Highlights of the Philippine Export and Import Statistics : January 2018

Reference Number: 

2018-045

Release Date: 

Friday, March 9, 2018

 

HIGHLIGHTS OF THE PHILIPPINE EXPORT AND IMPORT STATISTICS

JANUARY 2018 (Preliminary)

 

 

Exports

Imports

January 2018 p

January 2017 r

January 2018 p

January 2017 r

TOTAL

 

 

 

 

     FOB Value (in Million US Dollars)

5,218.78

5,190.53

8,535.65

7,660.02

        Year-on-Year Growth (Percent)

0.5

22.0

11.4

12.2

Electronic Products

 

 

 

 

     FOB Value (in Million US Dollars)

2,623.59

2,367.68

2,230.97

1,876.89

        Year-on-Year Growth (Percent)

10.8

-7.8

18.9

-15.6

 

Top 10 Philippine Exports to All Countries: January 2018 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Cathodes and Sections of Cathodes, of Refined Copper
    a/
Chemicals
   -52.0
Gold
 358.7
Coconut Oil
   -34.2
Machinery and Transport Equipment
   23.6
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships
   -25.0
Metal Components
   18.9
Other Manufactured Goods
   -21.0
Electronic Equipment and Parts
   18.3
 
 
Electronic Products
   10.8    
 
Top 10 Philippine Imports from All Countries: January 2018 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Industrial Machinery and Equipment
   26.0
Mineral Fuels, Lubricants and Related Materials
   -8.6
Iron and Steel
   25.0
Transport Equipment
   -0.1
Cereal and Cereal Preparations    22.9    
Electronic Products
   18.9
 
   
Telecommunication Equipment and Electrical Machinery
   13.5
 
   
Miscellaneous Manufactured Articles
   11.4
 
   
Other Food and Live Animals
    9.6      
Plastics in Primary and Non-primary Forms
    5.2    
p - preliminary, r - revised
a/ – growth rate more than 1000 percent

 

1.TOTAL TRADE AMOUNTS TO $13.75 BILLION IN JANUARY 2018

The country’s total external trade in goods in January 2018 totaled $13.75 billion, posting a positive growth of 7.0 percent from $12.85 billion registered during the same month in 2017. Total exports grew by 0.5 percent to $5.22 billion in January 2018 from

$5.19 billion in January 2017.  On the other hand, total imports increased by 11.4 percent to $8.54 billion in January 2018 from $7.67 billion in January 2017.  The country’s  balance of trade in goods (BoT-G) expanded to a $3.32 billion deficit in January  2018, higher than the $2.47 billion deficit in January 2017.  (Tables 1, 2 and 3)

2. EXPORTS GROW 0.5 PERCENT AND IMPORTS 11.4 PERCENT

The country’s total export revenue amounted to $5.22 billion in January 2018, recording an increment of 0.5 percent over the value of $5.19 billion in the same month of previous year. This was due to the increases reflected by six out of the top ten commodities for the month led by exports of cathodes and sections of cathodes, of refined copper reflecting the highest growth compared with the minimal export value in January 2017. The other five commodities were: gold (358.7%); machinery and transport equipment (23.6%); metal components (18.9%); electronic equipment and parts (18.3%) and electronic products (10.8%). (Table 2)

On the other hand, total   imported goods for the month of January 2018 reached $8.54 billion, which expanded  by 11.4 percent from $7.66 billion posted during the same period of the previous year.   The increase was brought about by the positive growth of eight out of the top ten major import commodities for the month.  These were the following: industrial machinery and equipment (26.0%); iron and steel (25.0%);cereals and cereal preparations (22.9%); electronic products (18.9%); telecommunication equipment and electrical machinery (13.5%); miscellaneous manufactured articles (11.4%); other food and animals (9.6%) and plastics in primary and non-primary forms (5.2%).(Table 3)

 

3. EXPORTS OF ELECTRONIC PRODUCTS GROW BY 10.8 PERCENT

Electronic Products continued to be the country’s top export earner reaching $2.62 billion and  accounting for 50.3 percent share of the total exports revenue in January 2018. This commodity grew by 10.8 percent in January 2018 from $2.37 billion in the same month of the previous year. Components/Devices (Semiconductors), comprising the biggest share of 36.4 percent among electronic products, went up by 16.9 percent to $1.90 billion in January 2018 from $1.62 billion in January 2017.

Machinery and Transport Equipment placed second with export earnings of $418.98 million.  It recorded an increase of 23.6 percent from the $339.02 million posted in January 2017.

Other Manufactured Goods ranked third, with $374.84 million or 7.2 percent share of the total export receipts. It declined by 21.0 percent from the January 2017export value of $474.69 million.

Gold came in fourth with $183.17 million and a 3.5 percent share. Export of this commodity expanded by 358.7 percent from a value of $39.94 million in January 2017.

Metal Components was the fifth export earner accounting for a share of 3.4 percentof the total export receipts.  It grew by 18.9 percent to $176.94 million in January 2018 over its export value of $148.82 million in January 2017.

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

  • Electronic Equipment and Parts,with $143.00 million, went up by 18.3 percent
  • Coconut Oil, with $133.99 million, dropped by 34.2 percent;
  • Ignition Wiring Sets and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, with $126.76 million, declined by 25.0 percent;
  • Chemicals,with $87.19 million, decreased by 52.0 percent;
  • Cathodes and Sections of Cathodes, of Refined Copper,with $85.24 million

Total receipts from the top ten major exports reached $4.35 billion or 83.4 percent of the total export, reflecting an increase of 7.6 percent from the January 2017 level of $4.05 billion. (Table 2)

4. ELECTRONIC PRODUCTS CONSTITUTE 26.1 PERCENT OF TOTAL IMPORT BILL

Total payment for the country’s top ten imports for January 2018 amounted to $6.03 billion, posting an increase of 11.3 percent over the January 2017 import value of $5.43 billion.  (Table 3)

Inbound shipments of Electronic Products in January 2018 accounted for 26.1 percent of the total import bill valued at $2.23 billion.  It increased by 18.9 percent from the $1.88 billion posted during the same month of the previous year. Among electronic products, Components/Devices (Semiconductors), exhibited the biggest share of 18.4 percent.  It went up by 24.9 percent to $1.57 billion in January 2018 from $1.25 billion in January 2017.

Minerals   Fuels, Lubricants    and    Related   Materials, ranked second with import value amounting to$912.60 million or 10.7 percent share to total import bills. It decreased by 8.6 percent from the previous year’s value of $998.65 million.

Transport Equipment placed third with an import value of $640.75 million. This commodity was slightly down by 0.1 percent from the previous year’s import value of $641.24 million.

Imports of Industrial Machinery and Equipment ranked fourth, valued at $585.12 million in January 2018. It translates to a 6.9 percent share to total import value.  Import of this commodity grew by 26.0 percent from $464.47 million in January 2017.

Iron and Steel,came in fifth with an import value of $448.99 million and a share of 5.3 percent. Import of this commodity was increased by 25.0 percent over the last year’s figure of $359.15 million.

Completing the list of the top ten imports for January 2018 were: 

  • Miscellaneous Manufactured Articles, $270.14 million, rose by 11.4 percent;
  • Other Food and Live Animals, $261.71 million, expanded   by 9.6 percent; 
  • Telecommunication Equipment and Electrical Machinery $251.21 million, up by 13.5 percent;
  •  Cereals and Cereals Preparations, $226.99 million, increased by 22.9 percent; and
  • Plastics in primary and Non-primary forms, $209.37 million, grew by 5.2 percent.

 

5.    EXPORTS OF MANUFACTURED GOODS DECLINEDBY 4.4 PERCENT

Exports of Manufactured Goods, with a share of 83.2 percent of total exports, posted an export value of $4.34 billionin January 2018 (Table 4).  It decreased by 4.4 percent compared to $4.55 billion export value in January 2017.

Total Agro-Based Products with an export value of $351.34 million comprising 6.7 percent, dropped by 11.2 percent in January 2018.

Exports from Mineral Products with a share of 6.8 percent reached $352.40 million, surged by 235.8 percent in January 2018.

Merchandise exports from Special Transactions, with a share of 2.4 percent to the total export revenue, went up by 0.8 percent in January 2018 from the previous year’s figure of $123.41 million.

Petroleum Products with 0.5 percent share amounting to $28.69 million, expanded by 147.7 percent from $11.58 million in January 2017.

Exports of Forest Products accounting for 0.3 percent share of the total exports had a value of $17.89 million. Exports of these goods rose by 83.2 percent in January 2018

6. IMPORTS OF RAW MATERIALS AND INTERMEDIATE GOODS COMPRISE 40.9 PERCENT

By major type of goods, imports of Raw Materials and Intermediate Goods accounted  for the  largest share of 40.9 percent to total  imports.  It went up by 14.9 percent to $3.49 billion in January 2018 from $3.04 billion in January 2017.  Semi-Processed Raw Materials, valued at $3.12 billion, accounted for 36.6 percent share of the commodity group. Import of this commodity increased by 20.4 percent from the $2.59 billion posted in January 2017. (Table 5)

Imports of Capital Goods in January 2018 valued at $2.73 billion, accounting for a 32.0 percent share of the total imports.  It went up by 16.9 percent over the previous year’s import value of $2.33 billion.

Imports of Consumer Goods comprising a 16.0 percent share amounted to $1.36 billion in January 2018. It rose by 8.1 percent from $1.26 billion registered in January 2017.

Mineral Fuels, Lubricants and Related Materials accounting for 10.7 percent share of total imports, went down by 8.6 percent to $912.60 million in January 2018 from $998.65 million in January 2017.  Other mineral fuels, lubricants and related materials such as gas oils and greases had the biggest share of imports for this commodity group at 5.7 percent valued at $489.59 million. 

Moreover, imports of Special Transactions, increased by 38.6 percent to $43.38 million in January 2018 from $31.29 million registered in January 2017.

7. EXPORTS TO JAPAN ACCOUNTS FOR 17.2 PERCENT

Total exports receipt recorded by the country’s top ten market destinations for the January 2018 stood at $4.32 billion or 82.8 percent share of the total. (Table 6)

Japan, including Okinawa ranked first with $895.04 million or 17.2 percent share of the total exports.  It increased by 0.7 percent from $888.97 million posted in the same month of the previous year.

United States of America (USA), including Alaska and Hawaii, placed second with exports valued at $744.92 million, contributing 14.3 percent share of the total exports for January 2018.  It decreased by 12.2 percent from $848.58 million recorded in January 2017.

HongKong, ranked third with an export value of $726.24 million and a share of 13.9 percent of total exports in January2018. Exports  to  this country went up by 37.1 percent from $529.66 million recorded in January 2017.

People’s Republic of China, ranked fourth with export shipments valued at $591.91 million comprising 11.3 percent.  Outbound shipments to this country grew by 17.7 percent from $502.91 million recorded in the same month of the previous year.

Singapore placed fifth, accounting for 6.1 percent share of total exports, recording a value of $318.85million.  It decreased by 2.0 percent from $325.45 million posted in January 2017.

Completing the top   ten market destinations for   January 2018 were: Korea, Republic of, $218.16 million; Germany, $217.07 million; Netherlands, $209.57 million; Thailand, $203.94 million; and France,$196.85 million.

 

8.  IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA COMPRISE 18.9 PERCENT

Import bills from the top ten countries for imports for January 2018 amounted to $6.61 billion or 77.4 percent of the total. 

People’s Republic of China was the country’s biggest source of imports with 18.9 percent share in January 2018.  Import payments to this country stood at $1.61 billion, posting an increase of 3.5 percent from $1.56 billion in January 2017.

Republic of Korea ranked second, with imports valued at $899.99 million in January 2018 contributing a share of10.5 percent.  Import from this country rose to 53.3 percent from $587.03 million in January 2017. 

Japan, including Okinawa placed third, accounting for 9.8 percent with an import value of $840.75 million in January 2018.  It went up by 4.2 percent from January 2017 value amounting to $806.49 million.   

United States of America (USA), including Alaska and Hawaii, comprising for 8.2 percent share, placed fourth with imports valued at $701.65 million in January 2018. Import bills to this country went up by 25.1 percent from $560.74 million in January 2017. 

Thailand ranked fifth, with a 6.3 percent share of the total import bills in January 2018.  It grew by 0.8 percent to $539.65 million in January 2018 from $535.61 million in January 2017.

Rounding the list of major sources of imports for the month of January 2018 were:  Singapore, $506.58 million; Taiwan, $479.44 million; Indonesia, $445.44 million; Malaysia (includes Sabah and Sarawak), $314.20 million; and Vietnam, $267.83 million.

9. EXPORTS TO COUNTRIES IN EAST ASIA COMPRISE FOR50.3 PERCENT

By economic bloc, the bulk of the country’s merchandise exports in January 2018 went to countries in East Asia, comprising for 50.3 percent share of total exports valued at $2.63 billion.  It went up by 11.1 percent from $2.36 billion in January 2017.        

Commodities exported to European Union member countries comprised 15.4 percent of the total exports in January 2018 valued at $801.67 million. Exports to this economic bloc declined by 11.5 percent from $905.79 million posted in the same month of the previous year. (Table 9)

Exports to ASEAN member countries, was valued at $760.37 million contributing a share of 14.6 percent of total merchandise exports. It went up by 1.2 percent from $751.10 million registered in January 2017.

 

10. IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 47.4 PERCENT

By economic bloc, East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) was the biggest supplier of the country’s imports in January 2018 representing 47.4 percent of the total imports valued at $4.05 billion.  It posted a growth of 12.1 percent from $3.61 billion in January 2017. 

Commodities    imported   from   ASEAN   member   countries amounted to $2.08 billion.  It comprised a 24.4 percent share to the total imports, an increase of 4.4 percent from the previous year’s import valued at $1.99 billion.

Imports from European Union reached   $556.87 million.  It grew by 13.2 percent from the previous year’s value of $492.00 million.  (Table 10)

 

 

 

 

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).

 

 

FOR THE NATIONAL STATISTICIAN:

 

(Sgd.) ROMEO S. RECIDE
Assistant Secretary
Deputy National Statistician
Officer-in-Charge
 

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