Highlights of the Philippine Export and Import Statistics : July 2017

Reference Number: 

2017-109

Release Date: 

Tuesday, September 12, 2017

 

HIGHLIGHTS OF THE PHILIPPINE EXPORT AND IMPORT STATISTICS

JULY 2017 (Preliminary)

 

 

Exports

Imports

July 2017 p

July 2016 r

July 2017 p

July 2016 r

TOTAL

 

 

 

 

     FOB Value (in Million US Dollars)

5,284.63

4,786.91

6,930.79

7,159.42

        Year-on-Year Growth (Percent)

10.4

-10.9

-3.2

4.6

Electronic Products

 

 

 

 

     FOB Value (in Million US Dollars)

2,762.39

2,471.07

1,554.07

1,966.72

        Year-on-Year Growth (Percent)

11.8

-12.3

-21.0

-1.1

 

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

Gainers

Losers

Machinery and Transport Equipment
   63.8
Coconut Oil
 -7.8
Electronic Equipment and Parts
   60.2
Woodcrafts and Furniture
 -4.9
Metal Components
   21.2
Other Manufactured Goods
 -3.8
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships
   15.4
 
 
Electronic Products
   11.8
 
 
Other Mineral Products
     6.8    
Note:  Cathodes and Sections of Cathodes, of Refined Copper commodity has no previous years report.

 

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

Gainers

Losers

Metalliferous Ores and Metal Scrap
  322.8
Iron and Steel
 -40.7
Mineral Fuels, Lubricants and Related Materials
    30.6
Electronic Products
 -21.0
Transport Equipment
    13.5
Plastics in Primary  and  Non-Primary Forms
 -13.8
Telecommunication Equipment and Electrical Machinery
     3.5
Miscellaneous Manufactured Articles
  -8.3
Other Food and Live Animals
     2.4
Industrial Machinery and Equipment
 -5.3
p - preliminary, r - revised

 

1. TOTAL TRADE SUMS UP TO $12.22 BILLION IN JULY 2017

The country’s total external trade in goods in July 2017 reached $12.22 billion, an increase of 2.2 percent from $11.95 billion registered in July 2016.  Total exports went up by 10.4 percent to $5.28 billion in July 2017 from $4.79 billion in the same month of previous year.  On the other hand, total imports decreased by 3.2 percent from $7.16 billion in July 2016 to $6.93 billion in July 2017.  The country’s balance of trade in goods (BoT-G) registered $1.65 billion deficit in 2017, lower than the $2.37 billion in July 2016 (Tables 1, 2 and 3).

2.   EXPORTS GROW BY 10.4 PERCENT WHILE IMPORTS DROPS BY 3.2 PERCENT

The country’s total export sales amounted  $5.28 billion in July 2017, an increase of 10.4 percent from $4.79 billion recorded value in the same month of previous year. This was attributed to the increase in growth of six out of the top ten major commodities for the month.  These were machinery and transport equipment (63.8%); electronic equipment and parts (60.2%); metal components (21.2%); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (15.4%); electronic products (11.8%); and other mineral products (6.8%). (Table 2)

On the other hand, the total import goods for the month of July 2017 amounting to $6.93 billion, declined by 3.2 percent from $7.16 billion recorded during the same period of the previous year.   The decrease was due to the negative performance of five out of the top ten major import commodities for the month.  These were iron and steel (40.7%); electronic products (21.0%); plastics in primary and non-primary forms (13.8%); miscellaneous manufactured articles (8.3%); industrial machinery and equipment (5.3%).
(Table 3)

 

3. EXPORTS OF ELECTRONIC PRODUCTS INCREASE BY 11.8 PERCENT

Electronic Products continued to be the country’s top export with total receipts of $2.76 billion, accounting for 52.3 percent share of the total exports revenue in July 2017. It increased by 11.8 percent in July 2016 with $2.47 billion. Components/Devices (Semiconductors), having the biggest share of 37.9 percent among electronic products, posted an increase of 13.4 percent to $2.00 billion in July 2017 from $1.77 billion in July 2016.

Other Manufactures was the second top export earner with an export revenue of $325.29 million.  Export sales for this commodity group went down by 3.8 percent from the $338.11 million recorded in July 2016.

Machinery and Transport Equipment ranked third, with $285.90 million or 5.4 percent share of the total export receipts. It surged by 63.8 percent from the $174.50 million recorded in July 2016.

Woodcrafts and Furniture was the fourth top export earner with $213.98 million or 4.1 percent share of total exports. Export sales of this commodity declined by 4.9 percent from $224.99 million in the same month of previous year.

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships followed next with $185.20 million or 3.5 percent share of the total export receipts in July 2017.  It registered a 15.4 percent increase from the previous year’s $160.49 million.

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

  • Metal Components, with  $123.55 million, went up  21.2 percent;
  • Coconut Oil, with $121.60 million, decreased by 7.8 percent;
  • Cathodes & Sections of Cathodes, of Refined Copper, with $112.21 million;
  • Other Mineral Products, with $103.80 million, increased  by 6.8 percent; and
  • Electronic Equipment and Parts, with $88.70 million, went up by 60.2 percent.

Total receipts from the top ten major exports reached $4.32 billion or 81.8 percent of the total export, recording an increase of 15.1 percent from the previous year’s level of $3.76 billion. (Table 2)

Total exports for January to July 2017 valued at  $36.57 billion, increased by 13.9 percent compared to $32.12 billion in the same period of the previous year.   (Table 2a)

 

4.    ELECTRONIC PRODUCTS ACCOUNT FOR 22.4 PERCENT OF TOTAL IMPORT BILLS

Total payment for the country’s top ten imports for July 2017 reached $4.85 billion, accounting for 70.01 percent share of the total import bills.  (Table 3)

Inbound shipments of Electronic Products in July 2017 accounted for 22.4 percent of the total import bills with a value amounting to $1.55 billion.  It declined by 21.0 percent from the $1.97 billion of the previous year.  Among electronic products, Components/Devices (Semiconductors),   had the biggest share of 14.5 percent.  It went down by 19.1 percent from $1.24 billion in July 2016 to $1.01 billion in July 2017.

Minerals   Fuels,   Lubricants and Related Materials, contributing 12.1 percent to the total import bills was the country’s  second top import for the month amounting to  $834.92 million.   It recorded a 30.6 percent increase compared to the previous year’s value of $639.50 million.

Transport Equipment ranked third with  10.5 percent share of total imports valued at $728.42 million.  This translated to an increase of 13.5 percent from its previous year’s figure of $641.58 million.

Imports of Industrial Machinery and Equipment ranked fourth with 7.2 percent share and an import value of $496.13 million in July 2017.  It went down by 5.3 percent from $523.90 million in July 2016.

Other Food and live Animals placed fifth, with 3.9 percent share of the total imports, and was valued at $271.09 million in July 2017.  It went up by 2.4 percent from its previous year’s level of $264.81 million.

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

  • Miscellaneous Manufactured Articles, $201.98 million, decreased by 8.3 percent;
  • Telecommunication Equipment and Electrical Machinery, $201.86 million, increased by 3.5 percent; 
  • Iron and Steel, $201.51 million, went down by 40.7 percent; 
  • Metalliferous Ores and Metal Scrap, $192.18 million, grew by 322.8 percent; and
  • Plastics in Primary and Non-Primary Forms, $170.27 million, fell by 13.8 percent.

Total imports from January to July 2017 reached $51.23 billion which expanded by 7.9 percent compared to $47.49 billion in January to July 2016. (Table 3a)

 

5.    EXPORTS OF MANUFACTURED GOODS WENT UP BY 8.7 PERCENT

Outward shipments of Manufactured Goods were valued at $4.47 billion, accounting for 84.6 percent share of the total export receipts in July 2017 (Table 4). 

Exports from Mineral Products with a 6.1 percent share of total exports amounted to $319.52 million.   It increased by 59.6 percent in July 2017.

Total Agro-Based Products accounting for a 7.1 percent share amounted to $377.31 million, with an increase of 3.3 percent in July 2017.

Merchandise exports from Special Transactions, with a share of 1.8 percent to the total exports revenue went up by 9.2 percent in July 2017 from the previous year’s figure of $89.25 million. 

Petroleum Products with 0.2 percent share amounting to $8.67 million, declined by 50.0 percent from $17.35 million in July 2016.

Moreover, exports from Forest Products had 0.2 percent share of the total exports with a value of $9.59 million, it increased by 364.0 percent in July 2017.

6.    IMPORTS OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 37.6 PERCENT

By major type of goods, imports of Raw Materials and Intermediate Goods posted a 37.6 percent share to total imports.  It decreased by 8.2 percent from $2.84 billion in July 2016 to $2.60 billion in July 2017.  Semi-Processed Raw Materials, with $2.22 billion, had the biggest share accounting for 32.1 percent of the commodity group. It fell by 14.1 percent from the  $2.59 billion recorded in July 2016. (Table 5)

Total imports of Capital Goods in July 2017 was valued at $2.20 billion,  accounting for 31.7 percent share of the total imports.  It went down by 11.5 percent over the previous year's figure of $2.48 billion. 

Imports of Consumer Goods recorded an 18.3 percent share with a total import bills valued at $1.26 billion in July  2017. It reflected a growth of 10.7 percent from $1.14 billion registered in July 2016.

Mineral Fuels, Lubricants and Related Materials accounting for 12.1 percent share of total imports, went up by 30.6 percent to $834.92 million in  July  2017 from $639.50  million in July 2016.  Other mineral fuel and lubricants such as gas oils, regular and premium unleaded motor spirit and aviation spirit had the biggest share of imports for this commodity group at 7.1 percent valued at $488.46 million.  (Table 5)

Furthermore,   imports of Special  Transactions went down by 48.2 percent from $58.52 million registered in July 2016 to $30.31 million in July 2017.

7.  JAPAN ACCOUNTS FOR 17.3 PERCENT OF TOTAL EXPORTS IN JULY 2017

Total export receipts from the country’s top ten market destinations for the month of July 2017 were valued at $4.31 billion or 81.6 percent share of the total (Table 6). 

Japan, including Okinawa, ranked first, accounting for 17.3 percent of total exports, with export receipts valued at $915.65 million in July 2017. It went down by 1.1 percent from $925.99 million during the same month of the previous year.

United States of America (USA), including Alaska and Hawaii, ranked second with revenue amounting to $811.95 million, comprising 15.4 percent share of the total exports for July 2017.  It increased by 1.7 percent from $798.71 million recorded in July 2016.

Hong Kong placed third with $717.07 million or 13.6 percent share of the total exports.  It grew by 26.2 percent from $568.08 million in the same month the previous year.

People’s Republic of China, with 10.9 percent share of total exports, ranked fourth with shipments valued at   $573.46 million.  It increased by 7.9 percent from $531.49 million in the same month the previous year.

Singapore placed fifth, comprising 5.6 percent share of total exports, with export earnings valued at $295.09 million. It went down by 7.5 percent from
$318.98 million posted in July 2016.

Other top ten market destinations for   July 2017 were: Germany, $214.34 million; Thailand,      $213.37 million; Republic of Korea, $206.31 million; Taiwan, $190.13 million; and Netherlands, $176.88 million.

 

8.  IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 17.2 PERCENT

Total payments for the top ten imports for July 2017 amounted to $5.29 billion or 76.3 percent of the total. 

People’s Republic of China was the country’s biggest source of imports with 17.2 percent share in July 2017.  Import payments to this country amounted to $1.19 billion, a decrease of 12.6 percent from $1.36 billion in July 2016.

Japan, including Okinawa came second, contributing 11.0 percent or $764.34 million to the total import bill in July 2017.  It decreased by 12.6 percent from the July 2016 value of $874.61 million.   

Republic of Korea accounting for 8.6 percent share, placed third with imports valued at $597.23 million in July 2017. Import bills to this country registered an increase of 17.4 percent from  $508.52 million in  July 2016. 

United States of America (USA), including Alaska and Hawaii ranked fourth, with a 7.5 percent share of the total import bills in July  2017.  It decreased by 14.2 percent from $602.29 million in July 2016 to $516.54 million in July 2017. 

Thailand placed fifth, representing a 7.4 percent share of the total imports worth $510.27 million in   July   2017.   It went down by 3.7 percent from $529.78 million in July 2016. 

Other major sources of imports for the month of July 2017 were: Indonesia, $459.89 million; Singapore$401.87 million; Taiwan, $347.40 million; Malaysia (includes Sabah and Sarawak), $260.56 million; and Vietnam, $237.31 million.

 

9.    EXPORTS TO COUNTRIES IN EAST   ASIA   ACCOUNT   FOR 49.3 PERCENT

By economic bloc, the bulk of the country’s merchandise exports in July 2017 went to countries in East Asia,   accounting for 49.3 percent share of total exports valued at $2.61 billion.  It improved by 10.0 percent from $2.37 billion in July 2016.        

Commodities exported to ASEAN member countries comprised 14.6 percent of the total exports in July 2017 and was valued at $772.50 million. This registered an increase of 10.4 percent from $699.56 million posted in the same month of the previous year. (Table 9)

Exports to European Union member countries, with 13.7 percent share of total merchandise exports, reached $723.86 million.  It went up by 19.7 percent from $604.78 million registered in July 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 July 2017 accounting for 44.9 percent of the total imports valued at $3.11 billion.  It went down by 9.6 percent from $3.44 billion in July 2016. 

Commodities imported from ASEAN member countries were valued at $1.89 billion.  It represented a 27.2 percent share to the total imports and registered an increase of 8.5 percent from $1.74 billion recorded in July 2016. 

Imports from European Union reached $474.62 million.  It declined by 17.0 percent compared with the previous year’s value of $571.94 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).

 

 

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

 

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