Highlights of the Philippine Export and Import Statistics : October 2017

Reference Number: 

2017-151

Release Date: 

Tuesday, December 12, 2017

 

HIGHLIGHTS OF THE PHILIPPINE EXPORT AND IMPORT STATISTICS

OCTOBER 2017 (Preliminary)

 

 

Exports

Imports

October 2017 p

October 2016 r

October 2017 p

October 2016 r

TOTAL

 

 

 

 

     FOB Value (in Million US Dollars)

5,366.46

5,036.08

8,211.22

7,260.09

        Year-on-Year Growth (Percent)

6.6

9.7

13.1

11.1

Electronic Products

 

 

 

 

     FOB Value (in Million US Dollars)

2,857.00

2,510.97

2,245.56

1,821.50

        Year-on-Year Growth (Percent)

13.8

5.4

23.3

-12.8

 

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

Gainers

Losers

Gold
 297.0
Machinery and Transport Equipment
 -27.4
Electronic Equipment and Parts
   43.3
Coconut Oil
 -26.8
Metal Components
   21.9
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships
 -8.1
Bananas (Fresh)
   20.8
Other Manufactured Goods
 -6.2
Other Mineral Products
   19.6
 
 
Electronic Products
   13.8    
           
 
Top 10 Philippine Imports from All Countries: October 2017 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Iron and Steel
   57.3
Transport Equipment
 -12.3
Organic and Inorganic Chemicals
   40.4
Industrial Machinery and Equipment
   -7.9
Miscellaneous Manufactured Articles
   28.1
Other Food and Live Animals
   -0.2
Electronic Products
   23.3
Plastics in Primary and Non-primary Forms
   -0.1
Mineral Fuels, Lubricants and Related Material
   15.9
 
   
Telecommunication Equipment and Electrical Machinery    13.1      
p - preliminary, r - revised

 

 

1.   TOTAL TRADE AMOUNTS TO $13.58 BILLION IN OCTOBER 2017

The country’s total external trade in goods in October 2017 totaled $13.58 billion, posting an improvement of 10.4 percent from $12.30 billion registered during the same month of the previous year. Total exports posted an increment of 6.6 percent to $5.37 billion in October 2017 from $5.04 billion in the same month of previous year.  Likewise, total imports increased by 13.1 percent to $8.21 billion in October 2017 from $7.26 billion in October 2016.  The country reflected a deficit in the total balance of trade in goods (BoT-G) amounting to $2.84 billion in October 2017, higher than the $2.22 billion deficit in October 2016.  (Tables 1, 2 and 3)

 

2.  EXPORTS GROW BY 6.6 PERCENT AND IMPORTS, 13.1 PERCENT

The country’s total export sales amounted to $5.37 billion in October 2017, an increase of 6.6 percent over the recorded value of $5.04 billion in the same month of previous year. This was supported by the double-digit growths of six out of the top ten major commodities for the month.  These were gold (297.0%); electronic equipment and parts (43.3%); metal components (21.9%); bananas, fresh (20.8%); other mineral products (19.6%) and electronic products (13.8%)  (Table 2).

On the other hand, the   total   imported goods for the month of October 2017 reached $8.21 billion, which went up by 13.1 percent from $7.26 billion recorded during the same period of the previous year.   The increase was attributed to the positive growth of six out of the top ten major import commodities for the month.  These were the following: iron and steel (57.3%); organic and inorganic chemicals (40.4); miscellaneous manufactured articles (28.1%); electronic products (23.3%); mineral fuels, lubricants and related materials (15.9%); and telecommunication equipment and electrical machinery (13.1%)  (Table 3).

 

3. EXPORTS OF ELECTRONIC PRODUCTS INCREASE  BY 13.8 PERCENT

Electronic Products led the top ten export commodities with total receipts of $2.86 billion, accounting for 53.2 percent share of the total exports revenue in October 2017. Export value of this commodity expanded by 13.8 percent from a value of $2.51 billion in October 2016. Components/Devices (Semiconductors) had the biggest share of 38.8 percent among electronic products increasing by 15.9 percent to $2.08 billion in October 2017 from $1.79 billion in October 2016.

Other Manufactured Goods, was the second top export earner with an export revenue of $355.37 million.  Export sales of this commodity group went down by 6.2 percent  from the $378.7 million recorded in October 2016.

Machinery and Transport Equipment came in third, with $184.44 million or a share of 3.4 percent of the total export receipts. This export commodity slid by 27.4 percent  from the $254.01 million recorded in October 2016.

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships placed fourth with $161.97 million with a 3.0 percent share of the total export receipts in October 2017.  It declined by 8.1 percent from the previous year’s $176.19 million.

Metal Components ranked fifth posting an export sales of $147.76 million and a share of 2.8 percent in October 2017. This commodity posted an increment of  21.9 percent over the previous year’s export of $121.21 million.  

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

  • Gold, with $119.20 million surging by almost 297.0 percent;
  • Coconut Oil, with  $113.23 million, dropped by 26.8 percent;
  • Other Mineral Products, with $109.40 million, went up by  19.6 percent;
  • Bananas, fresh, with $102.41 million, expanded by 20.8 percent;
  • Electronic equipment and parts, with $100.09 million, rose by 43.3 percent;

Total receipts from the top ten major exports reached $4.25 billion or a share of 79.2 percent of the total export, posting an increase of 9.8 percent from the previous year’s level of $3.87 billion. (Table 2)

 

Total  exports  for  January  to  October  2017  valued  at  $53.11 billion, increased by 11.7 percent compared to $47.55 billion in the same period of the previous year.   (Table 2a)

 

4.    ELECTRONIC PRODUCTS COMPRISE 27.3 PERCENT OF TOTAL IMPORT BILL

Total payment for the country’s top ten imports for October 2017 reached $6.02 billion, reflecting an increase of 12.3 percent over the previous year’s import value of $5.37 billion.  (Table 3)

Inbound shipments of Electronic Products in October 2017 accounted for 27.3 percent of the total import bill valued at $2.24 billion.  It rose by 23.3 percent from the $1.82 billion posted during the same month of the previous year. Among electronic products, Components/Devices (Semiconductors),   recorded the biggest   share  of 18.6 percent.  It posted a growth of 23.9 percent to $1.53 billion in October 2017 from $1.23 billion in October 2016.

Transport Equipment  ranked second with  an import value of $926.88 million. This commodity contracted by 12.3 percent from the previous year’s recorded value of $1.06 billion.

Minerals   Fuels,   Lubricants    and    Related   Materials, comprising 9.9 percent share to total import bills was the country’s  third top   import  for   the   month amounting to  $815.0 million.   It went up by 15.9  percent over the previous year’s value of $703.11 million.

Imports of Industrial Machinery and Equipment ranked fourth valued at $496.47 million in October 2017 and a 6.0 percent share to total import.  Import of this commodity dropped by 7.9 percent from $539.27 million in October 2016.

Iron and Steel, came in fifth with an import value of $438.38 million and a share of 5.3 percent. Import of this commodity expanded by  57.3 percent over the last year’s figure of $278.68 million.

Rounding the list of the top ten imports for October 2017 were: 

  • Miscellaneous Manufactured Articles, $271.86 million, rose by 28.1 percent;
  • Other Food and Live Animals, $247.83 million, declined by 0.2 percent;
  • Telecommunication Equipment and Electrical Machinery, $217.94 million, went up   by 13.1 percent; 
  • Plastic in Primary and Non-Primary Forms, $187.43 million, slightly decreased by 0.1 percent; and
  • Organic and Inorganic Chemicals, $176.62 million, grew by 40.4 percent.

 

Total imports from January to October 2017 was valued at $75.06 billion which grew by 8.3 percent compared to $69.30 billion in January to October 2016. (Table 3a)

 

5.    EXPORTS OF MANUFACTURED GOODS INCREASE BY 2.9 PERCENT

Outward shipments of Manufactured Goods, with a share of 81.9 percent of total exports, were valued at $4.39 billion, in October 2017 (Table 4). 

Total Agro-Based Products with an export value of $431.66 million and a share of 8.0 percent, grew by 0.6 percent in October 2017.

Exports from Mineral Products reached $329.32 million contributing a share of 6.1 percent of total exports. It expanded by 51.5  percent in October 2017.

Merchandise exports from Special Transactions, amounted to $125.38 million with a share of 2.3 percent to the total exports revenue.  Exports for this commodity group rose by 29.3 percent in October 2017 from the previous year’s value of $96.99 million. 

Petroleum Products with 1.2 percent share amounting to $64.59 million, expanded by 179.1 percent from $23.15 million in October 2016.

Forest Products comprising 0.4 percent share of the total exports posted a value of $22.36 million. Exports of this goods surged by 872.0 percent in October 2017.

 

 

6.    IMPORTS OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 39.1 PERCENT

By major type of goods, imports of Raw Materials and Intermediate Goods recorded the largest share of 39.1 percent to total  imports.  It grew  by 22.2 percent  to   $3.21 billion in October 2017 from $2.63 billion in October 2016.  Semi-Processed Raw Materials, valued at  $2.89 billion, accounted for 35.2 percent share of the commodity group. Import of this commodity  reflected an increment of 19.3 percent from the  $2.42 billion posted in October 2016. (Table 5)

Imports of Capital Goods in October 2017 amounted to $2.67 billion, representing 32.5 percent share of the total imports.  It went up by 2.6 percent over the previous  year's import value  of $2.60 billion. 

Imports of Consumer Goods comprising an 18.0 percent share reached $1.48 billion in October  2017. It increased by 14.8 percent from $1.29 billion registered in October 2016.

Mineral Fuels, Lubricants and Related Materials accounting for 9.9 percent share of total imports, rose by 15.9 percent to $815.00 million in October  2017 from $703.11 million in October 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 5.2 percent valued at $423.19 million. 

Moreover, imports of  Special  Transactions  slid by 4.2 percent from $40.58 million registered  in October 2016 to $38.90 million in October 2017.

 

7.    JAPAN COMPRISE 16.2 PERCENT OF TOTAL EXPORT IN OCTOBER 2017

Total exports receipt recorded by the country’s top ten market destinations for the October 2017 amounted to $4.47 billion or 83.4 percent share of the total (Table 6).

Japan, including Okinawa, ranked first with an export value of $871.36 million and a share of   16.2 percent of total exports in October 2017. It contracted by 13.1 percent from $1.00 billion in October 2016.

Hong Kong came in second with $758.87 million or 14.1 percent share of the total exports.  It went up by 39.5 percent from $544.11 million in the same month the previous year.

United States of America (USA), including Alaska and Hawaii, placed third with exports valued at $748.83 million, contributing 14.0 percent share of the total exports for October 2017.  It dropped by 3.1 percent from $772.87 million recorded in October 2016.

People’s Republic of China, ranked fourth with export shipments valued at $671.97 million and a share of 12.5 percent.  Exports to this country went up by 6.5 percent from $630.71 million recorded in the same month the previous year.

Singapore placed fifth, accounting for 6.5 percent share of total exports, recording a value of $349.37 million. It grew by 6.0 percent from $329.74 million posted in October 2016.

Completing  the  top   ten market destinations for   October 2017 were: Republic of Korea, $230.00 million; Germany, $223.21 million; Netherlands, $215.14 million Thailand, $203.63 million; million; and Taiwan, $200.63 million.

 

8.  IMPORTS FROM PEOPLE’S REPUBLIC OF CHINA ACCOUNTS FOR 19.1 PERCENT

Total payments from the top ten imports for October 2017 reached $6.62 billion or 80.6 percent of the total. 

People’s Republic of China  was the country’s biggest buyer of imports with 19.1 percent share in October 2017.  Import payments to this country was recorded at $1.57 billion, posting an increase  of 30.5 percent from $1.20 billion in October 2016.

Japan, including Okinawa placed second, accounting for 11.3 percent with an import value of $926.18 million in October 2017.  It  increased by 5.0 percent from the October 2016 value of $882.12 million.   

Indonesia comprising for 8.1 percent share, came in third with imports valued at $663.90 million in October 2017. Import bills to this country expanded by 50.7 percent from $440.63 million in October 2016. 

United States of America (USA), including Alaska and Hawaii ranked fourth, with a 8.1 percent share of the total import bills in October  2017.  It grew  by 0.3 percent to $663.00 million in October 2017 from $660.91 million in October 2016 .

Republic of Korea  comprising for 7.8 percent share, placed fifth with imports valued at $638.23 million in October 2017. Import bills to this country recorded an increase of 30.1 percent  from  $490.53 million  in  October 2016. 

Rounding the list of major sources of imports for the month of October 2017 were: Thailand, $591.74 million; Taiwan, $487.72 million; Singapore, $486.36 million; Malaysia (includes Sabah and Sarawak), $337.49 million; and Vietnam, $254.14 million.

 

        

9.    EXPORTS TO COUNTRIES IN EAST ASIA COMPRISE 51.0 PERCENT

By economic bloc, the bulk of the country’s merchandise exports in October 2017 went to countries in East Asia,   comprising for 51.0 percent share of total exports valued at $2.74 billion.  It grew by 4.9 percent from $2.61 billion in October 2016.

Commodities exported to ASEAN member countries comprised 16.0 percent of the total exports in October 2017 valued at $857.30 million. This registered an increment of 11.8 percent from $766.88 million posted in the same month of the previous year. (Table 7)

Exports to European Union member countries, was valued at $677.94 million and a share of 12.6 percent of total merchandise exports. It went up by 23.4 percent from $549.20 million registered  in October 2016.

 

10.   IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNT FOR 46.9 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 October 2017 comprising 46.9 percent of the total imports valued at $3.85 billion.  It grew by 18.7 percent from $3.24 billion in October 2016. 

Commodities    imported   from   ASEAN   member   countries reached  $2.34 billion.  It comprised a 28.5 percent share to the total imports increasing by 19.3 percent from the previous year’s import recorded at $1.96 billion.

Imports     from    European Union   reached   $537.62 million.  It went down by 27.9 percent from the previous year’s value of $745.19 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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