EXTERNAL TRADE PERFORMANCE
AUGUST 2013 TOTAL TRADE STAND AT $10.123 BILLION
AUGUST 2013 IMPORTS UP BY 6.9 PERC
The country’s total merchandise imports for this month went up by 6.9 percent to $5.542 billion in August 2013 from $5.184 billion in August 2012. Similarly, it increased by 1.0 percent compared to previous month’s level of $5.487 billion. The positive growth was brought about by seven out of 10 major commodity groups with positive year-on-year change. These were as follows: metalliferous ores and metal scrap; transport equipment; mineral fuels, lubricants and related materials; telecommunication equipment and electrical machinery; plastics in primary and non-primary forms; iron and steel; industrial machinery and equipment.
On the other hand, aggregate imports for the first eight months of 2013 amounting to $40.644 billion showed a 0.9 percent decline compared with $41.017 billion in the same eight months of last year.
ELECTRONIC PRODUCTS ACCOUNT FOR 24.2 PERCENT OF IMPORT BILL
Accounting for 24.2 percent of the aggregate import bill, Electronic Products was the top imported commodity in August 2013 with payments amounting to $1.340 billion. It dropped by 9.0 percent over last year's figure of $1.472 billion. On a monthly basis, it went down by 17.6 percent from $1.627 billion recorded in July 2013. Among the major groups of electronic products, Components/Devices (Semiconductors), having the biggest share of 18.9 percent, decreased by 9.9 percent from $1.162 billion in August 2012 compared to $1.047 billion in August 2013.
Imports of Mineral Fuels, Lubricants and Related Materials ranked second with 23.3 percent share and reported value of $1.293 billion in August 2013. It went up by 26.5 percent compared with $1.023 billion in August 2012.
Transport Equipment was the PH’s third top import for the month with 8.2 percent share to total imports valued at $456.76 million. This figure was 55.4 percent higher than the previous year’s level of $293.93 million. Similarly, compared to previous month, import grew by 17.4 percent from $389.17 million in July 2013.
Industrial Machinery and Equipment, contributing 4.8 percent to the total import bill was the PH’s fourth top import for the month amounting to $263.37 million. It grew by 5.1 percent compared to last year’s value of $250.66 million. However, this product decelerated by 6.4 percent compared with last month.
Fifth in rank and with 3.1 percent share to the total imports, Metalliferous Ores and Metal Scrap recorded $169.05 million worth of imports, and registering the highest year-on-year change of 9,540.7 percent among the top ten imports from its year ago level of $1.75 million.
Rounding up the list of the top ten imports for August 2013 were Other Food and Live Animals valued at $147.60 million; Plastics in Primary and Non-Primary Forms amounting to $133.30 million; Iron and Steel, $124.79 million; Organic and Inorganic Chemicals, $119.58 million; and Telecommunication Equipment and Electrical Machinery, $101.05 million.
Aggregate payment for the country’s top ten imports for August 2013 reached $4.149 billion or 74.9 percent of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 36.3 PERCENT OF THE TOTAL IMPORTS
Accounting for 36.3 percent of the total imports, payments in August 2013 for Raw Materials and Intermediate Goods amounted to $2.012 billion or a 3.1 percent decrement over last year's figure of $2.077 billion. Compared with previous month’s level, purchases also went down by 11.3 percent from $2.269 billion. Semi-Processed Raw Materials had the biggest share of 30.9 percent and valued at $1.711 billion.
Total imports of Capital Goods, comprising 27.5 percent of the total imports, went up by 11.0 percent to $1.523 billion in August 2013 from $1.371 billion in August 2012.
Mineral Fuels, Lubricants and Related Materials with 23.3 percent share to total imports expanded by 26.5 percent to $1.293 billion in August 2013 from $1.023 billion in same month a year ago.
Purchases of Consumer Goods registered a 2.3 percent increase to $669.80 million in August 2013 from $654.53 million in August 2012. Special Transactions went down by 24.6 percent from $58.18 million to $43.85 million in August 2013.
IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 13.0 PERCENT
People’s Republic of China was the country’s biggest source of imports for August 2013 with 13.0 percent share of the total import bill, higher by 30.0 percent to $720.23 million from $553.82 million in August 2012. Exports to China amounted to $640.40 million, yielding a two-way trade value of $1.361 billion and a trade deficit for PH of $79.83 million.
United States of America (USA) including Alaska and Hawaii was the second biggest source of imports with 9.4 percent share. Payments were recorded at $522.36 million, a decrease of 12.0 percent from $593.78 million in August 2012. Revenue from PH’s exports to USA, on the other hand, reached $610.84 million, generating a total trade value of $1.133 billion and $88.48 million trade surplus for the Philippines.
Taiwan came third, accounting for about 8.5 percent share of the total import bill in August 2013 with a negative growth of 8.4 percent to $470.53 million from $513.96 million. Exports to Taiwan amounted to $153.45 million resulting to a total trade value of $623.98 billion and a trade deficit of $317.08 million.
Japan including Okinawa settled fourth accounting for 8.2 percent share of the total import bill in August 2013 or a decrease of 10.1 percent from $504.93 million in August 2013 to $453.93 million. Exports to Japan amounted to $956.44 million resulting to a total trade value of $1.410 billion and a trade surplus of $502.52 million.
Fifth in rank was Saudi Arabia, representing a 8.1 percent of the total import bill in August 2013 amounting to $451.13 million. Meanwhile, export receipts from Saudi Arabia in August 2013 reached $5.79 million yielding a total trade value of $456.92 million and a trade deficit of $445.34 million.
Other major sources of imports for the month of August 2013 were Singapore, $405.40 million; Germany $346.93 million; Korea, Republic of, $310.92 million; Thailand, $257.87 million; and Malaysia, $172.53 million.
Payments for imports from the top ten sources for August 2013 amounted to $4.112 billion or 74.2 percent of the total.
IMPORTS FROM EAST
ASIA WORTH $2.070 BILLION
Philippines’ total imports in August 2013 from East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 37.4 percent of the county’s total imports with total payments of $2.070 billion, higher by 4.9 percent from $1.974 billion in August 2012. Total exports to member-countries of East Asia were valued at $2.358 billion resulting to a total trade of $4.428 billion and a balance of trade in goods (BOT-G) surplus of $288.12 million.
August 2013 imports from ASEAN member-countries, registered at $1.071 billion, contributed 19.3 percent share, lower by 17.5 percent from $1.298 billion registered in August 2012 exports to ASEAN member-countries were worth $715.11 million, resulting to a total trade of $1.832 billion and a trade deficit of $401.39 million.
Imports from European Union were valued at $588.07 million. It expanded by 58.2 percent compared to a year ago recorded value of $371.66 million while exports to member-countries of European Union were worth $628.48 million. This aggregated to total trade of $1.179 billion and a trade surplus of $77.80 million.
Notes: 1/ - includes China, Hong Kong, Japan, Macau, Mongolia, N, Korea, S. Korea, Taiwan
2/ - includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar,
Singapore, Thailand, Vietnam
3/ - includes Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia,
Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia,
Spain, Sweden and UK Great Britain
4/ - includes Alaska and Hawaii
1. Adjustments on electronic import statistics are based on the transactions that pass through the Electronic to Mobile (e2m) of the Bureau of Customs (BOC).
2. Starting with the 2007 Press Release, analysis and tables are based on the 2004 Philippine Standard Commodity Classification (PSCC) groupings. This is in compliance with NSCB Resolution No. 03, Series of 2005 entitled “Approving and Adopting the 2004 Philippine Standard Commodity Classification” by all concerned government agencies and instrumentalities.
CARMELITA N. ERICTA