Highlights of the Philippine Export and Import Statistics
November 2022 (Preliminary)
A. TOTAL EXTERNAL TRADE AND BALANCE OF TRADE
1. Total external trade increasedIn November 2022, the country’s total external trade in goods amounted to USD 17.88 billion, which indicates an annual growth rate of 3.6 percent from its level in the same period of the previous year. In October 2022, its annual increase was faster at 12.5 percent, while in November 2021, it expanded at an even faster rate of 24.1 percent. (Table A) Of the total external trade in November 2022, 60.3 percent were imported goods, while the rest were exported goods.
2. Trade deficit posted an annual decreaseThe balance of trade in goods (BoT-G) is the difference between the value of export and import. The BoT-G in November 2022 amounted to USD -3.68 billion, indicating a trade deficit with an annual decrease of -21.9 percent. The trade deficit in the previous month recorded an annual decline of -13.4 percent, while in November 2021, it posted an annual increase of 119.7 percent. (Figure 1, and Tables A and 2)
1. Sales from export posted a positive growthThe country’s total export sales in November 2022 amounted to USD 7.10 billion, reflecting an annual increase of 13.2 percent from an increment of 20.3 percent in the previous month. In November 2021, the total export sales grew at an annual rate of 6.6 percent. (Figures 1 and 2, and Tables A and 2)
Of the top 10 major commodity groups, five recorded annual increases in terms of the value of exports. These were other mineral products (51.0%) such as nickel oxide sinters and other intermediate products of nickel metallurgy and nickel ores; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (23.1%); electronic products (22.9%); cathodes and sections of cathode, of refined copper (8.7%); and other manufactured goods (4.8%) such as blister copper and other unrefined copper and other cigarettes containing tobacco. (Tables B and 3)
2. Year-to-date annual total export increasedThe year-to-date annual total export earnings, that is from January to November 2022, amounted to USD 73.17 billion. This represents an annual increase of 7.0 percent from the year-to-date annual total export value of USD 68.37 billion in January to November 2021. (Table 4)
3. Electronic products commodity group remained the highest on export salesBy commodity group, electronic products continued to be the country’s top export in November 2022 with total earnings of USD 4.57 billion. This amount accounted for 64.3 percent of the total exports during the period. This was followed by other manufactured goods with an export value of USD 337.78 million (4.8%); and other mineral products, which amounted to USD 244.89 million (3.4%). (Figure 3 and Table 3)
4. Manufactured goods still comprised the biggest portion of total exports among major types of goodsBy major type of goods, exports of manufactured goods shared the biggest to the total exports in November 2022 amounting to USD 6.05 billion (85.2%). This was followed by mineral products with a share of USD 525.39 million (7.4%); and total agro-based products, which contributed USD 382.96 million (5.4%). (Figure 4 and Table 5)
5. Total export value of Personal Protective Equipment and medical supplies decreased in November 2022The total export value for Personal Protective Equipment (PPE) and medical supplies in November 2022 dropped to USD 0.67 million. This indicates an annual decrease of -40.7 percent from its value of USD 1.12 million in November 2021. The annual decline in the export value for these medical items in the previous month was recorded at -49.5 percent, while in November 2021, it went down by -75.2 percent. The annual declines in the export of protective clothing at -85.8 percent and surgical face mask at -84.2 percent contributed to the decrement of export value for PPE and medical supplies in November 2022. Month-on-month, export value for PPE and medical supplies dropped by -2.2 percent in November 2022, while in October 2022, it rose by 5.5 percent. Contributing to the monthly decrement in the export value of PPE and medical supplies was the decrease in the export value of surgical face mask at -49.2 percent. On the other hand, export value increased month-on-month for other face mask (non-surgical/non-medical masks including masks made of cloth) at 31.9 percent. (Tables C and 7)
6. Hong Kong contributed the highest to the total export valueBy major trading partners, exports to Hong Kong comprised the highest export value amounting to USD 1.16 billion or a share of 16.3 percent to the total exports during the month. Completing the top five major export trading partners with their export values and percent shares to the total exports were:
a. United States of America (USA), USD 1.14 billion (16.0%);
b. Japan, USD 938.30 million (13.2%);
c. People’s Republic of China, USD 876.27 million (12.3%); and
d. Singapore, USD 369.25 million (5.2%). (Figure 5 and Table 8)
7. Majority of exports were for Asia-Pacific Economic Cooperation countriesBy economic bloc, majority of the country’s merchandise exports in November 2022 went to the Asia-Pacific Economic Cooperation (APEC) countries with a share of USD 5.99 billion (84.3%) to the total exports. This was followed by the East Asia, valued at USD 3.58 billion (50.4%), and the Association of Southeast Asian Nations (ASEAN) at USD 1.06 billion (14.9%). (Figure 6 and Table 9)
8. Eastern Asia contributed the highest export value by geographic regionBy geographic region, Eastern Asia comprised the highest export value in November 2022 amounting to USD 3.58 billion (50.4%). This was followed by Northern America with an export value of USD 1.18 billion (16.7%) and Southeastern Asia with USD 1.06 billion (14.9%) worth of export value. (Figure 7 and Table 19)
1. Import value decreasedTotal imported goods in November 2022, which amounted to USD 10.78 billion, decreased at an annual rate of -1.9 percent. It grew at a faster rate in October 2022 at 7.7 percent and in November 2021 at 36.8 percent. (Figures 1 and 8, and Tables A and 2)
The annual decrement in the value of imported goods in November 2022 was mainly due to the decreases in the values of four of the top 10 major commodity groups, with electronic products having the fastest annual decline of -10.1 percent. This was followed by transport equipment, which dropped by -8.8 percent annually; cereals and cereal preparations by -5.9 percent; and industrial machinery and equipment by -3.5 percent. (Tables D and 10)
2. Year-to-date annual total import value grewThe year-to-date annual total import value, that is from January to November 2022, amounted to USD 126.86 billion. This represents an annual increment of 20.3 percent from the year-to-date annual total import value of USD 105.49 billion in January to November 2021. (Table 11)
3. Electronic products accounted for the highest import value among commodity groupsMost of the imported goods were electronic products with an import value of USD 2.64 billion or a share of 24.5 percent to the total imports in November 2022. This was followed by mineral fuels, lubricants and related materials, valued at USD 1.67 billion (15.5%); and transport equipment, which amounted to USD 826.74 million (7.7%). (Figure 9 and Table 10)
4. Imports of raw materials and intermediate goods contributed the highest among major types of goodsBy major type of goods, imports of raw materials and intermediate goods accounted for the largest share to the total imports amounting to USD 4.06 billion (37.7%) in November 2022. Imports of capital goods ranked second with a share of USD 3.00 billion (27.8%), followed by consumer goods with USD 1.96 billion (18.2%). Imports of mineral fuels, lubricants and related materials recorded a positive annual growth of 7.9 percent from its value of USD 1.55 billion in the same month of the previous year. (Figure 10 and Table 12)
5. Total import value of Personal Protective Equipment and medical supplies including COVID-19 vaccine decreased in November 2022The total import value for Personal Protective Equipment (PPE) and medical supplies, including Coronavirus disease 2019 (COVID-19) vaccine, declined to USD 28.70 million in November 2022, indicating an annual decrement of -91.6 percent from its value of USD 341.04 million in the same month of the previous year. In November 2022, the total import for COVID-19 vaccine was valued at USD 6.74 million. The annual growth rate of import value for PPE and medical supplies, including COVID-19 vaccine, was recorded at -82.1 percent in October 2022. On the contrary, PPE and medical supplies rose at an annual rate of 1,670.9 percent in November 2021. The annual decrements noted in the following items had contributed to the decrease of the total import value for PPE and medical supplies, including COVID-19 vaccine in November 2022:
a. face shield (-98.0%);
b. COVID-19 vaccine (-97.8%);
c. protective clothing (-85.3%);
d. surgical face mask (-80.3%);
e. other face mask (non-surgical/non-medical masks including masks made of cloth, -75.3%);
f. surgical gloves (-67.0%); and
g. testing kits (-28.3%).
a. other face mask (non-surgical/non-medical masks including masks made of cloth, -51.5%);
b. COVID-19 vaccine (-50.1%);
c. surgical face mask (-37.5%);
d. surgical gloves (-36.2%); and
e. testing kits (-5.4%).
6. People’s Republic of China had the highest import valueThe People’s Republic of China was the country’s biggest supplier of imported goods valued at USD 2.60 billion or 24.1 percent of the total imports in November 2022. Completing the top five major import trading partners with their corresponding import values and percent shares to the total imports were:
a. Indonesia, USD 1.14 billion (10.6%);
b. Japan, USD 927.50 million (8.6%);
c. USA, USD 735.40 million (6.8%); and
d. Republic of Korea, USD 691.74 million (6.4%). (Figure 11 and Table 15)
7. Imports came largely from APEC member countriesBy economic bloc, APEC countries were the biggest suppliers of the country’s imported goods in November 2022 with a share of USD 8.96 billion (83.1%). This was followed by East Asia with an import value of USD 4.97 billion (46.1%) and ASEAN with USD 2.96 billion (27.5%). (Figure 12 and Table 16)
8. Eastern Asia contributed the highest import value among geographic regionBy geographic region, USD 4.97 billion (46.1%) of the country’s imports in November 2022 were from Eastern Asia. This was followed by Southeastern Asia, whose import value amounted to USD 2.96 billion (27.5%) and Northern America valued at USD 815.29 million (7.6%). (Figure 13 and Table 19)
DENNIS S. MAPA, Ph.D.
National Statistician and Civil Registrar General
Explanatory NotesExport and import trade statistics are compiled by the Philippine Statistics Authority (PSA) from export and import documents submitted to the Bureau of Customs (BOC) by exporters and importers or their authorized representatives as required by law. The following are documents collected, either in electronic or hard copies:
1. Export Declaration (ED – DTI form);
2. Informal Import Declaration and Entry (BOC Form 177); and
3. Single Administrative Documents (SAD) for Export Declaration (ED) and Import Entry and Internal Revenue Declaration (IEIRD).
Preliminary results of export and import statistics are disseminated in the form of a press release (PR). The PR is disseminated every 40th day after the reference month. However, if the 40th day falls on a Saturday, the release is made a day earlier (Friday). If it falls on a Sunday or Monday, the release is on Tuesday. Moreover, if the release date falls on a holiday, the date of release is moved accordingly. Preliminary results are posted on the PSA website (www.rsso05.gmggc.com).All documents received after the cut-off date are included in the generation of the revised results. The revised data of the previous month are reported during the release of the preliminary report for the current month. Revisions are made for the previous months until the annual report is released three months after the reference year. Import figure for the year 2021 with reference months June to December except for November and 2022 figures for January to May were revised due to exclusion of duplicate transactions identified by the BOC. These transactions came from the withdrawal of manufactured goods from the freeport zone area. The 2019 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the 10-digit code level for statistical purposes.
Data requests on export and import statistics can be made at the PSA, Economic Sector Statistics Service, Trade Statistics Division with telephone number (02) 8376-1975 or email address email@example.com.