Republic of the Philippines

NUEVA ECIJA UNIVERSITY OF SCIENCE AND TECHNOLOGY

TALAVERA ACADEMIC EXTENSION CAMPUS
TALAVERA, NUEVA ECIJA

PHILIPPINES FOREIGN
TRADE

BY: GROUP 1
CRUZ, LAILANIE
CAYETANO
CINENSE
JOANNE DELA CRUZ
ANABELLE
HANNA KRIZZA
CAMILLE
MARK PEREZ
DIVINE

TO:
MRS. ROMMEL G. RIVERA

PHILIPPINES FOREIGN TRADE

HISTORY

At independence in 1946, the Philippines was an agricultural nation

tied closely to its erstwhile colonizer, the United States. This was most
clearly observed in trade relations between the two countries. In 1950 the
value of the Philippines' ten principal exports--all but one being agricultural
or mineral products in raw or minimally processed form--added up to 85
percent of the country's exports. For the first twenty-five years of
independence, the structure of export trade remained relatively constant.
The direction of trade, however, did not remain constant. In 1949, 80
percent of total Philippine trade was with the United States. Thereafter, the
United States portion declined as that of Japan rose. In 1970 the two
countries' share was approximately 40 percent each, the United States
slightly more, and Japan slightly less. The pattern of import trade was similar,
if not as concentrated. The United States share of Philippine imports declined
more rapidly than Japan's share rose, so that by 1970 the two countries
accounted for about 60 percent of total Philippine imports. After 1970
Philippine exporters began to find new markets, and on the import side the
dramatic increases in petroleum prices shifted shares in value terms, if not in
volume. In 1988 the United States accounted for 27 percent of total
Philippine trade, Japan for 19 percent.
At the time of independence and as a requirement for receiving war
reconstruction assistance from the United States, the Philippine government
agreed to a number of items that, in effect, kept the Philippines closely linked

to the United States economy and protected American business interests in

the Philippines. Manila promised not to change its (overvalued) exchange
rate from the prewar parity of P2 to the dollar, or to impose tariffs on imports
from the United States without the consent of the president of the United
States. By 1949 the situation had become untenable. Imports greatly
surpassed the sum of exports and the inflow of dollar aid, and a regime of
import and foreign-exchange controls was initiated, which remained in place
until the early 1960s.
The controls initially reduced the inflow of goods dramatically. Between
1949 and 1950, imports fell by almost 40 percent to US$342 million and
surpassed the 1949 level in only one year during the 1950s. Being
constrained, imports of goods and nonfactor services as a proportion of GNP
declined during the 1950s, ending the decade at 10.6 percent, about the
same percentage as that of exports. By the late 1950s, however, exchange
controls had begun to lose their effectiveness as most available foreign
exchange was committed for required imports. A tariff law was passed in
1957, and, from 1960 to early 1962, import and exchange controls were
phased out. Exports and imports increased rapidly. By 1965 the import to
GNP ratio was more than 17 percent. Another acceleration of imports
occurred in the early 1970s, this time raising the import to GNP ratio to
around 25 percent, the level at which it remained into the 1990s. Imports in
the 1970s were increasingly being financed by external debt rather than by
exports.
The composition of imports evolved after independence as industrial
development occurred and commercial policy was modified. In 1949, about
37 percent of imports were consumer goods. This proportion declined to
around 20 percent during the exchange-and-import control period of the
1950s. By the late 1960s, consumer imports had been largely replaced by
domestic production. Imports of machinery and equipment increased,
however, as the country engaged in industrialization, from around 10 percent
in the early 1950s to double that by the mid-1960s. As a result of the surge
in petroleum prices in the 1970s, the import share of both consumer and
capital goods fell somewhat, but their relative magnitudes remained the
same.
No matter the trade regime, the Philippines had difficulty in generating
sufficient exports to pay for its imports. In the forty years from 1950 through
1990, the trade balance was positive in only two years: 1963 and 1973. For a
few years after major devaluations in 1962 and 1970, the current account

was in surplus, but then it too turned negative. Excessive imports remained a
problem in the late 1980s. Between 1986 and 1989, the negative trade
balance increased tenfold from US$202 million to US$2.6 billion (see table
13, Appendix).
In 1990 weaker world prices for Philippine exports, higher production
costs, and a slowdown in the economies of the Philippines' major trading
partners restrained export growth to only slightly more than 4 percent.
Increasing petroleum prices and heavy importation of capital goods,
including power-generating equipment, helped push imports up almost 17
percent, resulting in a 50 percent jump in the trade deficit to more than US$4
billion. Reducing the drain on foreign exchange has became a major
government priority.
A number of factors contributed to the rather dismal trade history of
the Philippines. The country's terms of trade(see Glossary) have fallen for
most of the period since 1950, so that in the late 1980s, a given quantity of
exports could buy only 55 percent of the volume of imports that it could buy
in the early 1950s. A second factor was the persistent overvaluation of the
exchange rate. The peso was devalued a number of times falling from a preindependence value of P2 to the dollar to P28 in May 1990. The adjustments,
however, had not stimulated exports or curtailed imports sufficiently to bring
the two in line with one another.
A third consideration was the country's trade and industrial policies,
including tariff protection and investment incentives. Many economists have
argued that these policies favorably affected import-substitution industries to
the detriment of export industries. In the 1970s, the implementation of an
export- incentives program and the opening of an export-processing zone at
Mariveles on the Bataan Peninsula reduced the biases somewhat. The export
of manufactures (e.g., electronic components, garments, handicrafts,
chemicals, furniture, and footwear) increased rapidly. Additional exportprocessing zones were constructed in Baguio City and on Mactan Island near
Cebu City. During the 1970s and early 1980s, nontraditional exports (i.e.,
commodities not among the ten largest traditional exports) grew at a rate
twice that of total exports. Their share of total exports increased from 8.3
percent in 1970 to 61.7 percent in 1985. At the same time that nontraditional
exports were booming, falling raw material prices adversely affected the
value of traditional exports.

In 1988 the value of nontraditional exports was US$5.4 billion, 75

percent of the total. The most important, electrical and electronic equipment
and garments, earned US$1.5 billion and US$1.3 billion, respectively. Both of
these product groups, however, had high import content. Domestic value
added was no more than 20 percent of the export value of electronic
components and probably no more than twice that in the garment industry.
Another rapidly growing export item was seafood, particularly shrimps and
prawns, which earned US$307 million in 1988.
The World Bank and the IMF as well as many Philippine economists had
long advocated reduction of the level of tariff protection and elimination of
import controls. Those in the business community who were engaged in
import-substitution manufacturing activities, however, opposed reductions.
They feared that they could not successfully compete if tariff barriers were
lowered.
In the early 1980s, the Philippine government reached agreement with
the World Bank to reduce tariffs by about one-third and to lift import
restrictions on some 3,000 items over a five- to six-year period. The bank, in
turn, provided the Philippines with a financial sector loan of US$150 million
and a structural adjustment loan for US$200 million, to provide balance-ofpayments relief while the tariff wall was reduced. Approximately two-thirds of
the changes had been enacted when the program ground to a halt in the
wake of the economic and political crisis that followed the August 1983
assassination of former Senator Benigno Aquino.
In an October 1986 accord with the IMF, the Aquino government
agreed to liberalize import controls and to eliminate quantitative barriers on
1,232 products by the end of 1986. The target was accomplished for all but
303 products, of which 180 were intermediate and capital goods. Agreement
was reached to extend the deadline until May 1988 on those products. The
liberalizing impact was reduced in some cases, however, by tariffs being
erected as quantitative controls came down.
A tariff revision scheme was put forth again in June 1990 by Secretary
of Finance Jesus Estanislao. After an intracabinet struggle, Aquino signed
Executive Order 413 on July 19, 1990, implementing the policy. The tariff
structure was to be simplified by reducing the number of rates to four,
ranging from 3 percent to 30 percent. However, in August 1990, business
groups successfully persuaded Aquino to delay the tariff reform package for
six months.

The Philippines: General Economy and Export Industry

Overview
The Philippines is a newly industrialized emerging market economy, with exports as its key
driver of growth. Its P1.5-trillion GDP, the fourth largest in Southeast Asia, is accounted for
by:

Service sector (50%)

Industry (33%)
Agriculture (17%)

Key economic activities include business process outsourcing (BPO), food processing, textiles
and garments, and assembly operations in the manufacturing of electronics and other hightech components.
In the 2011 International Institute Management for Development World Competitiveness
Survey, Philippines' quality of the workforce serves as an attractive competitiveness factor,
assisting businesses to flourish.
Resilient Growth Market in Dynamic Asia
The Philippines is one of the very few economies with positive economic growth during the
2008-2009 global recession. In 2010, the economy registered a record high growth, with the
stock market breaking one record over another, making it one of the best-performing
bourses in Asia.
The government has projected the Philippine
economy to grow by 7 - 8% in 2011.
Export Performance and Prospects

The Philippines exports continue with its upward trend throughout 2010. While US and Japan
have remained the country's two largest export markets, China and ASEAN countries have
grown in importance. Other key markets include Hong Kong, Germany, Netherlands, South
Korea, France and India.
Besides diversifying its markets and increasing its concentration on the the production of
goods and services with clear competitive advantage, Philippines is looking to further value

add growth sectors such as IT-BPO and penetrate high growth markets in Asia to achieve the
projected growth for the next 2 years.

Foreign Trade of the Philippines

1990 to 2013
(F.O.B. value in million U.S. dollars)
Year

Total Trade

Exports

Imports

Balance of Trade Favorable

(Unfavorable)

2013

119,108.50

56,697.90

62,410.60

2012

114,228.00

52,100.00

62,129.00

(5,712.70)
(10,029)

2011

108,186.00

48,042.00

60,144.00

(12,102.00)

2010

106,430.00

51,498.00

54,933.00

(3,435.00)

2009

81,527.00

38,436.00

43,092.00

(4,656.00)

2008

105,824.00

49,078.00

56,746.00

(7,669.00)

2007

105,980.00

50,466.00

55,514.00

(5,048.00)

2006

99,183.79

47,410.12

51,773.68

(4,363.57)

2005

88,672.86

41,254.68

47,418.18

(6,163.50)

2004

83,719.73

39,680.52

44,039.21

(4,358.69)

2003

76,701.72

36,231.21

40,470.51

(4,239.30)

2002/r

74,444.67

35,208.16

39,236.51

(4,028.35)

2001/r

65,207.36

32,150.20

33,057.16

(906.96)

2000

72,569.12

38,078.25

34,490.87

3,587.38

1999

65,779.35

35,036.89

30,741.46

4,294.43

1998

59,156.64

29,496.75

29,659.89

(163.14)

1997

61,161.52

25,227.70

35,933.82

(10,706.12)

1996

52,969.48

20,542.55

32,426.93

(11,884.38)

1995

43,984.81

17,447.19

26,537.63

(9,090.44)

1994

34,815.46

13,482.90

21,332.57

(7,849.67)

1993

28,972.21

11,374.81

17,597.40

(6,222.59)

1992

24,343.24

9,824.31

14,518.93

(4,694.62)

1991

20,890.88

8,839.51

12,051.36

(3,211.85)

1990

20,392.19

8,186.03

12,206.16

(4,020.13)

Notes:
1. Details may not add up to totals due to rounding.
2. Exports include domestic exports and re-exports.
r - revised
Source: Philippine Statistics Authority

MERCHANDISE EXPORTS PERFORMANCE

APRIL 2015
(Preliminary)

April
2015

2014

TOTAL EXPORTS
FOB Value in Million US
Dollars
Year-on-Year Growth
(Percent)

4,376.35
-4.1

4,563.49
1.3

Electronic Products
FOB Value in Million US
Dollars

2,216.48

1,881.41

17.8

1.0

Year-on-Year Growth
(Percent)

Top 10 Philippine Export to All Countries: April 2015

(Year-on-Year Growth in Percent)

Gainers

Losers

Coconut Oil

30.3 Other Mineral Products

-36.8

Electronic Products

17.8 Other Manufactures

-26.7

Woodcrafts and Furniture

-23.9

Metal Components

-14.5

Top 10 Philippine Export to All Countries: April 2015

(Year-on-Year Growth in Percent)
Chemicals

-10.2

Ignition Wiring Set and

Other Wiring Sets Used in
Vehicles, Aircrafts and
Ships

-7.9

Articles of Apparel and

Clothing Accessories

-4.9

Machinery and Transport

Equipment

-4.4

p-preliminary, r-revised

OUTBOUND GOODS IN APRIL 2015 DECREASED BY 4.1 PERCENT

The Philippines export sales totaled $4.376 billion in April 2015, a 4.1 percent decrease
from $4.563 billion recorded value in April of 2014. The negative growth was mainly
brought about by the decrease of eight major commodities out of the top ten commodities
for the month which include other mineral products; other manufactures; woodcrafts and
furniture; metal components; chemicals; ignition wiring set and other wiring sets used in
vehicles, aircrafts and ships; articles of apparel and clothing accessories; and machinery &
transport equipment (Table 1).
Combined merchandise exports for the four month period of 2015 registered a 1.2 percent
decrease that is from $18.840 billion in 2014 to $18.623 billion in same period of 2015
(Table 1a).

ELECTRONIC PRODUCTS GREW BY 17.8 PERCENT

Electronic Products remained as the countrys top export with total receipts of $2.216
billion, accounting for 50.6 percent of the total exports revenue in April 2015. It increased
by 17.8 percent from $1.881 billion registered in April 2014. Among the major groups of
electronic products, Components/Devices (Semiconductors), comprised the biggest at
38.1 percent. Its total exports earnings worth $1.667 billion and rose by 26.7 percent from
$1.316 billion recorded in April 2014.
Other Manufactures, with 6.3 percent share to the total export receipts, ranked second
with value posted at $274.63 million. This recorded a decrease of 26.7 percent from April
2014 value of $374.59 million.
Machinery and Transport Equipment was the third top export earner in April 2015 with
export revenue of $234.60 million, declined by 4.4 percent from $245.27 million in April
2014.
Woodcrafts and Furniture recorded as the countrys fourth top export with revenue
valued at $210.85 million or 4.8 percent share to total exports. It contracted by 23.9
percent from $277.15 million in same period of 2014.
Articles of Apparel and Clothing Accessories ranked fifth, with sales amounting to
$156.16 million in April 2015, contributing 3.6 percent share to the total export receipts.
This registered a 4.9 percent decrease from the previous year level of $164.23 million.
Rounding up the list of the top ten exports for the month of April 2015
were: Chemicals with export earnings of $151.94 million, fell by 10.2 percent; Ignition
Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships with export
receipts of $148.70 million, dropped by 7.9 percent; Other Mineral Products with
proceeds billed at $138.85 million, declined by 36.8 percent; Coconut Oils with export
receipts of $81.09 million, expanded by 30.3 percent and registered the highest year-onyear increase among the top ten exports during this period; and Metal Components with
total receipts of $80.28 million, decelerated by 14.5 percent.
Total receipts from the top ten exports reached $3.694 billion, or 84.4 percent of the total
exports.

EXPORTS OF MANUFACTURED GOODS UP BY 0.8 PERCENT

Outward shipments of Manufactured Goods were valued at $3.788 billion, accounting for
86.6 percent of the total export receipts in April 2015. It went up by 0.8 percent from
$3.757 billion recorded in April 2014 (Table 2).
Mineral Products which registered a 5.9 percent share, decreased by 18.2 percent from
$318.02 million in April 2014 to $260.26 million in April 2015.
Receipts from Total Agro-Based Products, with a share of 5.3 percent in April 2015,
amounted to $230.96 million. It dropped by 33.1 percent from $345.02 million in April
2014.
Merchandise exports from Special Transactions, which comprised 2.0 percent share of the
total exports revenue in April 2015, rose by 3.8 percent to $86.78 million from $83.62
million in same month a year ago.
Sales from Forest Products which accounted for 0.2 percent share of the total exports,
increased by 1.3 percent to $7.71 million in April 2015 from $7.61 million reported value in
same period of 2014.
Furthermore, Petroleum Products with 0.1 percent share, declined by 94.8 percent from
$51.99 million in April 2014 to $2.70 million in same month in 2015.

JAPAN ACCOUNTED FOR 17.9 PERCENT TO TOTAL EXPORTS

Japan including Okinawa remained as the countrys top destination of exports with revenue
amounting to $784.90 million, comprising 17.9 percent share to total exports for April
2015. It decreased by 16.1 percent from $935.29 million recorded value in same month a
year ago.
United States of America (USA) including Alaska and Hawaii ranked second, accounting
16.0 percent to total exports, with export receipts valued at $700.21 million in April 2015.
This recorded a decline of 5.4 percent from $740.01 million in same month last year.
Peoples Republic of China with 10.7 percent share to total exports, ranked third with
shipments valued at $467.67 million in April 2015. It went down by 17.9 percent from
$569.53 million in same month a year ago.
Hong Kong ranked fourth in April 2015 with $451.07 million or 10.3 percent share of the
total exports. It rose by 22.8 percent from $367.23 million year ago level.
Singapore placed fifth, representing a 5.9 percent share to total exports, with export
earnings worth $260.16 million. It contracted by 33.2 percent from $389.26 million posted
in April 2014.
Other top ten market destinations for April 2015 were: Republic of Korea, $229.55
million; Germany, $202.49 million;Taiwan, $159.37 million; Thailand, $148.41 million;
and Netherlands, $125.43 million.

Total export receipts from the countrys top ten market destinations for the month of April
2015 was valued at $3.529 billion or 80.6 percent of the total (Table 3).

47.9 PERCENT OF EXPORTS WERE FROM COUNTRIES IN EAST ASIA

The bulk of countrys merchandise exports in April 2015 were from countries in East
Asia which accounted for 47.9 percent share to total exports and valued at $2.097 billion.
It decreased by 6.3 percent from $2.238 billion of April 2014 figure.
Exports to European Union member countries, with 13.9 percent share to total
merchandise exports amounted to $606.85 million. It grew by 18.7 percent from $511.12
million recorded in April 2014.
Commodities exported to ASEAN member countries comprised 13.6 percent of the total
exports in April 2015 and was valued at $594.95 million. This registered a decrease of 24.4
percent from $786.85 million posted in same month a year ago (Table 3a).

Technical Notes:
1.) Starting with the April 2007 Press Release, analysis and tables are based on the 2004
Philippine Standard Commodity Classification (PSCC) groupings. This is in compliance with
the former NSCB Resolution No. 03, Series of 2005 entitled Approving and Adopting the
2004 Philippine Standard Commodity Classification by all concerned government agencies
and instrumentalities.
2.) Starting 2014 export revised FOB value, all transactions that pass through all Value
Added Service Providers (VASPs) of Bureau of Customs (BOC) and Philippine Economic and
Zone Authority (PEZA) were included. Physical export declaration and electronic data files
were the basis of export statistics.

EXTERNAL TRADE PERFORMANCE

MARCH 2015
(Preliminary)

March
2015

2014

TOTAL IMPORTS
FOB Value in Million US Dollars

5,112.61

5,485.68

Year-on-Year Growth (Percent)

-6.8

10.8

FOB Value in Million US Dollars

1,271.33

1,206.67

Year-on-Year Growth (Percent)

5.4

-3.6

Electronic Products

Top 10 Philippine Imports from All Countries: March 2015

(Year-on-Year Growth in Percent)

Gainers

Cereals and Cereal Preparation

Losers
135.9

Mineral Fuels, Lubricants and Related

Materials

-47.3

Top 10 Philippine Imports from All Countries: March 2015

(Year-on-Year Growth in Percent)

Feeding Stuff for Animals (Not Including

Unmilled Cereals)

48.2

Medicinal and Pharmaceutical Products

13.4

Transport Equipment

8.4

Electronic Products

5.4

Organic and Inorganic Chemicals

5.3

Industrial Machinery and Equipment

4.2

Other Food and Live Animals

2.1

Plastics in Primary and Non-Primary

Forms

p-preliminary, r-revised

IMPORTS DECLINED BY 6.8 PERCENT IN MARCH 2015

-16.9

The countrys total imported goods for March 2015 amounted to $5.113 billion, a
decrease of 6.8 percent from $5.486 billion recorded during the same period a year ago.
The decline in total imports for this period was due to the negative performance of two out
of the top ten major commodities for the month. These were: Mineral Fuels, Lubricants and
Related Materials; and Plastics in Primary and Non-Primary Forms. Of the major
commodities that caused the decline in the countrys imports, inward shipments of Mineral
Fuels, Lubricants and Related Materials showed a remarkable 47.3 percent decrease (an
equivalent of $611.86 million) in the same month of previous years level.
Cumulative imports for the first three months of 2015 amounted to $15.682 billion, a 4.1
percent decrease compared with $16.348 billion in the same period of last year.
The balance of trade in goods (BOT-G) for the Philippines in March 2015 registered a surplus
of $264.11 million compared to the $217.27 million deficit in the same period last year.

ELECTRONIC PRODUCTS ACCOUNTED FOR 24.9 PERCENT

OF IMPORT BILL
Inbound shipments of Electronic Products were the top imported commodity in March
2015, accounting for 24.9 percent of the total import bill with value amounting to $1.271
billion. It expanded by 5.4 percent over last year's figure of $1.207 billion. Among the
major groups of electronic products, Components/Devices (Semiconductors), had the

biggest share of 18.4 percent, and grew by 1.2 percent, that is,
March 2015 compared from $928.42 million in March 2014.

$939.41 million

in

Imports of Mineral Fuels, Lubricants and Related Materials ranked second with 13.3
percent share and reported value of $681.28 million in March 2015. It went down by 47.3
percent from $1.293 billion in March 2014.
Transport Equipment placed third with 12.3 percent share to total imports valued at
$626.61 million compared from previous years level of $577.97 million. It accelerated by
8.4 percent from March 2014 figure.
Industrial Machinery and Equipment, contributing 5.1 percent to the total import bill
was the countrys fourth top import for the month amounting to $261.09 million. It went up
by 4.2 percent compared to last years value of $250.62 million.
Fifth in rank and with 3.6 percent share to the total imports, Other Food and Live
Animals recorded $182.57 million worth of imports. It registered a 2.1 percent increase
from its year ago level of $178.89 million.
Rounding up the list of the top ten imports for March 2015 were: Cereals and Cereal
Preparations valued at $180.63 million; Plastics in Primary and Non-Primary Forms,
$156.21 million; Feeding Stuff For Animals (Not Including Unmilled Cereals),
$123.55 million; Medicinal and Pharmaceutical Products amounting to $121.77
million; and Organic and Inorganic Chemicals, $121.66 million.
Aggregate payment for the countrys top ten imports for March 2015 reached $3.727 billion
or 72.9 percent of the total import bill.

ABOUT 40.9 PERCENT OF THE TOTAL IMPORTS WERE RAW

MATERIALS AND INTERMEDIATE GOODS
Payments for purchases of Raw Materials and Intermediate Goods in March 2015 were
valued at $2.089 billion and accounted for 40.9 percent of the total imports. It decreased
by 1.1 percent over last year's figure of $2.113 billion. Semi-Processed Raw Materials had
the biggest share of 36.2 percent valued at $1.853 billion and went down by 6.2 percent
compared to $1.975 billion value in March 2014.
Payments for inward shipments of Capital Goods accounted for 30.0 percent of the total
imports. It rose by 16.6 percent to $1.536 billion in March 2015 from $1.317 billion in
March 2015.
Purchases of Consumer Goods recorded 14.7 percent share with a total import bill valued
at $752.75 million in March 2015. It increased by 2.8 percent from $732.03 million
registered in March 2014.
Mineral Fuels, Lubricants and Related Materials with 13.3 percent share to total
imports, decreased by 47.3 percent from $1.293 billion in March 2014 to $681.28 million in
March 2015. Other mineral fuel and lubricants such as gas oils, regular and premium
unleaded motor spirit and aviation spirit contributed the biggest share of imports in this
commodity group.

Special Transactions went up by 75.1 percent to $53.92 million in March 2015 from
$30.80 million recorded in March 2015.

IMPORTS FROM PEOPLES REPUBLIC OF CHINA ACCOUNTED

FOR 12.0 PERCENT
Peoples Republic of China remained as the countrys biggest source of imports with 12.0
percent share in March 2015. Payments were recorded at $614.70 million, a decrease of
27.2 percent from $844.11 million in March 2014. Revenue from the countrys exports
to China, on the other hand, reached $583.52 million, generating a total trade value of
$1.198 billion and $31.18 million trade deficit.
United States of America (USA) including Alaska and Hawaii was the second biggest
source of imports for March 2015 with 10.7 percent share to the total import bill amounting
to $547.34 million which increased by 30.8 percent from $418.61 million in March 2014.
Exports to USA amounted to $879.54 million, yielding a two-way trade value of $1.427
billion and a trade surplus of $332.20 million.
Japan including Okinawa came third, contributing 8.7 percent to the total import bill in
March 2015, valued at $445.20 million. It increased by 10.5 percent from its March 2014
value of $402.99 million. Export receipts from Japan in March 2015 reached $1.118 billion
yielding a total trade value of $1.563 billion and a trade surplus of $672.77 million.

Republic of Korea ranked fourth, accounting for 7.7 percent share of the total import bill
in March 2015 with a negative growth of 39.9 percent from $653.10 million in March 2014
to $392.78 million in March 2015. Exports to this country amounted to $191.91 million
resulting to a total trade value of $584.69 million and a trade deficit of $200.87 million.
Fifth in rank was Singapore accounting for 7.1 percent share of the total import bill
worth $361.69 million in March 2015, a decrease by 16.9 percent from $435.26 million in
March 2014. Exports to Singapore amounted to $312.88 million resulting to a total trade
value of $674.57 million and a trade deficit of $48.81 million.
Other major sources of imports for the month of March 2015 were: Taiwan, $340.03
million; Germany, $308.04 million; Thailand, $296.41 million; Indonesia, $250.85
million; and Malaysia (includes Sabah and Sarawak), $244.63 million.
Aggregate payments for imports from the top ten sources for March 2015 amounted to
$3.802 billion or 74.4 percent of the total.

IMPORTS FROM COUNTRIES IN EAST ASIA ACCOUNTED FOR

37.3 PERCENT
By economic bloc, East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea,
South Korea and Taiwan) was the biggest source of the countrys imports in March 2015 as
it accounted for 37.3 percent of the total imports valued at $1.907 billion. It decreased by

19.3 percent from $2.364 billion in March 2014. Total exports to countries of East
Asia amounted to $2.586 billion resulting to a total trade of $4.493 billion and a trade
surplus of $679.15 billion.
Commodities imported from ASEAN member countries were valued at $1.254
billion, contributing 24.5 percent share and which increased by 2.2 percent from
$1.227 billion recorded in March 2014. Proceeds from exports to ASEAN member countries
were worth $703.93 million, resulting to a total trade of $1.958 billion and a trade deficit of
$550.30 million.
Imports from European Union were valued at $740.13 million. It escalated by 2.8
percent compared to a year ago value of $719.86 million. Exports to member countries
of European Union were worth $695.47 million, resulting to a total trade of $1.436 billion
and a trade deficit of $44.65 million.

Technical Notes:

1.

Adjustments on electronic import statistics are based on the transactions that pass
through the Electronic to Mobile (e2m) of the Bureau of Customs (BOC).

Starting with the 2007 Press Release, analysis and tables are based on the 2004
Philippine Standard Commodity Classification (PSCC) groupings. This is in compliance
with NSCB Resolution No. 03, Series of 2005 entitled Approving and Adopting the
2004 Philippine Standard Commodity Classification by all concerned government
agencies and instrumentalities.