1. TOTAL TRADE AMOUNTED TO $13.19 BILLION

The country’s total external trade in goods in December 2018 reached $13.19 billion, reflecting a decrement of 10.5 percent from the $14.74 billion recorded value during the same month of the previous year. Of the total external trade, $4.72 billion or 35.8 percent were exported goods and $8.47 billion or 64.2 percent were imported goods.

Furthermore, the country’s balance of trade in goods (BoT-G) decreased to a $3.75 billion deficit in December 2018, from $3.97 billion deficit in December 2017.  (Tables 1, 2 and 3)

2. EXPORTS AND IMPORTS DECLINE BY 12.3 PERCENT AND 9.4 PERCENT

The country’s total export sales in December 2018 was valued at $4.72 billion, indicating a decrement of 12.3 percent, from $5.38 billion in December 2017. This was due to the decreases in export sales of the four of the top 10 commodities, namely, machinery and transport equipment (-53.1%); coconut oil (-24.8%); electronic products (-15.2%); and other manufactured goods (-9.0%).  (Table 2)

On the other hand, total imported goods for the period of December 2018 slid by 9.4 percent, from a value of $9.36 billion in December 2017 to $8.47 billion total import in December 2018. The decrement was triggered by the negative growth in six of the top 10 major import commodities. These were: transport equipment (-33.3%); miscellaneous manufactured articles (-18.4%); mineral fuels, lubricants and related materials (-14.4%); telecommunication equipment and electrical machinery (-5.5%); other food and live animals (-3.5%); and electronic products (-1.6%). (Table 3) 

3. EXPORTS OF ELECTRONIC PRODUCTS DECREASE BY 15.2 PERCENT

Electronic Products continued to be the country’s top export with total earnings of $2.70 billion. This amount, which comprised 57.2 percent of the total exports’ revenue in December 2018, went down by 15.2 percent, from $3.19 billion export receipts in the same month of the previous year.  Components/Devices (Semiconductors) accounted for the biggest share of 42.4 percent among electronic products.  It went down by 18.4 percent, from $2.45 billion in December 2017 to $2.00 billion in December 2018.

Other Manufactured Goods ranked second with a total export receipts of $285.28 million or 6.0 percent of the total. Export of this commodity dropped by 9.0 percent, from $313.51 million export revenue posted in the same month of the previous year.

Bananas (Fresh) placed third with $159.31 million earnings or a 3.4 percent share to the total export receipts in December 2018.  Export of this commodity was six times the previous year’s value of $40.22 million.

Machinery and Transport Equipment was the fourth top export earner with revenue of $159.22 million or a share of 3.4 percent. Export sales of this commodity group slid by 53.1 percent, from $339.78 million recorded in December 2017. 

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships ranked fifth with $152.14 million or a share of 3.2 percent to total export earnings in December 2018. It grew by 23.1 percent from an export value of $123.56 million in December 2017.

Completing the list of the top 10 exports and their corresponding sales were:

• Metal Components with $119.6 million, which grew by 14.5 percent;
• Chemicals with $85.65 million, which increased by 6.7 percent;
• Coconut oil with $79.60 million, which went down by 24.8 percent;
• Miscellaneous manufactured articles with $69.40 million, which expanded by 27.6 percent;
• Processed food and beverages with $68.42 million, which went up by 61.8 percent.

Total receipts from the top 10 major exports amounted to $3.88 billion or a share of 82.2 percent of the total export.  This recorded a decrement of 11.6 percent from the December 2017 export value of $4.39 billion. (Table 2)

4. ELECTRONIC PRODUCTS COMMODITY GROUP SHARES 26.3 PERCENT OF TOTAL IMPORT BILL

Total payment for the country’s top 10 imports for December 2018 amounted to $6.29 billion, a decrease of 8.9 percent from the December 2017 import value of $6.90 billion.  (Table 3)

Import bill of Electronic Products, valued at $2.23 billion, accounted for the highest total imports with a share of 26.3 percent to the total imports. Import of this commodity group contracted by 1.6 percent from the $2.27 billion posted in December 2017. Among electronic products, Components/Devices (Semiconductors) accounted for the biggest contribution of 18.7 percent.  It went down by 4.9 percent, from $1.67 billion in December 2017 to $1.59 billion in December 2018.

Mineral Fuels, Lubricants and Related Materials came second with imports valued at    $1.14 billion or 13.4 percent of the total import value.  Import of this commodity dropped by 14.4 percent from the December 2017 value of $1.33 billion.

Transport Equipment placed third with import bill amounting to $891.10 million or 10.5 percent of the total import value. It went down by 33.3 percent from the December 2017 value of $1.34 billion.

Industrial Machinery and Equipment ranked fourth with imports valued at $530.80 million or a share of 6.3 percent. Imports of this commodity increased by 0.6 percent over the December 2017 value of $527.70 million.

Imports of Iron and Steel ranked fifth, with a value of $382.67 million or a share of 4.5 percent. Import of this commodity expanded by 15.4 percent from $331.75 million in December 2017.

Completing the list of the top 10 imports for December 2018 were:

• Miscellaneous Manufactured Articles, $249.00 million which dropped by 18.4 percent;
• Other Food and Live Animals, $247.50 million which went down by 3.5 percent;
• Cereals and Cereal Preparations, $217.48 million which expanded by 57.8 percent;
• Telecommunication Equipment and Electrical Machinery, $216.57 million which decreased by 5.5 percent; and
• Plastics in Primary and Non-Primary forms, $183.24 million which grew by 1.5 percent.

5. EXPORTS OF MANUFACTURED GOODS DROP BY 13.2 PERCENT

Exports of Manufactured Goods, representing 84.8 percent of total exports, were valued at $4.00 billion in December 2018 (Table 4).  This amount declined by 13.2 percent compared with the $4.61 billion export value in December 2017.

Total Agro-Based Products, with a share of $381.21 million or 8.1 percent, expanded by 40.1 percent in December 2018.

Exports from Mineral Products, valued at $204.28 million or a share of 4.3 percent, slid by 42.8 percent in December 2018.

Merchandise exports from Special Transactions, amounting to $107.62 million or 2.3 percent of the total export revenue, decreased by 2.2 percent in December 2018, from the previous year’s figure of $110.03 million.

Petroleum Products, with $6.57 million or 0.1 percent share, dropped by 59.8 percent from $16.35 million in the same month of previous year.

Exports of Forest Products, amounting to $19.1 million or 0.4 percent share to the total exports went down by 0.8 percent in December 2018.

6. IMPORTS OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 36.3 PERCENT OF THE TOTAL IMPORT VALUE

By major type of goods, imports of Raw Materials and Intermediate Goods posted the largest contribution of 36.3 percent to total import value. It decreased by 5.8 percent, from $3.27 billion in December 2017 to $3.08 billion in December 2018.  Semi-Processed Raw Materials had a share amounting to $2.77 billion or 32.7 percent of total imports for this commodity group.  Import of this commodity went down by 2.8 percent from the $2.85 billion posted value in December 2017. (Table 5)

Imports of Capital Goods, valued at $2.85 billion, contributed 33.6 percent in December 2018.  It declined by 10.6 percent from the December 2017 import value of $3.18 billion.

Imports of Consumer Goods, amounting to $1.35 billion, had a share of 15.9 percent to the total imports in December 2018.  It went down by 12.1 percent from the $1.54 billion registered value in December 2017.

Imports of Mineral Fuels, Lubricants and Related Materials, contributing 13.4 percent of total imports, dropped by 14.4 percent, from $1.33 billion in December 2017 to $1.14 billion in December 2018.  Other Mineral Fuels, Lubricants and Related Materials, valued at $629.63 million, comprised the largest share of 7.4 percent to total imports of this commodity group.

Moreover, imports of Special Transactions with a 0.8 percent share to total export, expanded by 60.1 percent, from $39.86 million in December 2017 to $63.82 million in December 2018.

7. EXPORTS TO UNITED STATES OF AMERICA ACCOUNT FOR 16.4 PERCENT

Total exports receipt recorded by the country’s top 10 market destinations for December 2018 reached $3.89 billion or 82.3 percent of the total exports. (Table 6)

United States of America (USA), including Alaska and Hawaii, ranked first with an export value of $774.37 million or 16.4 percent of the total exports for December 2018.  Total exports for USA grew by 9.9 percent, from $704.57 million value posted in December 2017.

Japan, including Okinawa, ranked second with an export value of $684.75 million or a share of 14.5 percent to total exports in December 2018.  Exports to this country reflected a decrease of 1.2 percent, from $692.79 million in December 2017.

Hong Kong place third with export shipments valued at $662.77 million or a share of 14.0 percent.  Exports to this country declined by 17.0 percent, from $798.83 million recorded in December 2017.

People’s Republic of China placed fourth with $556.93 million or 11.8 percent of the total exports.  This contracted by 11.0 percent from an export value of $625.81 million posted in December 2017.

Singapore, accounting for a 6.0 percent share to total exports or an export value of $281.74 million, ranked fifth.  Outbound shipments to this country dropped by 19.0 percent, from $347.74 million posted in the same month of the previous year.

Completing the top 10 market destinations for December 2018 were: Thailand, $209.51 million; Germany, $205.18 million; Netherlands, $177.07 million; Korea, Republic of, $169.28 million; and Taiwan, $165.46 million.  (Table 6)

8.  IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 22.1 PERCENT

Import bills from the top 10 countries amounted to $6.57 billion or a share of 77.5 percent of the total imports in December 2018. (Table 7)

People’s Republic of China was the country’s biggest supplier of imports with 22.1 percent share in December 2018. Import bills to this country posted an increase of 8.1 percent or an amount of $1.87 billion, from $1.73 billion in December 2017.

Japan, including Okinawa, placed second with an import value of $826.05 million in December 2018 or a share of 9.7 percent. Imports from this country decreased by 3.4 percent, from $855.28 million in December 2017.

Republic of Korea, which ranked third, contributed 9.2 percent or an import value of $775.56 billion in December 2018. This recorded a decrement of 17.7 percent from the December 2017 value amounting to $942.63 million.   

United States of America (includes Alaska and Hawaii) came fourth with a 7.8 percent share to the total import bills in December 2018.  Its total import bills contracted by 36.9 percent, from $1.04 billion in December 2017 to $657.70 million in December 2018.

Thailand came fifth with imports valued at $571.56 million in December 2018 or a share of 6.7 percent. Import bills from this country decreased by 4.6 percent, from $598.98 million in December 2017. 

Completing the list of major sources of imports for the month of December 2018 were: Singapore, $473.00 million; Indonesia, $455.64 million; Taiwan, $376.10 million; Malaysia (includes Sabah and Sarawak), $318.80 million; and Vietnam, $245.48 million. (Table7).

9. EXPORTS TO COUNTRIES IN EAST ASIA COMPRISE 47.5 PERCENT

By economic bloc, the bulk of the country’s merchandise exports in December 2018, which comprised 47.5 percent of total exports or $2.24 billion, went to countries in East Asia.  This amount decreased by 18.2 percent, from $2.74 billion in December 2017. (Table 9)

Total exports to ASEAN, valued at $771.78 million, had a share of 16.3 percent of total merchandise exports. This went down by 5.0 percent from the recorded value of $812.29 million in December 2017. (Table 9)

10. IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 48.1 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 December 2018 amounting to $4.07 billion or 48.1 percent of the total imports.  This amount dropped by 4.9 percent from $4.28 billion in December 2017. 

Commodities imported from ASEAN member countries reached $2.07 billion. This amount, which comprised 24.5 percent of the total imports, recorded a decrease of 7.9  percent from the December 2017 import value of $2.25 billion.

Imports from European Union member countries registered a value of $681.27 million in December 2018. It expanded by 20.1 percent from the December 2017 value of
$567.43 million. (Table 10)