TOTAL EXTERNAL TRADE REACHES $141.514 BILLION IN 2016
The country’s total external trade in goods in 2016 was recorded at $141.514 billion, expanding by 8.9 percent from $129.894 billion in 2015. Total import receipts went up by 8.9 percent to $84.108 billion in 2016 from $71.067 billion in 2015. However, total export receipts decreased by 2.4 percent from $58.827 billion in 2015 to $57.406 billion in 2016. This translate to country’s balance of trade in goods (BoT-G) at negative $26.702 billion in 2016 higher than the $12.240 billion deficit in 2015 (Table 1).
TOP 10 EXPORT COMMODITIES ACCOUNT FOR 82.7 PERCENT OF TOTAL EXPORT RECEIPT
Export sales from the top ten commodities totaled to $47.465 billion, accounting for 82.7 percent of the total export revenue in 2016. This registered a decrease of 3.3 percent from $49.096 billion in 2015 (Table 2).
Electronic Products continued to be the top export earner in 2016 with 51.2 percent share of the total export revenue. This increased by 1.8 percent to $29.418 billion in 2016 from $28.904 billion in 2015.
Other Manufactured Goods placed second with a share of 6.7 percent and a total receipt of $3.871 billion. It declined by 3.1 percent from the 2015 value of $3.993 billion.
Machinery and Transport Equipment contributing 5.4 percent of the total export receipt, was the third top export in 2016 with revenue amounting to $3.085 billion. This recorded a decrease of 21.5 percent from the 2015 value of $3.930 billion.
Woodcrafts and Furniture, which ranked fourth with a share of 5.2 percent, declined by 4.8 percent from $3.128 billion to $2.978 billion in 2016.
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships with share of 3.5 percent, ranked fifth with export receipts amounting to $1.999 billion. It went down by 6.3 percent from the 2015 value of $2.134 billion.
Completing the list of top ten export commodities for 2016 were: Chemicals with an export value of $1.603 billion, decreased by 10.0 percent from $1.782 billion in 2015; Metal Components with proceeds billed at $1.209 billion, fell by 2.5 percent from $1.240 billion in 2015; Coconut Oil, worth $1.152 billion, rose by 2.0 percent from $1.129 billion; Articles of Apparel and Clothing Accessories with $1.099 billion export receipts, decreased by 24.7 percent from $1.459 billion; and Other Mineral Products, worth $1.050 billion, declined by 24.9 percent from $1.397 billion export receipts in 2015.
TOP 10 IMPORT COMMODITIES ACCOUNT FOR 72.6 PERCENT OF IMPORT BILL
Total payment for the country’s top ten import commodities for 2016 reached $61.027 billion or 72.6 percent of the total import payment, registering a positive growth of 16.0 percent from $52.602 billion in 2015 (Table 3).
Electronic Products remained as the top imported commodity for 2016, accounting for 26.5 percent of the total import bill. It posted an increase of 8.5 percent to $22.299 billion in 2016 from $20.559 billion in 2015.
Transport Equipment ranked second with 11.2 percent share and registering the highest increase among the top ten import commodities by 53.5 percent to $9.454 billion in 2016 from $6.159 billion in 2015.
Mineral Fuels, Lubricants and Related Materials which ranked third, comprised 9.5 percent of the total. It fell by 13.8 percent from $9.250 billion in 2015 to $7.969 billion in 2016.
Industrial Machinery and Equipment, ranked fourth, recorded a 7.2 percent share and expanding by 45.4 percent to $6.026 billion worth of import commodities from $4.144 billion recorded value in 2015.
Iron and Steel ranked fifth with 3.9 percent share of the total, with value amounting to $3.321 billion, higher by 24.9 percent from $2.659 billion in 2015.
Rounding up the list for the top ten import commodities for 2016 were: Other Food and Live Animals, $3.188 billion, grew by 18.3 percent; Miscellaneous Manufactured Articles, $2.584 billion, increased by 43.3 percent; Telecommunication Equipment and Electrical Machinery, $2.299 billion, expanded by 41.6 percent; Plastics in Primary and Non-Primary Forms, $2.240 billion, went up by 40.1 percent; and Cereals and Cereal Preparations, $1.647 billion, decreased by 21.9 percent.
PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 15.5 PERCENT OF THE TOTAL TRADE
The country’s top 10 trading partners contributed a total trade worth $111.970 billion or 79.1 percent of the total external trade in 2016. This comprised of a total export receipt of $45.663 billion or 79.5 percent of the total, and total import bill of $66.307 billion or 78.8 percent of the total. This translate to an unfavorable balance of trade-in goods (BOT-G) which amounted to $20.644 billion.
People’s Republic of China was the country’s top trading partner in 2016 with total trade worth $21.937 billion or 15.5 percent of the total trade. Export receipts from China stood at $6.373 billion while payment for import commodities was valued at $15.565 billion, resulting to a $9.192 billion trade deficit (Table 4). Export-wise, the biggest sale came from Electronic Products at $3.804 billion or 59.7 percent of the country’s exports to China. Other Manufactured Goods followed with total receipts of $521.87 million or 8.2 percent (Table 5). Imported goods purchased from China consisted of Electronic Products worth $3.299 billion or 21.2 percent of the country’s total import receipts. Iron and Steel followed with import value of $2.332 billion or a share of 15.0 percent (Table 6).
Japan was the country’s second largest trading partner in 2016, accounting for a total trade worth $21.552 billion or 15.2 percent of the country’s total trade. Total export to Japan amounted to totaled $11.670 billion while import commodities were valued at $9.882 billion, posting a trade surplus of $1.789 billion (Table 4). Electronic Products got a large share of 27.9 percent of the total exports to Japan valued at $3.253 billion, followed by Woodcrafts and Furniture at $2.709 billion or 23.2 percent (Table 5). On the other hand, majority of the imported products from Japan were Electronic Products billed at $2.980 billion or 30.2 percent and Transport Equipment with $1.566 million or 15.8 percent (Table 6).
United States of America placed third accounting for 11.6 percent or $16.427 billion total trade in 2016. Receipts from exports to USA were valued at $8.851 billion while payment for imports totaled to $7.576 billion, reflecting a trade surplus of $1.275 billion (Table 4). Majority of the exports were Electronic Products worth $3.735 billion or 42.2 percent of the total exports to USA and Articles of Apparel and Clothing Accessories with $755.23 billion or 8.5 percent share (Table 5). Major inward shipments from USA were Electronic Products with payment worth $2.745 billion or 36.2 percent of the total. Feeding Stuff for Animals (Not Including Unmilled Cereals) ranked second and valued at $809.20 million or 10.7 percent of the total (Table 6).
Singapore ranked as the fourth largest trading partner with a total trade amounting to $9.288 billion or a share of 6.6 percent to total trade. Total outward shipments were valued at $3.824 billion while import payments reached $5.464 billion, translating to a trade deficit of $1.640 billion (Table 4). Electronic Products and Petroleum Products were the country’s major exports to Singapore with earnings of $3.372 billion or 88.2 percent share and $82.80 million or 2.2 percent of the total export, respectively (Table 5). The bulk of inward commodities from this country were Electronic Products with import bill of $2.481 billion or 45.4 percent share, and Mineral Fuels, Lubricants and Related Materials worth $631.77 million or 11.6 percent share (Table 6).
Hong Kong was the country’s fifth largest trading partner with total trade worth $9.109 billion or 6.4 percent of the total external trade. Export revenues from this country stood at $6.617 billion while payment for import commodities was valued at $2.492 billion, resulting to a $4.125 billion trade surplus (Table 4). The major exported goods were Electronic Products at $5.728 billion or 86.6 percent and Gold with total receipts of $146.83 million or 2.2 percent of the country’s exports to Hong Kong (Table 5). However, the main import commodities from this country were Electronic Products amounting to $1.365 billion or 54.8 percent and Transport Equipment with import payments valued at $187.50 million or 7.5 percent (Table 6).
EUROPEAN UNION RECORDS A FAVORABLE BALANCE OF TRADE
The country’s external trade in goods with the European Union (EU) member countries totaled to $13.713 billion or 9.7 percent share of the total trade. Exports to EU reached $6.970 billion or 12.1 percent of the total export receipts, while imports were valued at $6.743 billion or a 8.0 percent share to total import, resulting to a balance of trade in goods (BOT-G) surplus of $227.74 million. Among the EU-member countries, Germany was the country’s top trading partner with a total trade of $4.357 billion or 31.8 percent of EU’s total trade. Revenue from export to Germany amounted to $2.329 billion while payments for imports were worth $2.028 billion or a trade surplus of $301.32 million (Table 7).
Major exported goods to the EU member countries in 2016 were: Electronic Products, $3.742 billion; Machinery and Transport Equipment, $812.46 million; Coconut Oil (crude and refined), $551.39 million; Other Manufactured Goods, $461.43 million; and Chemicals, $162.57 million (Table 8).
Top five imported goods from the EU member countries were: Electronic Products, $1.566 billion; Transport Equipment, $1.042 million; Industrial Machinery and Equipment, $684.25 million; Medicinal and Pharmaceutical Products, $561.39 million; and Other Food and Live Animals, $442.24 million (Table 9).
TOTAL TRADE WITH ASEAN MEMBER COUNTRIES POSTS $30.709 BILLION
Total external trade in goods with ASEAN–member countries amounted to $30.709 billion or 21.7 percent of the country’s total trade. Exports to ASEAN member countries were valued at $8.647 billion while imports were worth $22.062 billion, generating an unfavorable balance of trade in goods (BoT-G) of $13.415 billion. Singapore was the country’s top trading partner among the ASEAN-member countries with a total trade accounting for $9.288 billion or 30.2 percent share of the ASEAN total trade. Exports to Singapore amounted to $3.824 billion while imports payment was valued at $5.464 billion, reflecting a trade deficit of $1.640 billion (Table 7).
Leading exports for the ASEAN member countries were: Electronic Products, $5.634 billion; Other Manufactured Goods, $646.27 million; Chemicals, $391.44 million; Metal Components, $355.98 million; and Machinery and Transport Equipment, $287.47 million (Table 8).
Top five import commodities from the ASEAN member countries were: Electronic Products, $5.017 billion; Transport Equipment, $4.465 billion; Mineral Fuels, Lubricants and Related Materials, $2.047 billion; Other Food and Live Animals, $1.336 billion; and Industrial Machinery and Equipment, $1.068 billion (Table 9).
TOTAL TRADE WITH APEC MEMBER COUNTRIES REACHES $118.802 BILLION
Bulk of the country’s external trade were from APEC member countries amounted to $118.802 billion or 84.0 percent of the country’s total trade. Export receipts totaled to $48.214 billion or 84.0 percent of the total exports while import payments summed up to $70.588 billion or 83.9 percent share of the total import. Trading with this economic bloc resulted to an unfavorable balance of trade in goods (BOT-G) for the country amounting to negative $22.373 billion. Topping the list of the country’s major trading partners within APEC were: People’s Republic of China, $21.937 billion or 18.5 percent share; Japan, $21.552 billion or 18.1 percent share; USA, $16.427 or 13.8 percent share; Singapore, $9.288 billion or 7.8 percent share; and Hong Kong, $9.109 billion or 7.7 percent share of the APEC total trade (Table 10).
Electronic Products were still the country’s major export to APEC member countries with sales value at $25.236 billion or 52.3 percent share of the total APEC exports. Other top exported commodities were: Other Manufactured Goods, $3.237 billion; Woodcrafts and Furniture, $2.865 billion; Machinery and Transport Equipment, $2.053 billion; and Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, $1.960 billion (Table 11).
The top import goods from APEC member countries were: Electronic Products, $20.535 billion; Transport Equipment, $8.051 billion; Industrial Machinery and Equipment, $5.103 billion; Mineral Fuels, Lubricants and Related Materials, $5.005 billion; and Iron and Steel, $3.265 billion (Table 12).
This Report is a summary of all final monthly figures for foreign trade statistics for the year 2016.
The final 2016 Foreign Trade Statistics include late entries, i.e, documents received beyond the cut-off period of 25th days after the reference month for exports and beyond 40th days after the reference month for imports.
The commodity groupings in this Special Release are in accordance with the 2004 Philippine Standard Commodity Classification (PSCC). The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the most detailed level.
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.
List of standards and acronyms used in this special release:
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
NSCB – National Statistical Coordination Board
PSCC - Philippine Standard Commodity Classification version 2004
ROW – Rest of the World
USA – United States of America
Data request of international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).