Highlights of the 2019 Annual Report on International Merchandise Trade Statistics of the Philippines

28 April 2020

A. Total External Trade and Balance of Trade

1. Total external trade increases and trade deficit decreases

The country’s total external trade in goods in 2019 amounted to USD182.52 billion, which represents an increase of 0.2 percent from the USD182.15 billion total external trade in 2018. Of the total external trade, USD70.93 billion (38.9%) were exported goods and USD111.59 billion (61.1%) were imported goods.

The total export and import values in 2019 resulted to the country’s unfavorable balance of trade in goods (BoT-G) of USD40.67 billion, which was lower than the USD43.53 billion trade deficit in 2018. (Table 1 and Figure 1)

 Figure 1

2. People’s Republic of China is the top trading partner on total trade

The country’s top 10 trading partners contributed a total trade amounting to USD142.83 billion or 78.3 percent of the total external trade in 2019.

The People’s Republic of China was the country’s top trading partner in 2019 with a total trade worth USD35.31 billion (19.3 %) of the total trade. The country’s balance of trade in goods (BoT-G) with China recorded a trade deficit of   USD15.68 billion. (Table 4 and Figure 2)

Figure 2

1/ - includes Okinawa
2/ - includes Alaska and Hawaii
3/ - includes Sabah and Sarawak

3. Germany is top trading partner in total trade among EU members

The country’s external trade in goods with EU member countries was valued at USD17.62 billion or 9.7 percent of the total trade in 2019. Of this value, USD8.29 billion (47.0%) were exported goods and USD9.34 billion (53.0%) were imported goods. These figures resulted to a trade deficit of USD1.05 billion with EU member countries in 2019.

Among the EU member countries, Germany was the country’s top trading partner with a total trade of USD5.55 billion or 31.5 percent of EU’s total trade.
(Table 7 and Figure 3)

Figure 3

EU – European Union

4. Singapore leads the ASEAN member countries in terms of total trade

Total external trade in goods with ASEAN member countries amounted to USD 40.02 billion or 21.9 percent of the country’s total trade. Total export and import values led to an unfavorable balance of trade in goods of USD18.38 billion with ASEAN member countries in 2019.

Singapore was the country’s top trading partner among the ASEAN member countries with a total trade of USD10.49 billion or 26.2 percent of the ASEAN total trade. (Table 7 and Figure 4)

Figure 4
 

1/ - includes Sabah and Sarawak

5. In terms of economic bloc, APEC member countries account the highest share to total trade

Majority of the country’s external trade were from APEC member countries, valued at USD153.75 billion or a share of 84.2 percent to the total. Balance of trade-in goods (BoT-G) recorded a trade deficit amounting to USD34.01 billion.(Table 10 and Figure 5)

The country’s top trading partner among APEC member countries was People’s Republic of China with total trade value of USD35.31 billion or 23.0 percent share to APEC total trade.
 

Figure 5

1/ - includes Okinawa
2/ - includes Alaska and Hawaii
3/ - includes Sabah and Sarawak

 

B. Exports

1. Exports increase at 2.3 percent

The country’s total export sales in 2019 was USD70.93 billion, an increase of 2.3 percent from the USD69.31 billion total export sales in 2018.

Export sales from the top 10 commodities reached USD57.93 billion or 81.7 percent of the total export revenue in 2019. Total export sales grew by 3.8 percent from the export value of USD55.79 billion in 2018. (Table 2)

2. Exports of electronic products comprise more than half of the total export

Electronic products continued as the top export earner in 2019 with a share of 56.4 percent to total exports. Its total export earnings of USD40.02 billion in 2019 went up by 4.4 percent, from USD38.33 billion export receipts in 2018.

Completing the list of top 5 export commodities, including their corresponding export sales and percent shares in 2019, were:

  • other manufactured goods, USD4.03 billion (5.7%);
  • machinery and transport equipment, USD2.69 billion (3.8%);
  • ignition wiring set and other wiring sets used in vehicles,USD2.35 billion (3.3%); and
  • fresh bananas, USD1.95 billion (2.8%). (Table 2 and Figure 6)

Figure 6

3. USA accounts for the biggest chunk to total exports

Total export receipts from the top 10 trading partners reached USD56.63 billion or 79.8 percent of the total exports.

Export receipts to USA was the highest among trading partners which stood at USD11.57 billion or 16.3 percent of the country’s total exports. Majority of exports to this country were electronic products valued at USD6.17 billion or 53.3 percent of the total exports to USA. (Table 5 and Figure 7)

Figure 7

1/ - includes Alaska and Hawaii
2/ - includes Okinawa

4. Germany tops total exports among EU member countries

Exports to EU reached USD8.29 billion or 11.7 percent of the total export receipts. Revenue from exports to Germany had the highest share of USD2.72 billion or 32.9 percent of the total exports to EU member countries. (Table 7 and Figure 8)

Figure 8

EU- European Union

The top five exported goods to EU member countries including their corresponding export receipts and percent shares to total EU exports were the following:

  • electronic products, USD5.30 billion (63.9%);
  • machinery and transport equipment, USD459.72 million (5.5%);
  • coconut oil (crude and refined), USD425.33 million (5.1%);
  • other manufactured goods, USD342.87 million (4.1%); and
  • tuna, USD282.73 million (3.4%). (Table 8)

5. Singapore account for the highest share to the total exports to ASEAN member countries

Total exports to ASEAN member countries reached USD10.82 billion or 15.2 percent of the country’s total exports.

Exports to Singapore account for the highest share amounted to USD3.83 billion or 35.4 percent of the total exports to ASEAN member countries. (Table 7 and Figure 9)

Figure 9

1/ - includes Sabah and Sarawak

The leading export commodities to ASEAN member countries with export value and percent shares to total ASEAN exports were:

  • electronic products, USD6.68 billion (61.8%);
  • other manufactured goods, USD794.97 million (7.4%);
  • metal components, USD519.89 million (4.8%);
  • cathodes and sections of cathodes, of refined copper, USD464.19 million (4.3%); and
  • machinery and transport equipment, USD355.11 million (3.3%). (Table 8)

6. USA tops exports among APEC member countries

Export receipts to APEC member countries amounted to USD59.87 billion or 84.4 percent of the total exports.

Export receipts from USA stood as the highest total export at USD11.57 billion or 19.3 percent of the country’s total exports to APEC member countries. (Table 10 and Figure 10)

Figure 10
 

1/ - includes Alaska and Hawaii
2/ - includes Okinawa

Top exported goods to APEC member countries and its corresponding export sales and percent shares to total APEC exports were:

  • electronic products, USD34.00 billion (56.8%);
  • other manufactured goods, USD3.55 billion (5.9%);
  • ignition wiring set and other wiring sets used in vehicles,USD2.31 billion (3.9%);
  • machinery and transport equipment, USD2.07 billion (3.5%); and
  • bananas (Fresh), USD1.72 billion (2.9%). (Table 11)

 

C. Imports

1. Imports decrease by 1.1 percent

Total imported goods amounted to USD111.59 billion, indicating an annual drop of 1.1 percent from the imported goods during the previous year amounting to USD112.84 billion.

Total payments for the country’s top 10 import commodities in 2019 reached USD81.10 billion or 72.7 percent share of the total imports. Total imports for the top 10 imported commodities reflect a decrease of 1.8 percent from the USD82.56 billion total imports in 2018. (Table 3)

2. Imports of electronic products remained as the top imported commodity in 2019

Inbound shipments of electronic products remained as the top imported commodity in 2019 with import value of USD28.55 billion or a share of 25.6 percent to the total imports. Import value of this commodity decreased by 0.4 percent, from USD28.67 billion in 2018.

Completing the list of top 5 import commodities including their corresponding import payments and percent shares in 2019 were:

  • mineral fuels, lubricants and related materials, USD13.36 billion (12.0%);
  • transport equipment, USD11.55 billion (10.4%);
  • industrial machinery and equipment, USD6.57 billion (5.9%); and
  • iron and steel, USD4.36 billion (3.9%). (Table 3 and Figure 11)

Figure 11

3. Most of the country’s imports came from People’s Republic of China

Total import bill from the top 10 trading partners amounted to USD86.19 billionor 77.2 percent of the total imports.

The highest payment for imported commodities came from People’s Republic of China amounted to USD25.50 billion or 22.8 percent of the country’s total imports. The bulk of imported goods purchase from China were electronic products worth USD5.85 billion or 22.9 percent of the total imports from this country. (Table 6 and Figure 12)

Figure 12

1/ - includes Okinawa
2/ - includes Alaska and Hawaii
3/ - includes Sabah and Sarawak

4. Germany accounts for the highest share to the total imports from EU member countries

Total imports from EU member countries amounted to USD9.34 billion or 8.4 percent of the total imports.

Import payments from Germany tops the country’s imports from EU member countries at USD2.83 billion or (30.3%). (Table 7 and Figure 13)

Figure 13

EU – European Union

Top imported goods from EU member countries and its corresponding import payments and percent shares to total EU imports were:

  • transport equipment, USD1.96 billion (21.0%);
  • electronic products, USD1.46 billion (15.7%);
  • medicinal and pharmaceutical products, USD796.55 million (8.5%);
  • industrial machinery and equipment, USD760.10 million (8.1%); and
  • other food and live animals, USD570.91 million (6.1%). (Table 9)

5.  Majority of imports from ASEAN member countries came from Thailand

The total imports from ASEAN member countries was worth USD29.20 billion or 26.2 percent of the country’s total imports.

Majority of the imports came from Thailand which amounted to USD6.98 billion or 23.9 percent of the total imports from ASEAN member countries. (Table 7 and Figure 14)

Figure 14

1/ - includes Sabah and Sarawak

Top imported goods from ASEAN member countries and their corresponding import payments and percent shares to total ASEAN imports were:

  • electronic products, USD5.51 billion (18.9%);
  • transport equipment, USD5.41 billion (18.5%);
  • mineral fuels, lubricants and related materials, USD3.83 billion (13.1%)
  • other food and live animals, USD1.69 billion (5.8%); and
  • cereals and cereal preparations, USD1.28 billion (4.4%). (Table 9)

6.  China tops total imports from APEC member countries

Import payments from APEC member countries summed up to USD93.88 billion or 84.1 percent of the total import.

Import bill from People’s Republic of China was the highest among APEC member countries which amounted to USD25.50 billion (27.2%). (Table 10 and Figure 15)

Figure 15

1/ - includes Okinawa
2/ - includes Alaska and Hawaii

Top imported goods from APEC member countries and their corresponding import payments and percent shares to total APEC imports were:

  • electronic products, USD26.84 billion (28.6%);
  • mineral fuels, lubricants, and related materials, USD9.93 billion (10.6%);
  • transport equipment, USD9.13 billion (9.7%);
  • industrial machinery and equipment, USD5.60 billion (6.0%); and
  • iron and steel, USD4.14 billion (4.4%). (Table 12)

 

 

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

 

 


 

Explanatory Notes

 

This Special Release is a summary of the final monthly figures for the international merchandise trade statistics for 2019.

This report includes data from documents (hard copies) received by the Philippine Statistics Authority (PSA) beyond the cut-off period which is 30 days after the reference month.  Moreover, all export and import transactions from electronic copies of documents with date of registry/lodgement outside the reference month are processed and distributed to its corresponding reference period.

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.

The list of acronyms used in this Special Release is as follows:

ASEAN – Association of Southeast Asian Nations
BoT-G – Balance of Trade
EU – European Union
FOB – Free on Board
PSCC - Philippine Standard Commodity Classification version 2015
USA – United States of America
N.E.S. – Not Elsewhere Specified

Data requests on international merchandise trade statistics can be made at PSA, Economic Sector Statistics Service, Trade Statistics Division (telephone number: (02) 8376-1975 or at email address, j.soliven@psa.gov.ph).

 

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