External Trade Performance : April 2006 (Preliminary)

January to April 2006 total trade stands at $30.398 billion

Total external trade in goods for January to April 2006 reached $30.398 billion representing an increment of 10.7 percent from $27.465 billion during the same period of the prevoius year. Likewise, total foreign-made merchandise gained by 6.4 percent to $15.589 billion from $14.657 billion. Exports as well, registered a positive increase of 15.6 percent to aggregate dollar revenue of $14.809 billion from $12.808 billion last year. Balance of trade in goods (BOT-G) deficit for the Philippines reached $780 million, lower compared to last year’s deficit of $1.849 million.

Figure 1A. Philippine Trade Performance in January - April :2005 and 2006
(F.O.B. Value in Million US Dollar)
  
 

Figure 1B. Philippine Trade Performance in April :2005 - 2006
(F.O.B. Value in Million US Dollar)
  
 

April imports register 7.4 percent increase

Total merchandise trade for April 2006 went up by 13.2 percent to $8.328 billion from $7.358 billion during the same period a year earlier. Dollar-inflow generated by exports amounted to $3.912 billion, or 20.5 percent higher than last year’s $3.246 billion. Similarly, expenditures for imported goods was up by 7.4 percent to $4.417 billion from $4.113 billion. The balance of trade in goods (BOT-G) registered a deficit at $505 million, lower from last year’s deficit of $867 million.

Electronic products account for 50.5 percent of import bill

Accounting for 50.5 percent of the total aggregate import bill, payments for electronic products amounted to $2.230 billion or a 16.9 percent growth over last year’s figure of $1.908 billion. Compared to the previous month’s level, purchases moved up by 18.5 percent from $1.882 billion.

Imports of mineral fuels, lubricants and related materials in April ranked second with 12.3 percent share. Expenditures at $541.86 million, posted a 4.3 percent decline over the previous year’s level of $566.25 million.

Industrial machinery and equipment, contributing 3.8 percent to the total bill, was RP’s third top import for the month with payments placed at $167.79 million from last year’s $142.24 million. The gain was mainly brought about by the 18.0 percent rise in the value of imports on  machinery and mechanical appliances and parts.

Iron and steel, accounting for 3.0 percent of the total imports, ranked fourth as foreign bill amounted to $132.46 million from $166.93 million last year, a double-digit decrease of 20.7 percent.

Cereals and cereal preparations, accounting for 2.7 percent of the total imports, ranked fifth as it dropped by 15.0 percent to $119.62 million from $140.77 million a year ago.

Expenditures for textile yarn, fabrics, made-up articles and related products, with a 2.7 percent share, registered a $117.74 million worth of imports from $97.54 million of the previous year. Higher value in the importation of knitted/crocheted fabrics and fabrics for embroidery mainly contributed the growth of 20.7 percent.

Rounding up the list of the top imports for April 2006 were transport equipment, $108.01 million; plastics in primary and non-primary forms, $86.23 million; organic and inorganic chemical, $81.87 million;and telecommunication equipment and electrical machinery, $63.85 million.

Aggregate payment for the country’s top ten imports for April 2006 reached $3.650 billion or 82.6 percent of the total bill.

Figure 2. Philippine Top Imports in April: 2005 and 2006
(F.O.B. Value in Million US Dollar)
  

Raw materials and intermediate goods account for 47.2 percent of the total imports

Payments in April for raw materials and intermediate goods accounted for 47.2 percent as importation was up by 15.9 percent to $2.086 billion from last year’s figure of $1.800 billion.Semi-processed raw materials got the biggest share of 44.6 percent and valued at $1.971 billion.

Capital goods comprising 31.3 percent of the total imports went up by 6.4 percent year-on-year to $1.383 billion from $1.300 billion. The major share went to telecommunication equipment and electrical machinery with an 18.5 percent share of the total imports and billed at $816.61 million.

Expenditures for mineral fuels, lubricants and related materials declined by 4.3 percent to $541.86 million from $566.25 million during the same period of 2005.

Purchases of consumer goods amounted to $328.81 million, a decrease of 6.2 percent from $350.48 million in April 2005, while special transactions fell by 20.1 percent to $76.65 million from $95.98 million.

Figure 3. Philippine Imports by Major Type of Goods in April: 2005 and 2006
  

United States corners 18.1 percent of april import bill

Imports from United States accounting for 18.1 percent of the total import bill, increased by 9.8 percent to $801.10 million from $729.93 million during the same period of 2005. Exports toUS, amounted to $622.22 million yielding a two-way trade value of $1.423 billion and a trade deficit for RP placed at $178.88 million.

Japan, the country’s second biggest source of imports for April with a 13.5 percent share, reported shipments billed at $594.42 million against exports earnings of $672.94 million. Total trade amounted to $1.267 billion, with a trade surplus registered at $78.52 million.

Taiwan followed as the third biggest source of imports. With payments worth $375.06 million, imports accelerated by 32.9 percent from $282.15 million, while revenue from RP’s exports reached $119.94 million resulting to a total trade value of $495.00 million and a $255.12 million deficit for Philippines.

Other major sources of imports for the month of April were Singapore, $357.23 million;People’s Republic of China, $340.97 million; Republic of Korea, $287.50 million; Saudi Arabia, $234.28 million; Hong Kong, $198.07 million; Malaysia, $157.67 million; andThailand, $153.80 million.

Payments for imports from the top ten sources for the month amounted to $3.500 billion or 79.3 percent of the total.

Figure 4. Philippine Imports by Country in April: 2006
  

Technical Notes

Adjustments on electronics import statistics are based on approved valuation methodology as per NSCB Resolution No. 8 Series of 2005 and the inclusion of transactions that passes through Automated Cargo Operating System (ACOS).

Source:   National Statistics Office
                 Manila, Philippines