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Release Date :
Reference Number :
1998-054

 

BOT-G DEFICIT POSTS 83.3 PERCENT DROP

The balance of trade in goods (BOT-G) deficit for the period January to August 1998 declined by 83.3 percent to $1.294 billion from $7.760 billion in 1997. Total trade, on the other hand, narrowed down by 1.0 percent to $39.412 billion from $39.810 billion a year ago. Payments for imported merchandise declined by 14.4 percent to $20.353 billion from $23.785 billion while receipts from exports grew by 18.9 percent to $19.059 billion from $16.025 billion a year earlier.

For August 1998, the BOT-G moved up by 114.0 percent to a surplus of $144.0 million from a deficit of $1.029 billion last year. Receipts from exports went up by 17.4 percent to $2.652 billion from $2.258 billion while total expenditures for foreign-made goods dropped by 23.7 percent to $2.508 billion from $3.287 billion last year. Total trade likewise fell to $5.161 billion which was 6.9 percent lower than $5.545 billion the previous year.

IMPORTS OF ELECTRONICS AND COMPONENTS UP BY 20.1 PERCENT

Payments for Electronics and Components, still the top import with a 22.3 percent share, rose by 20.1 percent to $560.11 million from $466.29 million last year.

Materials/Accessories Imported on Consignment Basis for the Manufacture of Other Electrical and Electronic Machinery and Equipment acccounted for 8.6 percent of the aggregate bill as purchases increased by 34.1 percent to $215.12 million from $160.43 million a year ago.

Expenditures for Telecommunication Equipment and Electrical Machinery, with an 8.3 percent share and valued at $208.51 million, fell by 33.8 percent from $314.89 million last year.

The fourth top import for the month consisted of Industrial Machinery and Equipment. Payments accounting for 6.5 percent of the total dropped by 44.3 percent to $162.92 million from $292.53 million.

Mineral Fuels, Lubricants and Related Materials comprised the fifth top import. Accounting for 5.7 percent of the total bill, payments reached $143.39 million which was down by 47.4 percent from $272.44 million in 1997.

Office and EDP Machines, accounting for 4.2 percent of the total, emerged as the sixth top import with a value of $104.97 million, which was 17.7 percent lower than $127.48 million last year.

Other top imports for August 1998 were: Cereals and Cereal Preparations, $101.08 million; Textile Yarn, Fabrics, Made-up Articles and Related Products, $93.46 million; Iron and Steel, $76.12 million; and Miscellaneous Manufactured Articles, $67.30 million.

Payments for the top ten imports for August 1998 amounted to $1.733 billion, or 69.1 percent of the total.

RAW MATERIALS CORNER 39.9 PERCENT OF AGGREGATE BILL

Accounting for 39.9 percent of the import bill, Raw Materials and Intermediate Goods emerged as the top merchandise purchase for the month with aggregate payments reaching $1.002 billion, which was 22.7 percent lower than $1.295 billion a year ago.

Close behind was Capital Goods which accounted for the second biggest slice of the import bill placed at 39.4 percent. Actual payments amounted to $988.45 million, which was down by 28.6 percent from $1.385 billion last year.

Purchases of Consumer Goods valued at $249.86 million declined by 7.4 percent from $269.86 million in 1997.

Expenditures for Mineral Fuels and Lubricants fell by 47.4 percent to $143.39 million while payments for Special Transactions increased by 18.3 percent to $124.93 million.

IMPORTS OF US-MADE GOODS UP BY 3.1 PERCENT

With a 22.6 percent share of the total import bill, purchases of goods made in the United States led all imports for the month. Payments grew by 3.1 percent to $566.73 million from $549.62 million last year. Exports to the US, on the other hand, amounted to $977.98 million yielding a two-way trade figure of $1.545 billion and a BOT-G surplus of $411.25 million.

Japan, the second biggest source of imports with a 19.4 percent share, reported shipments valued at $486.57 million against purchases amounting to $332.53 million. Total trade reached $819.10 million and a BOT-G deficit stood at $154.04 million.

The third biggest source of imports for the month was the Republic of Korea. Expenditures for imports amounted to $224.61 million while revenues from exports reached $49.11 million resulting in a two-way trade value of $273.72 million and a $175.51 million BOT-G deficit.

Other major sources of imports for August 1998 were Singapore, $144.12 million; Taiwan, $127.30 million; China, $119.62 million; Hongkong, $118.83 million; Malaysia, $83.20 million; Thailand, $65.25 million; and Australia,$58.33 million.

Payments for imports from the top ten sources amounted to $1.995 billion or 79.5 percent of the total.

UNCOLLECTED DOCUMENTS

As of presstime 91 out of 49,533 export documents and 74 out of 52,266 import documents are still expected from the ports.

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