The Philippines’ total external trade in goods in June 2017 reached $11.97 billion, a decrease of 1.2 percent from $12.12 billion recorded in June 2016, according to the Philippine Statistics Authority.
Total exports rose by 0.8 percent to $4.91 billion in June 2017 from $4.87 billion in the same month of previous year. On the other hand, total imports dropped by 2.5 percent to $7.06 billion in June 2017 from $7.24 billion in June 2016. The country’s balance of trade in goods (BoT-G) registered a $2.15 billion deficit in 2017, much lower than the $2.37 billion in June 2016.
Exports grew while imports dropped
The country’s total export sales amounted to $4.91 billion in June 2017, a slight increase of 0.8 percent from $4.87 billion recorded value in the same month of previous year. This was attributed to the five out of the top ten major commodities for the month. These were electronic equipment and parts (28.6%); metal components (18.7%); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (13.7%); electronic products (4.4%); and machinery and transport equipment (1.1%).
On the other hand, the total import goods for the month of June 2017 amounting to $7.06 billion went down by 2.5 percent from $7.24 billion recorded during the same period of the previous year.
The decrease was due to the shortfall of six out of the top ten major import commodities for the month. These were iron and steel (18.2%); electronic products (8.4%); plastics in primary and non-primary forms (7.8%); miscellaneous manufactured articles (3.3%); industrial machinery and equipment (2.6%); and other food and live animals (0.7%).
Japan is top exports destination
Total export receipts from the country’s top ten market destinations for the month of June 2017 were valued at $4.13 billion or 84.2 percent share of the total.
Japan, including Okinawa, ranked first, accounting for 18.5 percent of total exports, with export receipts valued at $909.17 million in June 2017. It recorded a decrease of 9.0 percent from $999.61 million in the same month of the previous year.
United States of America (USA), including Alaska and Hawaii, ranked second with revenue amounting to $697.75 million, comprising 14.2 percent share of the total exports for June 2017. It decreased by 8.7 percent from $764.63 million recorded in June 2016.
Hong Kong ranked third with $667.50 million or 13.6 percent share of the total exports. It grew by 12.6 percent from $592.67 million in the same month the previous year.
China, with 10.9 percent share of total exports, ranked fourth with shipments valued at $535.62 million. It went down by 2.4 percent from $548.53 million in the same month the previous year.
Singapore placed fifth, representing 6.1 percent share of total exports, with export earnings worth $299.52 million. It decreased by 7.1 percent from $322.56 million posted in June 2016.
Other top 10 market destinations for June 2017 were: Thailand, $214.32 million; Republic of Korea, $213.01 million; Germany, $206.80 million; Taiwan, $204.38 million; and Netherlands, $186.87 million.
By economic bloc, bulk of the country’s merchandise exports in June 2017 went to countries in East Asia, accounting for 51.6 percent share of total exports valued at $2.534 billion. It increased by 2.1 percent from $2.48 billion of June 2016.
Commodities exported to ASEAN member countries comprised 14.9 percent of the total exports in June 2017 and was valued at $731.70 million. This registered an increase of 4.8 percent from $698.30 million posted in the same month of the previous year.
Exports to European Union member countries, with 12.5 percent share of total merchandise exports, amounted to $616.13 million. It went up by 3.9 percent from $592.92 million recorded in June 2016.
China remains biggest source of imports
Total payments for the top ten imports for June 2017 amounted to $5.60 billion or 79.4 percent of the total.
People’s Republic of China remained the country’s biggest source of imports at 18.8 percent share in June 2017. Payments were recorded at $1.33 billion, a decrease of 3.7 percent from $1.38 billion in June 2016.
Japan, including Okinawa came second, contributing 12.8 percent or $901.12 million to the total import bill in June 2017. It grew by 0.5 percent from the June 2016 value of $896.88 million.
Thailand placed third, accounting for 7.7 percent share of the total imports worth $545.24 million in June 2017. It went up by 0.1 percent from $544.44 million in June 2016.
Republic of Korea was the fourth biggest source of imports for June 2017 with 7.7 percent share of the total import bills amounting to $542.02 million, an increase of 16.0 percent from $467.36 million in June 2016.
United States of America (USA), including Alaska and Hawaii ranked fifth, accounting for 7.3 percent share of the total import bills in June 2017. It went down by 8.2 percent from $558.93 million in June 2016 to $513.27 million in June 2017.
Other major sources of imports for the month of June 2017 were: Indonesia, $483.76 million; Singapore, $443.76 million; Taiwan, $339.77 million; Malaysia (includes Sabah and Sarawak), $282.74 million; and Hong Kong, $225.37 million.
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 June 2017 accounting for 47.3 percent of the total imports valued at $3.34 billion. It decreased by 3.6 percent from $3.46 billion in June 2016.
Commodities imported from ASEAN member countries were valued at $1.97 billion. It contributed 27.9 percent share to the total imports and registered an increase of 4.5 percent from $1.88 billion recorded in June 2016.
Imports from European Union were valued at $495.22 million. It rose by 0.5 percent compared with the previous year’s value of $492.53 million.