Highlights of the Philippine Export and Import Statistics : August 2017

Reference Number: 

2017-122

Release Date: 

Tuesday, October 10, 2017

 

HIGHLIGHTS OF THE PHILIPPINE EXPORT AND IMPORT STATISTICS

AUGUST 2017 (Preliminary)

 

 

Exports

Imports

August 2017 p

August 2016 r

August 2017 p

August 2016 r

TOTAL

 

 

 

 

     FOB Value (in Million US Dollars)

5,506.83

5,036.07

7,917.83

7,165.89

        Year-on-Year Growth (Percent)

9.3

-1.8

10.5

16.0

Electronic Products

 

 

 

 

     FOB Value (in Million US Dollars)

2,859.47

2,763.94

2,010.81

1,856.25

        Year-on-Year Growth (Percent)

3.5

-12.3

8.3

-13.6

 

Top 10 Philippine Exports to All Countries: August 2017 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Gold
 186.7
Other Mineral Products
 -19.0
Machinery and Transport Equipment
   75.0
Chemicals
 -6.6
Electronic Equipment and Parts
   71.2
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships
 -2.7
Coconut Oil
   61.2
 
 
Metal Components
   22.6
 
 
Other Manufactured Goods
   13.8    
Electronic Products      3.5    
 

 

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

Gainers

Loser

Metalliferous Ores and Metal Scrap
  718.0
Miscellaneous Manufactured Articles
 -16.2
Organic and Inorganic Chemicals
    27.6
 
 
Mineral Fuels, Lubricants and Related Materials
    23.8
 
 
Telecommunication Equipment and Electrical Machinery
    11.3
 
 
Iron and Steel
    10.9
 
 
Other Food and Live Animals       9.7    
Electronic Products       8.3    
Industrial Machinery and Equipment       6.2    
Transport Equipment       2.2    
p - preliminary, r - revised

 

1.    TOTAL TRADE REACHES $13.42 BILLION IN AUGUST 2017

The country’s total external trade in goods in August 2017 totaled $13.42 billion, an increase of 10.0 percent from $12.20 billion registered in August 2016.  Total exports rose by 9.3 percent to $5.51 billion in August 2017 from $5.04 billion in the same month of previous year.  Similarly, total imports increased by 10.5 percent to $7.92 billion in August 2017 from $7.17 billion in August 2016.  This resulted to a deficit in the country’s balance of trade in goods (BoT-G) amounting to $2.41 billion in August 2017, higher than the $2.13 billion in August 2016      (Tables 1, 2 and 3).

2. EXPORTS AND IMPORTS GROW BY 9.4 PERCENT AND 10.5 PERCENT IN AUGUST 2017

The country’s total export sales amounted $5.51 billion in August 2017, an increase of 9.4 percent from $5.04 billion recorded value in the same month of previous year. This was due to the increases in growth of seven out of the top ten major commodities for the month.  These were gold (186.7%); machinery and transport equipment (75.0%); electronic equipment and parts (71.3%); coconut oil (61.2%); metal components (22.6%); other manufactured goods (13.8%); and electronic products (3.5%). (Table 2)

Moreover, the total import goods for the month of August 2017 amounting to $7.92 billion, grew by 10.5 percent from $7.16 billion recorded during the same period of the previous year.   The increment was due to the positive performance of nine out of the top ten major import commodities for the month.  These were metalliferous ores and metal scrap (718.0%); organic and inorganic chemicals (27.6%); mineral fuels, lubricants and related materials (23.8%); telecommunication equipment and electrical machinery (11.3%); iron and steel (10.9%); other food and live animals (9.7%); electronic products (8.3%); industrial machinery and equipment (6.2%) and transport equipment (2.2%)
(Table 3).

 

3. EXPORTS OF ELECTRONIC PRODUCTS INCREASE BY 3.5 PERCENT

Electronic Products continued to be the country’s top export with total receipts of $2.86 billion, comprising 51.9 percent share of the total exports revenue in August 2017. It went up by 3.5 percent from an export value of $2.76 billion in August 2016. Components/Devices (Semiconductors), accounted for the biggest share of 37.7 percent among electronic products, posted an increase of 3.6 percent to $2.08 billion in August 2017 from $2.01 billion in August 2016.

Other Manufactured Goods was the second top export earner with an export revenue of $373.25 million.  Export sales for this commodity group rose by 13.8 percent from the $327.93 million recorded in August 2016.

Machinery and Transport Equipment placed third, with $271.15 million or 4.9 percent share of the total export receipts. This export commodity posted an increase of  almost 75.0 percent  from the $154.95 million recorded in August 2016.

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships followed next with $183.53 million or 3.3 percent share of the total export receipts in August 2017.  It declined by 2.7 percent from the previous year’s $188.58 million.

Coconut Oil ranked fifth with an export sales of $160.78 million and a share of 2.9 percent in August 2017. It posted a positive growth of 61.2 percent over the previous year’s export of $99.73 million.  

Rounding up the list of the top ten exports and their corresponding sales are:

  • Metal Components, with  $135.31 million, went up  22.6 percent;
  • Gold, with $119.99 million, surged by 186.7 percent;
  • Chemicals, with $118.68 million, fell by 6.7 percent;
  • Electronic Equipment and Parts, with $111.23 million, went up by 71.3 percent and
  • Other Mineral Products, with $106.13 million, declined  by almost 19.0 percent;

Total receipts from the top ten major exports reached $4.44 billion or 80.6 percent of the total export, recording an increase of 10.7 percent from the previous year’s level of $4.01 billion. (Table 2)

 

Total exports for January to August 2017 valued at $42.11 billion, went up by 13.3 percent compared to $37.16 billion in the same period of the previous year.   (Table 2a)

 

4.    ELECTRONIC PRODUCTS ACCOUNTS FOR 25.4 PERCENT OF TOTAL IMPORT BILLS

Total payment for the country’s top ten imports for August 2017 reached $5.60 billion, posting a growth of 11.9 percent over the previous year’s import value of    $5.01 billion.  (Table 3)

Inbound shipments of Electronic Products in August 2017 accounted for 25.4 percent of the total import bills valued at $2.01 billion.  It went up by 8.3 percent from the $1.86 billion posted during the previous year. Among electronic products, Components/Devices (Semiconductors),   had the biggest share of 17.4 percent.  It grew by 14.5 percent to $1.38 billion in August 2017 from $1.20 billion in August 2016.

Transport Equipment placed second with a recorded import value of $870.27 million. It posted an increase of 2.2 percent from the previous year’s figure of $851.89 million.

Minerals Fuels, Lubricants and Related Materials, contributing 9.7 percent to the total import bills was the country’s  third top import for the month amounting to  $765.76 million.   It grew by 23.8 percent over the previous year’s value of $618.75 million.

Imports of Industrial Machinery and Equipment ranked fourth with 6.7 percent share and an import value of $533.07 million in August 2017.  It increased by 6.2 percent from $501.95 million in August 2016.

Iron and Steel, placed fifth with an import value of $308.75 million and a share of 3.9 percent. Import of this commodity went up by 10.9 percent over the last year’s figure of $278.43 million.

Completing the list of the top ten imports for August 2017 were: 

  • Other Food & Live Animals, $288.61 million, increased by 9.7 percent;
  • Miscellaneous Manufactured Articles, $228.06 million, declined by 16.1 percent;
  • Telecommunication Equipment and Electrical Machinery, $211.84 million, increased by 11.3 percent; 
  • Organic and Inorganic Chemicals, $193.49 million, grew by 27.6 percent and
  • Metalliferrous Ores and Metal Scrap, $190.88 million, surged by 718.0 percent.

Total imports from January to August 2017 reached $59.15 billion which grew by 8.2 percent compared to $54.66 billion in January to August 2016. (Table 3a)

 

5.    EXPORTS OF MANUFACTURED GOODS WENT UP BY 5.4 PERCENT

Outward shipments of Manufactured Goods were valued at $4.58 billion, accounted for 83.2 percent share of the total export receipts in August 2017 (Table 4). 

Total Agro-Based Products with a share of 8.3 percent amounted to $456.38 million, increasing by 32.6 percent in August 2017.

Exports from Mineral Products with a 6.0 percent share of total exports reached $332.73 million.   It increased by 40.0 percent in August 2017.

Merchandise exports from Special Transactions, with a share of 1.9 percent to the   total exports revenue increased by 22.3 percent in August 2017 from the previous year’s figure of $85.90 million. 

Exports of Forest Products accounting for a 0.3 percent share of the total   exports had a value of $18.52 million. Exports of this goods surged by 762.1 percent in August 2017.

Petroleum Products with 0.2 percent share amounting to $12.79 million, declined by 27.7 percent from $17.68 million in August 2016.

6.    IMPORTS OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 38.8 PERCENT

By major type of goods, imports of Raw Materials and Intermediate Goods posted the largest share of 38.8 percent to total  imports.  It went up by 10.6 percent  to  $3.08 billion in August 2017 from $2.78 billion in August 2016.  Semi-Processed Raw Materials, with$2.72 billion, accounted for a share  of  34.4 percent of the commodity group. It increased by 6.7 percent from the  $2.55 billion recorded in August 2016. (Table 5)

Total imports of Capital Goods in August 2017 was valued at $2.62 billion,  accounting for 33.1 percent share of the total imports.  It went up by 10.0 percent over the previous  year's import value  of $2.38 billion. 

Imports of Consumer Goods comprised an 18.0 percent share with a total import bills valued at $1.43 billion in August  2017. It reflected a growth of 6.7 percent from $1.34 billion registered in August 2016.

Mineral Fuels, Lubricants and Related Materials accounting for 9.7 percent share of total imports, increased by 23.8 percent to $765.76 million  in  August  2017 from $618.76  million in August 2016.  Other mineral fuels, lubricants and related materials such as gas oils and greases had the biggest share of imports for this commodity group at 5.5 percent valued at $439.04 million.  (Table 5)

Furthermore,   imports  of  Special  Transactions  went down by 35.8 percent from $49.09 million registered  in August 2016 to $31.52 million in August 2017. 

 

 

7.    USA ACCOUNTS FOR 15.2 PERCENT OF TOTAL EXPORTS IN AUGUST 2017

Total export receipts from the country’s top ten market destinations for the month of August 2017 was valued at $4.47 billion or 81.2 percent share of the total (Table 6). 

United States of America (USA), including Alaska and Hawaii, ranked first with revenue amounting to $834.96 million, comprising 15.2 percent share of the total exports for August 2017.  It went up by 7.4 percent from $777.14 million recorded in August 2016.

Japan, including Okinawa, ranked second, representing 15.0 percent of total exports, with export receipts amounting to $827.36 million in August 2017. It decreased by 13.6 percent from $957.56 million during the same month of the previous year.

Hong Kong placed third with $792.64 million or 14.4 percent share of the total exports.  It grew by 21.9 percent from $650.06 million in the same month the previous year.

People’s Republic of China, with 11.0 percent share of total exports, ranked fourth with shipments valued at $605.04 million.  Exports to this country slightly declined by 0.4 percent from $607.26 million in the same month the previous year.

Singapore placed fifth, comprising 5.4 percent share of total exports, with earnings valued at $297.54 million. It went down by 15.8 percent from $353.46 million posted in August 2016.

Completing the top ten market destinations for   August 2017 were: Thailand$257.21 million; Germany, $231.10 million; Republic of Korea, $216.74 million; Netherlands, $206.76 million and Taiwan, $204.36 million.

8.  IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 16.9 PERCENT

Total payments from the top ten imports for August 2017 amounted to $6.14 billion or 77.6 percent of the total. 

People’s Republic of China  was the country’s biggest source of imports with 16.9 percent share in August 2017.  Import payments to this country amounted to $1.34 billion, a decrease of 0.8 percent from $1.35 billion in August 2016.

Japan, including Okinawa came second, contributing 11.4 percent or $905.35 million to the total import bill in August 2017.  It  increased by 9.6 percent from the August 2016 value of $826.17 million.   

Republic of Korea comprising for 8.9 percent share, place third with imports valued at $701.56 million in August 2017. Import bills to this country registered an increase of 58.6 percent from  $442.30 million  in  August 2016. 

United States of America (USA), including Alaska and Hawaii ranked fourt, with a 7.8 percent share of the total import bills in August  2017.  It went down by 7.5 percent from $670.46 million in August 2016 to $620.26 million in August 2017. 

Indonesia placed fifth, prepresenting a 7.6 percent share of the total imports worth $600.90 million in   August   2017.   It went up by 27.2 percent from $472.53 million in  August 2016. 

Other major sources of imports for the month of August 2017 were: Thailand, $570.95 million; Singapore, $474.62 million; Taiwan, $411.21 million; Malaysia (includes Sabah and Sarawak), $311.63 million; and Germany, $211.27 million.

 

9.    EXPORTS TO COUNTRIES IN EAST ASIA ACCOUNT FOR 48.1 PERCENT

By economic bloc, the bulk of the country’s merchandise exports in August 2017 went to countries in East Asia,   accounting for 48.1 percent share of total exports valued at $2.65 billion.  It posted an improvement of  2.8 percent from $2.58 billion in August 2016.        

Commodities exported to ASEAN member countries comprised 15.6 percent of the total exports in August 2017 valued at $860.36 million. This registered an increase of 13.9 percent from $755.30 million posted in the same month of the previous year. (Table 7)

Exports to European Union member countries, with 14.4 percent share of total merchandise exports, reached $790.58 million.  It rose by 31.3 percent from $602.11 million registered in August 2016.

10.    IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 44.9 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 August 2017 accounting for 44.9 percent of the total imports valued at $3.55 billion.  It grew by 7.2 percent from $3.31 billion in August 2016. 

Commodities imported from ASEAN member countries reached $2.17 billion.  It represented a 27.4 percent share to the total imports increasing by 13.9 percent over the previous year’s import recorded at $1.90 billion.

Imports from European Union amounted $662.49 million.  It expanded by 25.7 percent compared with the previous year’s value of $527.11 million.  (Table 9)

 

 

 

Technical Notes

 

Export and Import trade statistics are compiled by the Philippine Statistics Authority (PSA) from copies of export and import documents submitted to the Bureau of Customs (BOC) by exporters and importers or their authorized representatives as required by law.  PSA collects copies of these accomplished forms.  These are the following documents:

  1. Export Declaration (ED – DTI form)
  2. Import Entry & Internal Revenue Declaration (BOC IEIRD Form 236)
  3. Informal Import Declaration and Entry (BOC Form 177)
  4. Single Administrative Documents (SAD)

The output of the Automated Export Documentation System (AEDS) of the BOC is being utilized to generate export statistics. AEDS is a paperless transaction in lieu of the manual filling-up of export documents.

Moreover, an electronic copy of the IEIRD, or 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), now called the e2m (electronic to mobile) customs system, a system implemented through the BOC e-Customs Project.

All documents (hard copies and e-files) received before the cut-off date which is every 25th day of the month, are compiled, processed and generated in 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 monthly statistical tables.

The digitized copies of all documents are provided by BOC and PEZA to PSA on a monthly basis through email.

Processing includes coding, editing, review and validation.  Revised statistical tables are made available 10 to 15 working days after the press release date.

The Press Release for a reference month is due 40 days after every month.  However, if the 10th day falls on a Saturday, release will be on Friday but if it falls on a Sunday or Monday the release will be on Tuesday.  If the release date falls on a holiday, the date of release is moved accordingly.

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

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

 

 

(SGD.)  LISA GRACE S. BERSALES, Ph. D.
Undersecretary
National Statistician and Civil Registrar General

 

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