JANUARY TO APRIL 2008 TOTAL TRADE STANDS AT $36.322 BILLION

Total external trade in goods for January to April 2008 reached $36.322 billion, representing a 10.6 percent increment from $32.828 billion during the 4-month period in 2007. This growth is triggered by the 17.9 percent growth of the total imports to $19.462 billion from $16.504 billion in the 4-month period of 2007. Meanwhile, total exports grew a modest growth of 3.3 percent during the 4-month period in 2008 to aggregate dollar revenue of $16.860 billion from $16.325 billion during the same period in 2007. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $2.601 billion during the 4-month period in 2008.

Figure 1A  Philippine Trade Performance in January - April : 2007 and 2008
(F.O.B. Value in Million US Dollar)  
 

Figure 1B  Philippine Trade Performance in April : 2007 and 2008
(F.O.B. Value in Million US Dollar)

APRIL 2008 IMPORTS WENT UP BY 11.8 PERCENT

Total merchandise trade for April 2008 grew by 8.4 percent to $9.180 billion from $8.467 billion in April 2007. Dollar-inflow generated by exports reached $4.325 billion, or 4.9 percent higher from last year's $4.124 billion. Expenditures for imported goods sustained its growth by 11.8 percent to $4.855 billion from $4.343 billion in April 2007. The balance of trade in goods   (BOT-G) recorded a deficit of $531 million in April 2008.

ELECTRONIC PRODUCTS ACCOUNT FOR 32.8 PERCENT OF IMPORT BILL

Accounting for 32.8 percent of the aggregate import bill, payments for Electronic Products amounted to $1.594 billion down by 10.7 percent over last year's figure of $1.784 billion.  The same is true for the previous month's level where purchases decreased by 15.4 percent from $1.884 billion. Among the major groups of electronic products, Components/Devices (Semiconductors) had the biggest share of 24.9 percent, down by 15.2 percent to $1.209 billion from $1.426 billion in April 2007.

Imports of Mineral Fuels, Lubricants and Related Materials in April 2008 ranked second with a 21.4 percent share and posted a positive growth of 13.7 percent to $1.037 billion over the previous year's level of $912.08 million.

Transport Equipment, contributing 6.3 percent to the total bill, was the RP's third top import for the month with payments placed at $304.07 million from last year's $222.88 million or an increase of 36.4 percent.   This is due to the acquisition of aeroplanes of an unladen weight exceeding 15,000 kg.

Cereals and Cereal Preparations, accounting for a 4.9 percent of the total imports, ranked fourth as foreign bill amounted to $239.95 million or a year-on-year growth of 222.9 percent from $74.31 million last year.  

Industrial Machinery and Equipment ranked fifth recorded a share of 4.2 percent at $203.04 million worth of imports, went up by 35.6 percent from its year ago level of $149.74 million. 

Iron and Steel, comprising 2.8 percent of the total imports registered $136.42 million worth of imports, up by 23.2 percent from its year ago level of $110.70 million.

Rounding up the list of the top ten imports for April 2008 were Organic and Inorganic Chemicals,$94.29 million; Fertilizers Manufactured, $91.29 million; Plastics in Primary and Non-Primary Forms with $90.29 million worth of imports; and Textile Yarn, Fabrics, Made-Up Articles and Related Products, $78.22 million.

Aggregate payment for the country's top ten imports for April 2008 reached $3.869 billion or 79.7 percent of the total import bill.

Figure 2  Philippine Top Six Imports in April : 2007 and 2008
(F.O.B. Value in Million US Dollar)
  

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 37.9 PERCENT OF THE TOTAL IMPORTS

Accounting for 37.9 percent of the total imports, payments in April 2008 for Raw Materials and Intermediate Goods amounted to $1.841 billion or a 3.4 percent decline over last year's figure of $1.907 billion.  Compared to the previous month's level, purchases likewise went down by 4.4 percent from $1.925 billion. Semi-Processed Raw Materials valued at $1.625 billion had the biggest share of 33.5 percent.

Capital Goods, which comprised 28.1 percent of the total imports, rose by 20.3 percent year-on-year, to $1.366 billion from $1.136 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 13.4 percent share of the total imports in April 2008 and billed at $648.46 million.

Mineral Fuels, Lubricants and Related Materials with a 21.4 percent share, increased by 13.7 percent to $1.037 billion from $912.08 million in April 2007.

Purchases of Consumer Goods amounted to $551.33 million or an increase of 62.5 percent from $339.31 million in April 2007, while Special Transactions likewise grew by 22.1 percent to $59.71 million from $48.92 million.

Figure 3  Philippine Imports by Major Type of Goods in April: 2007 and 2008
 

SINGAPORE CORNERS 14.5 PERCENT OF APRIL 2008 IMPORT BILL  

Singapore was the country's biggest source of imports for April 2008 with a 14.5 percent share of the total import bill or an increase of 36.4 percent to $702.99 million from $515.31 million in April 2007.  Exports to Singapore amounted to $205.39 million, yielding a two-way trade value of $908.39 billion and a trade deficit for RP at $497.60 million.

United States of America (USA) followed as the second biggest source of imports with an 11.7 percent share, recording payments worth $568.01 million, declined by 6.9 percent from $610.06 million in April 2007.  Revenue from RP's exports to United States of America (USA), on the other hand, reached $691.28 million, generating a total trade value of $1.259 billion and a $123.27 million trade surplus for the Philippines.

Japan came third, accounting for an 11.4 percent share of the total import bill in April 2008, up by 7.5 percent to $552.44 million from $513.83 million during the same month in 2007. Exports toJapan amounted to $664.37 million resulting to a total trade value of $1.217 billion and a trade surplus of $111.94 million.

Other major sources of imports for the month of April 2008 were Saudi Arabia, $424.24 million;People's Republic of China, $350.08 million; Taiwan, $297.61 million; Republic of Korea, $222.08 million; Thailand, $199.24 million; Malaysia, $173.25 million; and Hong Kong, $172.92 million.

Payments for imports from the top ten sources for April 2008 amounted to $3.663 billion or 75.4 percent of the total.

Figure 4  Philippine Imports by Country in April: 2008
  

Technical Notes:

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

2. Starting on 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