Manila—(PHStocks)—Philippine Statistics Authority (PSA)—The country’s total external trade in goods in April 2017 reached $11.663 billion, up by 4.6 percent from $11.149 billion in April 2016. The positive growth of the external trade was due to the increase of outward trading of goods.
Total exports rose by 12.1 percent to $4.805 billion in 2017 from $4.285 billion in 2016. Meanwhile, total imports slightly decreased by 0.1 percent from $6.865 billion in 2016 to $6.857 billion in 2017. However, the country’s balance of trade in goods (BoT-G) registered a $2.052 billion deficit in 2017, lower than the $2.580 billion deficit in April 2016.
The positive growth in exports was mainly brought about by the significant increases in eight major commodities out of the top 10 commodities for the month. These are gold (2,740.3%); other mineral products (199.7%); coconut oil (59.8%); machinery and transport equipment (50.5%); metal components (27.9%); other manufactures (11.7%); electronic products (6.8%); and chemicals (5.6%).
EXPORTS OF ELECTRONIC PRODUCTS INCREASE BY 6.8 PERCENT
Electronic Products remained as the country’s top export with total receipts of $2.445 billion, accounting for 50.9 percent of the total exports revenue in April 2017. It increased by 6.8 percent from $2.289 billion registered in April 2016. Components/Devices (Semiconductors), having the biggest share of 36.8 percent among electronic products, increased by 7.7 percent to $1.767 billion in April 2017 from $1.641 billion in April 2016.
Machinery and Transport Equipment was the second top export earner with export revenue of $354.00 million. Export sales for this commodity group went up by 50.5 percent from $235.24 million in April 2016.
Other Manufactures ranked third, with 7.3 percent share to the total export receipts and posting $349.56 million. It recorded an increase of 11.7 percent from April 2016 value of $312.99 million.
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships ranked fourth, with a contribution of 3.0 percent share to the total export receipts, recorded sales of $145.80 million in April 2017. It registered a 3.7 percent decrease from the previous year’s $151.33 million.
Chemicals was recorded as the country’s fifth top export earner with value at $145.72 million or 3.0 percent share to total exports. It went up by 5.6 percent from $137.98 million in same month of 2016.
Rounding up the list of the top ten exports with corresponding export sales for the month of April 2017 were:
- Cathodes & Sections of Cathodes, Of Refined Copper with $127.48 million;
- Gold with $122.81 million, grew by 2,740.3 percent, recorded the highest year-on-year change among the top ten exports;
- Metal Components with $111.29 million, increased by 27.9 percent;
- Other Mineral Products with $110.97 million, rose by 199.7 percent; and
- Coconut Oil with $97.85 million, expanded by 59.8 percent.
Total receipts from the top ten exports reached $4.011 billion or 83.5 percent of the total exports and grew by 21.0 percent in April 2017.
Total exports for January to April 2017 valued at $20.323 billion grew by 15.3 percent compared from $17.632 billion in same period a year ago.
IMPORTS DOWN IN APRIL
The decrease in imports was due to the negative performance of seven out of the top 10 major imported commodities for the month. These includes other food and live animals (24.3%); miscellaneous manufactured articles (12.3%); plastics in primary and non-primary forms (12.2%); industrial machinery and equipment (5.1%); telecommunication equipment and electrical machinery (3.9%); mineral fuels, lubricants and related materials (2.0%); and electronic products (0.2%).
LECTRONIC PRODUCTS ACCOUNT FOR 26.4 PERCENT OF TOTAL IMPORT BILL
Total payment for the country’s top ten imports for April 2017 reached $4.987 billion or 72.7 percent of the total import bill.
Inbound shipments of Electronic Products in April 2017 accounted for 26.4 percent of the total import bill with value amounting to $1.809 billion. It decreased by 0.2 percent over the last year’s figure of $1.812 billion. Components/Devices (Semiconductors), had the biggest share of 18.3 percent among electronic products, increased by 7.8 percent to $1.253 billion in April 2017 from $1.163 billion in April 2016.
Minerals Fuels, Lubricants and Related Materials placed second with 10.6 percent share to total imports valued at $727.48 million. This registered a decrease of 2.0 percent from its previous year’s level of $742.36 million.
Transport Equipment, contributing 10.4 percent to the total import bill was the country’s third top import for the month amounting to $714.00 million. It went up by 2.4 percent compared to last year’s value of $697.30 million.
Imports of Industrial Machinery and Equipment ranked fourth with 6.9 percent share and reported value of $471.08 million in April 2017. It fell by 5.1 percent from $496.38 million in April 2016.
Iron and Steel ranked fifth, with 5.0 percent share to the total imports which was valued at $344.35 million in April 2017. It registered a 27.8 percent increase from its year ago level of $269.38 million.
Rounding up the list of the top ten imports for April 2017 were:
- Metalliferous Ores and Metal Scrap valued at $210.18 million; highest positive growth of 3,555 percent among the top ten imports.
- Other Food and Live Animals, $206.81 million.
- Miscellaneous Manufactured Articles, $175.31 million
- Telecommunication Equipment and Electrical Machinery, $169.84 million
- Plastics in Primary and Non-Primary Forms, $158.24 million
Total imports for the first four months of 2017 reached $28.910 billion, up by 11.1 percent compared to $26.02 billion in January to April 2016.
EXPORTS OF MANUFACTURED GOODS WENT UP BY 3.4 PERCENT
Outward shipments of Manufactured Goods were valued at $4.006 billion, accounting for 83.4 percent share of the total export receipts in April 2017. It went up by 3.4 percent from $3.875 billion recorded in April 2016.
Mineral Products with a 8.2 percent share, increased by 571.0 percent to $394.30 million in April 2017 from $58.77 million in April 2016.
Exports from Total Agro-Based Products, with a 5.9 percent share to total exports amounted to $285.43 million. It rose by 11.4 percent from $256.14 million in April 2016.
Merchandise exports from Special Transactions, sharing 1.7 percent of the total exports revenue, went down by 11.5 percent from $91.39 million in April 2016 to $80.86 million in April 2017.
Petroleum Products, with 0.6 percent share, increased by 674.6 percent to $26.70 million in April 2017 from $3.45 million in same month of previous year.
Moreover, sales from Forest Products, accounting for 0.3 percent share of the total exports, went up by 16,076 percent to $12.29 million in April 2017 from $0.08 million reported value in same month of 2016.
PURCHASES OF RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 40.4 PERCENT OF THE TOTAL IMPORTS
By major type of goods, payments for inward shipments of Raw Materials and Intermediate Goods accounted for 40.4 percent of the total imports. It increased by 8.2 percent to $2.768 billion in April 2017 from $2.559 billion in April 2016. Semi-Processed Raw Materials, having the biggest share of this commodity group at 34.6 percent, was $2.373 billion. It grew by 0.9 percent compared to $2.353 billion in April 2016.
Total importation of Capital Goods in April 2017 were valued at $2.282 billion, accounting for 33.3 percent share of the total imports. It decreased by 2.3 percent over last year’s figure of $2.336 billion.
Purchases of Consumer Goods recorded 15.3 percent share with a total import bill valued at $1.052 billion in April 2017. It recorded a negative growth of 11.2 percent from $1.184 billion registered in April 2016.
Mineral Fuels, Lubricants and Related Materials with 10.6 percent share to total imports, decreased by 2.0 percent from $742.36 million in April 2016 to $727.48 million in April 2017. 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 6.5 percent and valued $448.82 million.
Furthermore, imports of Special Transactions went down by 35.6 percent from $42.67 million recorded in April 2016 to $27.48 million in April 2017.