PH External Trade Reached $97B in Jan-Nov 2010
Total external trade in goods for January to November 2010 reached $97.002 billion, a 30.6% increment from $74.27 billion registered during the same period in 2009. Total imports posted a 27.1% annual increase to $49.772 billion from $39.155 billion. Similarly, an increase of 34.5% for merchandise exports was noted to $47.230 billion in January to November of 2010 from $35.115 billion during the same period in 2009. Thus, the balance of trade in goods (BOT-G) for the Philippines registered a deficit of $2.541 billion during the 11-month period in 2010, a value lower than the $4.041 billion deficit in the same 11-month period last year.
NOVEMBER 2010 IMPORTS INCREASED BY 28.4%
Combined import and export merchandise trade for November 2010 was up by 23.3% to $9.09 billion from $7.372 billion in November 2009. Total merchandise imports increased at 35.3% to $4.944 billion from $3.655 billion in November 2009. Total exports, on the other hand, rose by 11.5% to $4.146 billion from $3.718 billion in November 2009. The balance of trade in goods (BOT-G) in November 2010 posted a deficit of $798 million compared to last year’s recorded surplus of $63 million. On a month-on-month basis, total imports for November 2010 grew by 1.1% from $4.890 billion recorded in October 2010.
ELECTRONIC PRODUCTS ACCOUNTED FOR 32.9% OF IMPORT BILL
Accounting for 32.9% of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in November 2010 amounted to $1.625 billion. It went up by 33.2% over last year’s figure of $1.220 billion. On a monthly basis, it improved by 5.4% from $1.542 billion recorded in October 2010. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 26.7%, expanded by 52.2% to $1.318 billion from $865.94 million in November 2009.
Imports of Mineral Fuels, Lubricants and Related Materials in November 2010 ranked second with 17.5% share and posted a positive growth of 13.3% to $866.62 million from $764.56 million in November 2009.
Transport Equipment was the PH’s third top imports for the month with 8.1% share to total imports at $398.41 million. The value accelerated by 109.9% from it’s previous year level of $189.85 million and the highest annual growth rate among the top ten imports.
Industrial Machinery and Equipment, contributing 5.2% to the total import bill, was the PH’s fourth top import for the month with payments placed at $257.38 million, an increase of 46.8% from last year’s level of $175.32 million.
Fifth in rank and with 2.6% share to the total imports, Organic and Inorganic Chemicals expanded by 74.6% or $126.46 million, from its year ago level of $72.42 million.
Iron and Steel ranked sixth, comprising 2.3% of the total imports, reached $112.93 million, higher by 19.1% from $94.79 million recorded in November 2009.
Rounding up the list of the top ten imports for November 2010 were Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment) worth $112.04 million, gained by 45.4%; Plastics in Primary and Non-Primary Forms amounting to $105.31 million increased by 61.2%; Cereals and Cereal Preparations valued at $93.73 million higher by 84.8%; and Feeding Stuff for Animals (not including unmilled cereals) with purchases placed at $79.17 million rose by 19.4%.
Aggregate payment for the country’s top ten imports for November 2010 reached $3.777 billion or 76.4% of the total import bill.
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 37.1% OF THE TOTAL IMPORTS
Accounting for 37.1% of the total imports, payments in November 2010 for Raw Materials and Intermediate Goods amounted to $1.836 billion or a 45.5% increment over last year’s figure of $1.262 billion. Compared to the previous month’s level, purchases rose up by 2.4% from $1.792 billion. From among this group, Semi-Processed Raw Materials representing the biggest share of 33.5% was valued at $1.658 billion or 53.1% annual growth.
Capital Goods, which comprised 31.7% of the total imports, grew by 33% year-on-year to $1.568 billion from $1.179 billion in November 2009.
Mineral Fuels, Lubricants and Related Materials with 17.5% share, went up by 13.3% to $866.62 million from $764.56 million in November 2009.
Purchases of Consumer Goods amounted to $597.82 million or a 54.5% increment from $386.85 million in November 2009. Similarly, Special Transactions with 1.5% shares to total imports advanced by 21.8% to $75.86 million from $62.3 million in November 2009.
IMPORTS FROM JAPAN ACCOUNTED FOR 11.9%
Japan including Okinawa, was the country’s biggest source of imports for November 2010 with 11.9% share of the total import bill, higher by 34.5% to $586.30 million from $435.97 million in November 2009. Exports to Japan amounted to $668.27 million, yielding a two-way trade value of $1.255 billion and a trade surplus for PH of $81.97 million.
United States of America (USA) including Alaska and Hawaii, the second biggest source of imports in November 2010 with 11.4% share, recorded payments worth $562.93 million, up by 44.4% from $389.73 million recorded in November 2009. Revenue from PH’s exports to USA, on the other hand, reached $488.71 million, generating a total trade value of $1.052 billion and $74.22 million trade deficit for the Philippines.
China came third, accounting for 9.4% share of the total import bill in November 2010 increased by 55% to $466.59 million from $301.07 million during the same month in 2009. Exports to China amounted to $654.11 million resulting to a total trade value of $1.121 billion and a trade surplus of $187.53 million.
Singapore settled fourth, accounting for 8.8% share of the total import bill in November 2010 or a 34.4% increment to $432.88 million from $322.01 million posted in November 2009. Exports to Singapore amounted to $462.85 million resulting to a total trade value of $895.72 million and a trade surplus for the Philippines of $29.97 million.
Fifth in rank is South Korea representing 7.4% of the total import bill in November 2010, amounted to $365.25 million. Meanwhile, export receipts from South Korea in November 2010 reached $150.07 million yielding a total trade value of $515.33 million and a trade deficit of $215.18 million.
Other major sources of imports for the month of November 2010 were Taiwan, $341.10 million; United Arab Emirates, $330.58 million; Thailand, $287.31 million; Malaysia (including Sabah and Sarawak), $234.16 million; and Indonesia, $222.39 million.
Payments for imports from the top ten sources for November 2010 amounted to $3.829 billion or 77.5% of the total.
IMPORTS FROM EASTERN ASIA WORTH $1.891B
Philippines total imports in November 2010 from Eastern Asia accounted for 38.3% of the county’s total imports with total payments worth $1.891 billion or a positive annual growth of 31.2% from November 2009 level of $1.442 billion. Total exports to member-countries of Eastern Asia was valued at $2.073 billion, resulting to a total trade of $3.964 billion and a balance of trade in goods (BOT-G) surplus of $182.20 million.
Imports from ASEAN member-countries in November 2010 amounted to $1.227 billion, a 24.8% share contribution to total imports. It was higher by 54.2% from $796.04 million registered in November 2009. Exports to ASEAN member-countries amounted $815.17 million, resulting to a total trade of $2.042 billion and a trade deficit of $412.15 million.
November 2010 imports from European Union were valued at $387.69 million while exports to member-countries of European Union were worth $493.70 million. It aggregated to a total trade of $881.4 million and a trade surplus of $106.01 million for the Philippines.
SOURCE: National Statistics Office