Highlights of the Philippine Export and Import Statistics : May 2017

Reference Number: 

2017-079

Release Date: 

Tuesday, July 11, 2017

 

 

HIGHLIGHTS OF THE PHILIPPINE EXPORT AND IMPORT STATISTICS

MAY 2017 (Preliminary)

 

 

Exports

Imports

May 2017 p

May 2016 r

May 2017 p

May 2016 r

TOTAL

 

 

 

 

     FOB Value (in Million US Dollars)

5,488.77

4,828.16

8,242.38

7,067.86

        Year-on-Year Growth (Percent)

13.7

-1.4

16.6

46.2

Electronic Products

 

 

 

 

     FOB Value (in Million US Dollars)

2,744.81

2,329.88

1,971.09

1,746.41

        Year-on-Year Growth (Percent)

17.8

-1.2

12.9

50.9

 

 

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

Gainers

Losers

 Cathodes and Sections Of Cathodes, Of Refined Copper

   293.78  
Woodcrafts and Furniture
 -25.60
  
Coconut Oil
     62.50 Other Manufactures    -4.60
  
Other Mineral Products
     47.50 Chemicals    -0.01
  
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships
     23.89    
  
Metal Components
     21.69    
  
Electronic Products
     17.81    
  
Machinery and Transport Equipment
       2.61    

 

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

Gainers

Losers

  
Metal Products
44.0   
Other Food and Live Animals
-14.2
  
Transport Equipment
37.9   
Plastics in Primary  and  Non-Primary Forms
-2.3
  
Iron and Steel
35.2   
Industrial Machinery and Equipment
-0.1
Mineral Fuels, Lubricants and Related Materials 33.1   
 
  
Miscellaneous Manufactured Articles 15.0   
 
  
Electronic Products 12.9  
 
  
Telecommunication Equipment and Electrical Machinery 11.9   
 
  

                                                                             p - preliminary, r - revised

 

TOTAL TRADE SUMS UP TO $13.731 BILLION IN MAY 2017

The country’s total external trade in goods in May 2017 reached $13.731 billion, an increase of 15.4 percent from $11.896 billion in May 2016.  Total exports rose by 13.7 percent to $5.489 billion in 2017 from $4.828 billion in 2016.  Likewise, total imports grew by 16.6 percent to $8.242 billion in 2017 from $7.068 billion in 2016.  However, the country’s balance of trade in goods (BoT-G) registered a $2.753 billion deficit in 2017 higher than the $2.240 billion deficit in May 2016  (Tables 1, 2 and 3).

EXPORT GOODS IN MAY 2017 GROW BY 13.7 PERCENT

The country’s total export sales amounted to $5.489 billion in May 2017, an increase of 13.7 percent from $4.828 billion recorded value in the same month the previous year. The positive growth was mainly attributed to the increases in seven major commodities out of the top ten commodities for the month.  These were cathodes and sections of cathodes, of refined copper (293.8%); coconut oil (62.5%); other mineral products (47.5%); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (23.9%); metal components (21.7%); electronic products (17.8%); and machinery and transport equipment (2.6%). (Table 2)

 

EXPORTS OF ELECTRONIC PRODUCTS INCREASE BY 17.8 PERCENT

Electronic Products remained as the country’s top export with total receipts of $2.745 billion, accounting for 50.0 percent share of the total exports revenue in May 2017. It increased by 17.8 percent from $2.330 billion registered in May 2016.  Components/Devices (Semiconductors), having the biggest share of 36.4 percent among electronic products, posted an increase of 19.6 percent to $2.000 billion in May 2017 from $1.673 billion in May 2016.

Machinery and Transport Equipment was the second top export earner with an export revenue of $364.07 million.  Export sales for this commodity group went up by 2.6 percent from $354.81 million in May 2016.

Other Manufactures ranked third, with 6.3 percent share of the total export receipts and posting $344.10 million. It recorded a decrease of 4.6 percent from May 2016 value of $360.69 million.

Woodcrafts and Furniture ranked fourth, with a contribution of 4.1 percent share of the total export receipts and recorded sales of $222.91 million in May 2017.  It registered a 25.6 percent decrease from the previous year’s $299.62 million.

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships was recorded as the country’s fifth top export earner with a value of $181.12 million or 3.3 percent share of total exports. It went up by 23.9 percent from $146.19 million in same month of 2016.

Rounding up the list of the top ten exports with corresponding export sales for the month of May 2017 were:

  • Chemicals with $140.95 million, slightly decreased by 0.01 percent; 
  • Metal Components, with  $121.01 million, grew by 21.7 percent;
  • Other Mineral Products, with $120.58 million, increased by 47.5 percent;
  • Cathodes & Sections of Cathodes, Of Refined Copper, with $110.45 million, rose by 293.8 percent and recorded the highest year-on-year change among the top ten exports
  • Coconut Oil, with $103.76 million, expanded by 62.5 percent.

Total receipts from the top ten exports reached $4.45 billion or 81.1 percent of the total exports.  It grew by 14.0 percent in May 2017. (Table 2)

Total  exports  for  January  to  May  2017,  valued  at  $26.11 billion, grew by 16.3 percent compared with $22.46 billion in the same period a year ago. (Table 2a)

IMPORTS INCREASE BY 16.6 PERCENT IN MAY 2017

The   total   import   goods for the month of May 2017 amounted to $8.242 billion, an increase of 16.6 percent from $7.068 billion recorded during the same period a year ago.   The increase was due to the positive performance of seven out of the top ten major import commodities for the month.  These include metal products (44.0%); transport equipment (37.9%); iron and steel (35.2%); mineral fuels, lubricants and related materials (33.1%); miscellaneous manufactured articles (15.0%); electronic products (12.9%); telecommunication equipment and electrical machinery (11.9%).  (Table 3)

ELECTRONIC PRODUCTS ACCOUNT FOR 23.9 PERCENT OF TOTAL IMPORT BILLS

Total payment for the country’s   top ten imports for May 2017 reached   $5.900 billion, accounting for 71.6 percent share of the total import bills.  (Table 3)

Inbound shipments of Electronic Products in May 2017 accounted for 23.9 percent of the total import bills with value amounting to $1.971 billion.  It increased by 12.9 percent over the previous year's figure of $1.746 billion.  Among electronic products, Components/Devices (Semiconductors),   had the biggest share of 16.3 percent.  It increased by 13.5 percent to $1.344 billion in May 2017 from $1.184 billion in May 2016.

Transport Equipment placed second with  12.1 percent share of total imports valued at $1.00 billion.  This registered an increase of 37.9 percent from its previous year’s level of $725.24 million.

Minerals   Fuels,   Lubricants and Related   Materials, contributing 10.6 percent to the total import bills was the country’s third top import for the month amounting to  $874.54 million.   It went up by 33.1 percent compared to the previous year’s value of $657.08 million.

Imports of Industrial Machinery and Equipment ranked fourth with 6.5 percent share and a reported value of $539.61 million in May 2017.  It slightly fell by 0.1 percent from $540.20 million in May 2016.

Iron and Steel ranked fifth, with 5.1 percent share of the total imports, and was valued at $417.14 million in May 2017.  It registered a 35.2 percent increase from its previous year’s level of $308.44 million.

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

  • Other Food and Live Animals, $271.19 million; 
  • Telecommunication Equipment and Electrical Machinery, $232.86 million. 
  • Miscellaneous Manufactured Articles, $227.55 million
  • Plastics in Primary and Non-Primary Forms, $200.39 million
  • Metal Products valued at $165.88 million; posted the highest growth of 44.0 percent among the top ten imports.

 

Total imports for the first five months of 2017 valued at  $37.15 billion grew by 12.3 percent compared with $33.09 billion in January to May 2016. (Table 3a)

 

EXPORTS OF MANUFACTURED GOODS GROW BY 8.5 PERCENT

Outward shipments of Manufactured Goods were valued at $4.611 billion, accounting for 84.0 percent share of the total export receipts in May 2017.  It went up by 8.5 percent from $4.249 billion recorded in May 2016 (Table 4). 

Exports from Total Agro-Based Products, with a 6.8 percent share of total exports amounted to $373.42 million.   It rose by 53.4 percent from $243.36 million in May 2016.

Mineral Products with a 6.7 percent share, increased by 56.2 percent to $370.46 million in May 2017 from $237.15 million in May 2016.

Merchandise exports from Special Transactions, contributing 1.7 percent to the total exports revenue, went up by 48.5 percent to $92.83 million in May 2017 from $62.51 million in May 2017. 

Petroleum Products, with 0.5 percent share, decreased by 17.1 percent from $34.88 million in May 2016 to $28.92 million in May 2017.

Moreover, sales from Forest Products, accounting for 0.2 percent share of the total exports,   went up by 648.5 percent to $11.19 million in May 2017 from $1.50 million reported value in same month of 2016.

IMPORT OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 38.9 PERCENT

By major type of goods, imports of Raw Materials and Intermediate Goods accounted for 38.9 percent of the total imports.  It increased by 14.5 percent to $3.21 billion in May 2017 from $2.80 billion in May 2016.  Semi-Processed Raw Materials,  having the biggest share of this commodity group at 34.6 percent, was $2.85 billion.  It grew by 12.4 percent compared to $2.53 billion in May 2016. (Table 5)

Total imports of Capital Goods in May 2017 was valued at $2.77 billion,  accounting for 33.6 percent share of the total imports.  It increased by 20.1 percent over the previous year's figure of $2.309 billion. 

Imports of Consumer Goods recorded a 16.4 percent share with a total import bills valued at $1.35 billion in May  2017.   It recorded a positive growth of 8.3 percent from $1.25 billion registered in May 2016.

Mineral Fuels, Lubricants and Related Materials with 10.6 percent share of total imports, increased by 33.1 percent to  $874.54 million in May 2017 from $657.08 million in May 2016.  Other mineral fuel and lubricants such as gas oils, regular and premium unleaded motor spirit and aviation spirit contributed the biggest share of imports for this commodity group at 7.2 percent and valued at $592.91 million.  (Table 5)

Furthermore,   imports of Special Transactions went down by 33.9 percent from $48.44 million recorded in May 2016 to $32.00 million in May 2017.

JAPAN ACCOUNTS FOR 17.1 PERCENT TO TOTAL EXPORTS IN MAY 2017

Total export receipts from the country’s top ten market destinations for the month of May 2017 were valued at $4.445 billion or 81.0 percent share of the total (Table 6). 

Japan, including Okinawa, ranked first, accounting for 17.1 percent of total exports, with export receipts valued at $939.63 million in May 2017. It recorded a decrease of 9.4 percent from $1.039 billion in the same month of the previous year.

United States of America (USA), including Alaska and Hawaii, ranked second with revenue amounting to $772.50 million, comprising 14.1 percent share of the total exports for May 2017.  It increased by 7.1 percent from $721.56 million recorded in May 2016.

Hong Kong ranked third with $685.86 million or 12.5 percent share of the total exports.  It grew by 32.7 percent from $516.71 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 $600.02 million.  It went up by 17.7 percent from $509.93 million in the same month the previous year.

Singapore placed fifth, representing 6.8 percent share of total exports, with export earnings worth $374.17 million. It increased by 31.9 percent from
$283.69 million posted in May 2016.

Other   top   ten market destinations for   May 2017 were: Thailand ,      $240.59 million; Germany, $217.11 million; Taiwan, $209.93 million; Netherlands, $202.85 million; and Republic of Korea, $202.71 million.

IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNT FOR 19.2 PERCENT

Total payments for the top ten imports for May 2017 amounted to $6.401 billion or 77.7 percent of the total. 

People’s Republic of China remained as the country’s biggest source of imports at 19.2 percent share in May 2017.  Payments were recorded at $1.585 billion, an increase of 10.0 percent from $1.441 billion in May 2016.

Japan, including Okinawa came second, contributing 11.2 percent or $920.39 million to the total import bill in May 2017.  It grew by 21.4 percent from its May 2016 value of $758.20 million.    

United States of America (USA), including Alaska and Hawaii placed third, accounting for 8.3 percent share of the total imports worth $684.88 million in   May   2017.   It went up by 9.0 percent from   $628.52  million in  May 2016. 

Republic of Korea  was the fourth biggest source of imports for May 2017 with   8.0 percent share of the  total  import  bills  amounting  to $656.08 million, an  increase of 43.4 percent  from  $457.55 million  in  May 2016. 

Thailand ranked fifth, accounting for 6.9 percent share of the total import bills in May  2017.  It slightly grew by 0.7 percent to $564.88 million in May 2017 from $560.70 million in May 2016. 

Other major sources of imports for the month of May 2017 were: Indonesia, $559.63 million; Singapore, $470.36 million; Taiwan, $393.81 million; Malaysia (includes Sabah and Sarawak), $319.37 million; and Hong Kong, $246.27 million.

EXPORTS TO COUNTRIES IN EAST   ASIA   ACCOUNT   FOR 48.3 PERCENT

By economic bloc, bulk of the country’s merchandise exports in May 2017 went to countries in East Asia,   accounting for 48.3 percent share of total exports valued at $2.651 billion.  It increased by 9.7 percent from $2.416 billion of May 2016.        

Commodities exported to ASEAN member countries comprised 15.7 percent of the total exports in May 2017 and was valued at $860.56 million. This registered a positive growth of 25.6 percent from $685.38 million posted in the same month of the previous year. (Table 9)       

Exports to European Union member countries, with 15.2 percent share of total merchandise exports, amounted to $835.25 million.  It went up by 38.5 percent from $603.1 million recorded in May 2016.

 

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 46.2 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 May 2017 accounting for 46.2 percent of the total imports valued at $3.806 billion.  It increased by 14.0 percent from $3.339 billion in May 2016. 

Commodities imported from ASEAN member countries were valued at $2.153 billion.  It contributed 26.1 percent share to the total imports and registered an increase of 12.4 percent from $1.914 billion recorded in May 2016. 

Imports from European Union were valued at $709.49 million.  It rose by 50.7 percent compared with the previous year’s value of $470.67 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) 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 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 is due every 10th day of each 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 imported commodities at the most detailed 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).

 

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

 

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