January to April total trade stands at $25.364 billion

Total external trade in goods for January to April 2004 amounted to $25.364 billion representing an increment of 6.9 percent from $23.724 billion during the same period a year earlier. Total foreign-made merchandise also gain by 6.9 percent to $13.202 billion from $12.347 billion. Likewise, exports registered a year-on-year growth rate of 6.9 percent to an aggregate dollar revenue of $12.162 billion from $11.376 billion a year ago. Balance of trade in goods (BOT-G) deficit for the Philippines reached $1.040 billion, compared to last years deficit of $971 million.

Figure 1A. Philippine Trade Performance in January - April :2003 and 2004
(F.O.B. Value in Million US Dollar)
 
 

Figure 1B. Philippine Trade Performance in April :2003 - 2004
(F.O.B. Value in Million US Dollar)
 
 

April imports up by 8.3 percent

Total merchandise trade for April 2004 moved up by 8.6 percent to $6.419 billion from $5.912 billion during the same period last year. Dollar-inflow generated by exports amounted to $2.969 billion, or 8.9 percent higher than last years $2.726 billion. Similarly, expenditures for imported goods went up by 8.3 percent to $3.450 billion from $3.185 billion. The Balance of Trade in goods (BOT-G) deficit for the Philippines was recorded at $482 million, compared to last years deficit at $459 million.

Electronic products account for 45.1 percent of import bill

Accounting for 45.1 percent of the total aggregate import bill, payments for electronic products amounted to $1.556 billion or 10.3 percent higher than last year's reported figure at $1.411 billion. Compared to the previous months level, purchases declined by 4.3 percent from $1.626 billion.

Imports of mineral fuels, lubricants and related materials ranked second with 9.7 percent share. Expenditures at $333.82 million, registered an 8.7 percent increase over the previous level which stood at $307.01 million.

Industrial machinery and equipment, the third top import was worth $163.25 million, or a 20.3 percent higher from $135.66 million in the previous year.

Iron and steel accounting for 3.7 percent of the total imports, ranked fourth as foreign bill amounted to $126.47 million, lower by 14.9 percent from last year's figure at $148.68 million.

Textile yarn, fabrics, made-up articles and related products, contributing 2.6 percent to the total bill, was RPs fifth top import for the month with payments placed at $90.82 million or a 12.0 percent drop than last years $103.22 million.

Expenditures for transport equipment, with a 2.5 percent share to the aggregate bill, fell by 29.8 percent to $86.18 million from $122.76 million in April 2003.

Rounding up the list of the top imports for April 2004 were: telecommunication equipment and electrical machinery, $81.13 million; plastics in primary and non-primary forms, $77.28 million; cereals and cereal preparation, $65.17 million; and organic and inorganic chemical,, $56.80 million.

Aggregate payment for the countrys top ten imports for April 2004 amounted to $2.637 billion or 76.4 percent of the total bill.

Figure 2. Philippine Top Imports in April 2004
(F.O.B. Value in Million US Dollar)
 

Capital goods account for 40.6 percent of the total imports

Capital goods comprising 40.6 percent of the total imports rose by 15.4 percent year-on-year to $1.399 billion from $1.212 billion. The largest share went to telecommunication equipment and electrical machinery with a 23.1 percent share of the total and valued at $796.42 million.

Payments for raw materials and intermediate goods consisting of unprocessed raw materials and semi-processed raw materials accounted for 38.0 percent as importation went down by 1.3 percent to $1.311 billion from last years reported figure of $1.329 billion.

Expenditures for mineral fuels, lubricants and related materials picked up by 8.7 percent to $333.82 million from $307.01 million during the same period of 2003.

Purchases of consumer goods valued at $262.46 million increased by 11.8 percent from $234.66 million in April 2003, while special transactions advanced by 39.8 percent to $143.33 million from $102.53 million.

Figure 3. Philippine Imports by Major Type of Goods in April: 2004
 

Japan corners 18.7 percent of april import bill

Imports from Japan accounting for 18.7 percent of the total import bill, reduced by 1.0 percent to $645.44 million from $651.82 million during the same period of 2003. On the other hand, exports to Japan, amounted to $517.66 million yielding a two-way trade value of $1.163 billion and a trade deficit for RP placed at $127.78 million.

United States, the countrys second biggest source of imports with a 17.0 percent share, reported shipments valued at $586.65 million against exports amounting to $483.48 million. Total trade amounted to $1.070 billion, with a trade deficit for the Philippines placed at $103.17 million.

Singapore, followed as RPs third biggest source of imports. With payments worth $260.16 million, imports climbed by 33.2 percent from $195.27 million, while revenue from RPs exports reached $243.54 million resulting to a total trade value of $503.69 million and a $16.62 million deficit for Philippines.

Other major sources of imports for the month of April were: Taiwan, $246.99 million; Republic of Korea, $232.78 million; Peoples Republic of China, $205.54 million; Hong Kong, $150.51 million; Thailand, $146.44 million; Malaysia, $141.90 million; and Germany, $99.22 million.

Payments for imports from the top ten sources for the month amounted to $2.716 billion or 78.7 percent of the total.

Figure 4. Philippine Imports by Country in April: 2004
 

As of press time 72 out of 74,815 import documents are still expected from the ports.

Source:   National Statistics Office
                 Manila, Philippines