External Trade Performance : April 2007 (Preliminary)

   r - revised

JANUARY TO APRIL 2007 TOTAL TRADE STANDS AT $32.606 BILLION

Total external trade in goods for January to April 2007 reached $32.606 billion, representing a 5.7 percent increment from $30.838 billion during the same 4-month period in 2006. Similarly, total imports grew by 3.4 percent to $16.307 billion from $15.766 billion. Exports, on the other hand, registered an increase of 8.1 percent to aggregate dollar revenue of $16.299 billion from $15.073 billion during the same 4-month period in 2006. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $8.00 million during the same 4-month period in 2007.

Figure 1A  Philippine Trade Performance in January - April : 2006 and 2007
(F.O.B. Value in Million US Dollar)
  
 

Figure 1B  Philippine Trade Performance in April : 2006 and 2007
(F.O.B. Value in Million US Dollar)
  
 

APRIL 2007 IMPORTS DOWN BY 1.8 PERCENT

Total merchandise trade for April 2007 inched-up by 1.4 percent to $8.453 billion from $8.335 billion in April 2006. Receipts generated by exports reached $4.117 billion, or 5.1 percent higher from last years $3.918 billion. However, expenditures for imported goods, decreased by 1.8 percent to $4.336 billion from $4.417 billion in April 2006. The balance of trade in goods   (BOT-G) in April 2007 recorded a deficit of $219.00 million, narrower than the last years recorded deficit of $499.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 42.6 PERCENT OF IMPORT BILL

Accounting for 42.6 percent of the aggregate import bill, payments for Electronic Productsamounted to $1.847 billion or 17.3 percent decline over last year's figure of $2.233 billion.  Compared to the previous months level, purchases went down by 19.4 percent from $2.292 billion. This is due to the decline in the import bill of semiconductors, electronic data processing, consumer electronics and telecommunication.

 Imports of Mineral Fuels, Lubricants and Related Materials in April 2007 ranked second with a 21.5 percent share and posted a positive growth of 74.1 percent to $930.03 million over the previous years level of $534.29 million; the highest growth recorded by this commodity since January 2007 due to the  high volume of importation on crude petroleum oil; gas oils other than fuel oils; aviation turbine fuel; motor spirit premium unleaded; aviation spirit; butanes; propane; liquefied petroleum gas; other kerosene including vaporizing oil; and condensate petroleum oil.

Industrial Machinery and Equipment, accounting for a 3.4 percent of the total imports, ranked third as foreign bill amounted to $148.71 million or a year-on-year decline of 11.8 percent from $168.58 million in 2006.

Transport Equipment, contributing 2.9 percent to the total bill, was the RPs fourth top import for the month with payments placed at $123.53 million from last years $106.42 million or a growth of 16.1 percent.   

Textile Yarn, Fabrics, Made-Up Articles and Related Products, ranked fifth, recorded a combined share of 2.6 percent at $112.88 million worth of imports; down by 4.8 percent from its year ago level of $118.56 million.

Iron and Steel, ranked sixth comprising 2.6 percent of the total imports; registered $112.88 million worth of imports or a decrease of 16.8 percent from its year ago level of $135.66 million. 

Rounding up the list of the top imports for April 2007 were Organic and Inorganic Chemicals,$81.60 million; Cereals and Cereal Preparations with $75.78 million worth of imports, recorded the highest decline of 35.7 percent due to the decline in the importation of other meslin and wholly milled rice; Plastics in Primary and Non-Primary Forms, $73.06 million;and Telecommunication Equipment and Electrical Machinery, $64.52 million.

Aggregate payment for the countrys top ten imports for April 2007 reached $3.570 billion or 82.3 percent of the total import bill.

Figure 2  Philippine Top Imports in April : 2006 and 2007
(F.O.B. Value in Million US Dollar)
  

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 46.0 PERCENT OF THE TOTAL IMPORTS

Accounting for 46.0 percent of the total imports, payments in April 2007 for Raw Materials and Intermediate Goods amounted to $1.994 billion or 5.4 percent decline over last year's figure of $2.109 billion.  Compared to the previous months level, purchases went down by 6.9 percent from $2.141 billion. Semi-Processed Raw Materials valued at $1.894 billion had the biggest share of 43.7 percent.  However, it decreased by 5.1 percent from $1.995 billion in 2006.

Capital Goods comprised 23.6 percent of the total imports, shrunk by 25.8 percent year-on-year, to $1.021 billion from $1.376 billion. The major share went to Telecommunication Equipment and Electrical Machinery with an 11.9 percent share of the total imports in April 2007 and billed at $515.49 million or a decline of 36.5 percent from $811.55 million in 2006.

Mineral Fuels, Lubricants and Related Materials with a 21.5 percent share recorded a strong growth of 74.1 percent to $930.05 million from $534.29 million in April 2006. The growth in April 2007 of Mineral Fuels, Lubricants and Related Materials fuelled the increase of the import bill during January to April to record a positive growth of 8.8 percent to $2.590 billion from $2.381 billion during the same four-month period in 2006.

Purchases of Consumer Goods amounted to $345.40 million, inched-up by 6.7 percent from $323.84 million in April 2006, while Special Transactions decreased by 39.2 percent to $45.03 million from $74.08 million.

Figure 3  Philippine Imports by Major Type of Goods in April: 2006 and 2007
 

UNITED STATES CORNERS 14.7 PERCENT OF APRIL 2007 IMPORT BILL  

United States of America (USA) continued to be the countrys biggest source of imports for April 2007 with a 14.7 percent share of the total import bill or a decrease of 21.1 percent to $638.87 million from $809.79 million in April 2006.  Exports to USA amounted to $632.66 million, yielding a two-way trade value of $1.272 billion and a trade deficit for RP at $6.21 million.

Singapore dislodged Japan as the second biggest source of imports for April 2007 accounting for a 12.2 percent share of the total import bill, up by 49.6 percent to $530.84 million from $354.91 million during the same month in 2006. Exports to Singapore amounted to $222.21 million resulting to a total trade value of $753.05 million and a trade deficit of $308.64 million.

Japan came third, with an 11.4 percent share, recording payments worth $494.75 million.  However, its total bill declined by 17.9 percent from $602.78 million in April 2006.  Revenue from RPs exports to Japan, on the other hand, reached $579.81 million, which generated a total trade value of $1.075 billion and an $85.06 million trade surplus for the Philippines.

Other major sources of imports for the month of April 2007 were Saudi Arabia, $432.43 million; Peoples Republic of China, $327.36 million; Taiwan, $266.81 million; Republic of Korea, $227.88 million; Hong Kong, $169.83 million; Thailand, $148.97 million; andMalaysia, $145.94 million.

Payments for imports from the top ten sources for the month amounted to $3.384 billion or 78.0 percent of the total.

Figure 4  Philippine Imports by Country in April: 2007
  

Technical Notes:

1. Adjustments on electronic import statistics are based on the transactions that pass through Automated Cargo Operating System (ACOS) of the Bureau of Customs (BOC).

2. Starting with the January 2007 Press Release, analysis and tables are based on 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.

Source:   Foreign Trade Statistics Section
               Industry and Trade Statistics Department
               National Statistics Office
               Manila, Philippines