July 2016 CAR Imports

Release Date:

Foreign trade is the system by which countries exchange goods and services. Countries trade with each other to obtain things that are of better quality, less expensive or simply different from goods and services produced locally. The goods and services that are bought from other countries are called imports.

The region’s Free on Board (FOB) import value of commodities slightly increased by 5.2% from the amount of $79,622,700 in June 2016 to $83,750,712 in July 2016. Likewise, the region's total volume of imported commodities increased by 46.7% from 333,078.3 kg in June 2016 to 488,601.7 kg in July 2016.

Imports by Commodity

  • The top 10 imported commodities of the region contributed $ 82,730,003 or equivalent to 98.8% share to the total regional value of imports in July 2016.
  • Electrical machinery and equipment, and parts thereof remained the top imported commodity having an import value of $51,782,048 (61.8%). This was followed by nuclear reactors, boilers machinery and mechanical appliance, and parts thereof with imports value equivalent to $12,296,492 (14.7%). Meanwhile, aircraft, spacecraft, and parts thereof ranked third contributing $8,828,374 (10.5%) to the total value of imports in the region.
  • Remaining top imported commodities in July 2016 were optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof (6.0%), Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metals and articles thereof; imitation jewelry; coin (1.6%), Plastics and articles thereof (1.5%), iron and steel (1.0%), Miscellaneous chemical products (0.8%), Aluminum and articles thereof (0.5%), and organic chemicals(0.3%). These commodities had an accumulated value of $ 9,823,089.
  • Other imported commodities for the month of July contributed $10,843,798 or 1.2% share in the total value of imported commodities in the region.

Imports by Country of Origin

  • The 3 major sources of imported goods of the region were the United States of America (USA), Republic of Korea, and Taiwan (Republic of China). The total value of imports from these countries amounted to $61,711,508 (73.7%) which shared 65% of the total regional volume of imports in July 2016. The same countries were the top sources of imported goods of the region in June 2016.
  • The region also imported goods from Japan (7.9%), Singapore (4.7%), Malaysia (4%), People’s Republic of China (2.9%), UK of Great Britain and N. Ireland (2.4%), France (1.4%), India (1.0%), Germany (0.06%), Italy (0.04%), Thailand (0.02%), Hongkong (0.02%), Netherlands (0.02%), Canada (0.01%), Poland (0.01%), Israel (0.01%), Costa Rica (0.01%), Switzerland (0%), Saudi Arabia (0%), Romania (0%), Slovak Republic (0%), Qatar (0%), Belgium (0%), and Sweden (0%). These contributed 26.3% share of the total regional value of imported commodities in the region.

APEC and Non-APEC members

  • TAbout 94.6% of the region’s total import goods in July 2016 were bought from the AsiaPacific Economic Cooperation (APEC) member countries, namely United States of America (USA), Republic of Korea, Taiwan, Japan, Singapore, Malaysia, People’s Republic of China, India, Thailand, Hongkong, and Canada.
  • The topmost imported commodity among the APEC member countries in July 2016 was electrical machinery and equipment with $51,557,435.00 which comprised 65% of the total import value from APEC countries.

  • On the other hand, the total value of imports from the non-APEC countries was $ 4,483,957or equivalent to 5.4% of the total regional value of imports.
  • Aircraft, spacecraft, and parts thereof was the major imported commodity of the country from the Non-APEC countries with total value of $ 2,013,207.00, and sharing 44.9% in the total value of imports from Non-APEC countries.

 

 

Technical Notes

Free on Board Value (FOB) - is the value of the goods free on board the carrier at the frontier of the exporting country. It includes inland freight, export duty and other expenses. In addition, the value of goods in the Philippine foreign trade statistics is FOB.

Country of Destination (Exports only) - it is the country where the goods are to be consumed, further processed, or manufactured.

Country of Origin (Imports only) - it is the country where the goods are mined, grown, or manufactured or where each foreign material used or incorporated in a good underwent a change in tariff classification indicating a substantial transformation under the applicable rule of origin for the good.

Exports - the goods and services that are sold to other countries.

Imports - the goods and services that a country buys from other countries.

PSCC (Philippine Standard Commodity Classification) - is used to classify the imported commodities at the most detailed level for statistical purposes.