External Trade Performance : January 2017

Reference Number: 

2017-026

Release Date: 

Friday, March 10, 2017

EXTERNAL TRADE PERFORMANCE

JANUARY 2017

(Preliminary)

 

 

January

 

2017 p

2016 r

 

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)

 

 

7,444.18

9.1

 

1,864.90

-16.2

 

 

 6,825.21

20.5

 

2,225.17

76.2

 

Top 10  Philippine Imports from All Countries: January 2017 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Iron and Steel
79.7 Electronic Products -16.2
Mineral Fuels, Lubricants and Related Materials
42.7
Transport Equipment
-9.5
Cereals and Cereal Preparations
30.6
 
 
Miscellaneous Manufactured Articles
28.6    

Telecommunication Equipment and Electrical Machinery

24.0
 
 
Plastics in Primary and Non-Primary Forms
23.3    
Other Food and Live Animals
13.4    
Industrial Machinery and Equipment
11.1    

p-preliminary, r-revised

 

 

IMPORTS INCREASE BY 9.1 PERCENT IN JANUARY 2017

The   total   imported   goods by the country for the month of January 2017 amounted to $7.444 billion, an increase of 9.1 percent from $6.825 billion recorded during the same period a year ago. The increase was due to the positive performance of eight out of the top ten major imported commodities for the month led by iron and steel (79.7%).  The other seven positive performers with two-digit growth were:  minerals fuels, lubricants and related materials (42.7%); cereals and cereal preparations (30.6%); miscellaneous manufactured articles (28.6%); telecommunication equipment and electrical machinery (24.0%); plastics in primary and non-primary forms (23.3%); other food and live animals (13.4%); and industrial machinery and equipment (11.1%).  (Table 3)

The balance of trade in goods (BOT-G) for the Philippines in January 2017, registered a deficit of $2.314 billion, lower than the $2.638 billion trade deficit in the same month last year.  (Table 1)

ELECTRONIC PRODUCTS ACCOUNT FOR 25.1 PERCENT OF IMPORT BILL

Total payment  for  the country’s   top ten imports for January 2017 reached $5.396 billion or 72.5 percent of the total import bill.  (Table 3)

Inbound shipments of Electronic Products    in  January 2017 accounted for 25.1 percent of the total import bill with value amounting to $1.865 billion.  It decreased by 16.2 percent over the last year's figure of $2.225 billion.  Components/Devices (Semiconductors), had the biggest share of 16.9 percent among electronic products,  went down by 18.5 percent from $1.539 billion in January 2016 to $1.254 billion in January 2017.

Minerals Fuels, Lubricants and Related Materials placed second with 13.4 percent share to total imports valued at $997.89 million.  This registered an increase of 42.7 percent from its previous year’s level of $699.23 million.

Transport Equipment, contributing 8.4 percent to the total import bill was the country’s third top import for the month amounting to  $627.50 million.   It fell by 9.5 percent compared to last year’s value of $693.43 million.

Imports of Industrial Machinery and Equipment ranked fourth with 6.3 percent share and reported value of $470.35 million in January 2017.  It grew by 11.1 percent from $423.21 million in January 2016.

Iron and Steel ranked fifth, with 4.9 percent share to the total imports which was valued at $362.34 million in January 2017.  It registered a 79.7 percent increase from its year ago level of $201.68 million.

Rounding up the list of the top ten imports for January 2017 were: 

  • Other Food and Live Animals    valued  at $238.12 million 
  • Miscellaneous Manufactured Articles, $237.14 million   
  • Telecommunication Equipment and Electrical Machinery, $217.33 million
  • Plastics in Primary and Non-Primary Forms, $196.41 million
  • Cereals and Cereal Preparations Products, $184.48 million.

PURCHASES OF CAPITAL GOODS ACCOUNT FOR 30.9 PERCENT OF THE TOTAL IMPORTS

By major type of goods, payments for inward shipments of Capital Goods accounted for 30.9 percent of the total imports.  It decreased by 11.0 percent from  $2.582 billion in January 2016 to $2.299 billion in January 2017.  (Table 4)

Total importation of Raw Materials and Intermediate Goods in January 2017 were valued at $2.840 billion,  accounting for 38.2 percent share of the total imports.  It increased by 15.2 percent over last year's figure of $2.466 billion.  Semi-Processed Raw Materials,  having the biggest share of this commodity group at 35.0 percent, was $2.608 billion.  It went up by 13.9 percent compared to $2.290 billion in January 2016.

Purchases of Consumer Goods recorded 17.1 percent share with a total import bill valued at $1.274 billion in January  2017.   It recorded a positive growth of 22.8 percent from $1.038 billion registered in January 2016.

Mineral Fuels, Lubricants and Related Materials with 13.4 percent share to total imports,   increased by 42.7 percent to  $997.89  million in January  2017  from  $699.23 million in January 2016.  Petroleum crude contributed the biggest percent share of imports for this commodity group at 5.6 percent and valued $413.93 million.  (Table 3)

Furthermore,   imports of Special Transactions went down by 17.3 percent from $39.90 million recorded in January 2016 to $33.00 million in January 2017.

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 20.8 PERCENT

Aggregate payments from the top ten imports sources for January 2017 amounted to $5.830 billion or 78.3 percent of the total. 

People’s Republic of China remained as the country’s biggest source of imports at 20.8 percent share in January 2017.  Payments were recorded at $1.552 billion, an increase of 26.4 percent from $1.228 billion in January 2016.   Revenue from the country’s exports to People’s Republic of China,   on the other hand,   reached $501.20 million, generating a total trade value of $2.053 billion and $1.050 billion trade deficit. 

Japan including Okinawa came second, contributing 10.8 percent or $806.11 million to the total import bill in January 2017.  It grew by 10.8 percent from its January 2016 value of $727.78 million.  Export receipts from Japan in January 2017 reached $887.68 million yielding a total trade value of  $1.694  billion and a favourable balance of trade
of $81.57 million. 

Republic of Korea,  was the third biggest source of imports for January 2017 with 7.9 percent share to the total import bill amounting to $589.68 million, an increase of 19.7 percent from $492.69 million  in  January 2016.  Exports to  Korea amounted to $223.11 million, yielding a two-way trade value of $812.78 million and a trade deficit of $366.57 million.

United States of America (USA), including Alaska and Hawaii placed fourth, accounting for 7.6 percent share of the total import billion worth $564.61  million in January   2017.   It went down by 6.9 percent from $606.53  million in January 2016.  Exports to USA  amounted  to $847.07 million resulting to a total trade value of
$1.412 billion and a trade surplus of $282.46 million. 

Thailand ranked fifth, accounting for 7.2 percent share of the total import bill in January  2017,  recorded a positive growth of 8.7 percent to $533.77 million in January 2017 from $491.24 million in  January 2016.  Exports to this country amounted to $206.56 million resulting  to a total trade value of $740.33 million and a trade deficit of $327.21 million.

Other major sources of imports for the month of January 2017 were: Singapore, $452.84 million; Taiwan, $399.91 million; Indonesia, $396.96 million; Malaysia (includes Sabah and Sarawak), $271.42 million; and Hong Kong, $263.46 million.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 48.5 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 2017 as it accounted for 48.5 percent of the total imports valued at $3.613 billion.  It increased by 14.3 percent from $3.161 billion in January 2016.  Total exports to countries of East Asia amounted to $2.315 billion resulting to a total trade of $5.928 billion and a trade deficit of $1.298 billion.

Commodities imported from ASEAN member countries were valued at $1.874 billion, contributing 25.2 percent share to total and registered an increase of 16.2 percent from $1.614 billion recorded in January 2016.  Proceeds from exports to ASEAN member countries were worth $751.54 million, resulting to a total trade of    $2.626 billion and a trade deficit of $1.123 billion.

Imports from European Union were valued at $488.56 million.  It fell by 27.2 percent compared to a year ago value of $671.35 million.  Exports to member countries of European Union were worth $896.69 million, resulting to a total trade of $1.385 billion and a trade surplus of $408.13 million.

 

 

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.  Following are the source documents for imports:

  • Import Entry and Internal Revenue Declaration (BOC IEIRD Form 236)
  • Informal Import Declaration and Entry (BOC Form 177)
  • 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.

Press Releases (PR) for Imports are disseminated at the same date of the PR for Export.  These are released every 10th day of each month.

The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the 10-Digit level for statistical purposes.

Detailed data on international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).

 

 

FOR THE NATIONAL STATISTICIAN:

 

(Sgd.) JOSIE B. PEREZ
(Deputy National Statistician)
Officer-in-Charge

 

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