economic Sector Statistics Service at telephone number (02) 376-19-75.

 

 

 

 

 

 

 

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