January to August total trade stands at $51.99 billion

Total external trade in goods for January to August 2004 amounted to $51.99 billion representing an increment of 7.8 percent from $48.224 billion during the same period a year earlier. Total foreign-made merchandise as well grew by 7.2 percent to $26.734 billion from $24.948 billion. Likewise, exports registered a year-on-year growth rate of 8.5 percent to aggregate dollar revenue of $25.255 billion from $23.277 billion last year. Balance of trade in goods (BOT-G) deficit for the Philippines reached $1.479 billion, lower compared to last year's deficit of $1.671 billion.

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

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

August imports register 8.9 percent increase

Total merchandise trade for August 2004 went up by 11.3 percent to $6.794 billion from $6.107 billion during the same period of the previous year. Dollar-inflow generated by exports amounted to $3.415 billion, or 13.7 percent higher than last year's $3.003 billion. Similarly, expenditures for imported goods gained 8.9 percent to $3.379 billion from $3.104 billion. The Balance of Trade in goods (BOT-G) recorded a surplus for the Philippines at $36 million after experiencing monthly deficits for a period of five months. During the same month last year BOT-G registered a deficit of $101 million.

Electronic products account for 42.5 percent of import bill

Accounting for 42.5 percent of the total aggregate import bill, payments for electronic products amounted to $1.437 billion or 2.9 percent lower than last year's reported figure at $1.480 billion. Compared to the previous month's level, purchases declined by 3.3 percent from $1.486 billion.

Imports of mineral fuels, lubricants and related materials ranked second with 12.7 percent share. Expenditures at $428.97 million, registered a 33.8 percent growth over the previous year's level which stood at $320.56 million.

Industrial machinery and equipment, the third top import was worth $130.78 million, or a decrease of 6.3 percent from $139.52 million in the previous year.

Cereals and cereal preparation, accounting for 2.9 percent of the total imports, ranked fourth as foreign bill amounted to $98.63 million, higher by 74.4 percent from last year's figure at $56.56 million.

Transport equipment, contributing 2.8 percent to the total bill, was RP's fifth top import for the month with payments placed at $95.04 million or a decrease of 5.3 percent from last year's $100.31 million.

Expenditures for iron and steel, with a 2.5 percent share to the aggregate bill, increased by 18.5 percent to $85.72 million from $72.31 million in August 2003.

Rounding up the list of the top imports for August 2004 were: textile yarn, fabrics, made-up articles and related products, $78.55 million; plastics in primary and non-primary forms, $73.48 million; telecommunication equipment and electrical machinery, $66.84 million; and organic and inorganic chemical, $66.0 million.

Aggregate payment for the country's top ten imports for August 2004 amounted to $2.495 billion or 73.8 percent of the total bill.

Figure 2. Philippine Top Imports in August 2003 and 2004
(F.O.B. Value in Million US Dollar)
 

Capital goods account for 36.7 percent of the total imports

Capital goods comprising 36.7 percent of the total imports slowed down by 1.3 percent year-on-year to $1.240 billion from $1.257 billion. The biggest share went to telecommunication equipment and electrical machinery with a 20.9 percent share of the total imports and billed at $704.43 million.

Payments for raw materials and intermediate goods accounted for 36.7 percent as importation climbed by 6.6 percent to $1.240 billion from last year's reported figure of $1.163 billion. Semi-processed raw materials got the major share with a 32.8 percent and valued at $1.110 billion.

Expenditures for mineral fuels, lubricants and related materials advanced by 33.8 percent to $428.97 million from $320.56 million during the same level of 2003.

Purchases of consumer goods priced at $277.74 million picked up by 14.6 percent from $242.31 million in August 2003, while special transactions improved by 57.7 percent to $192.06 million from $121.76 million.

Figure 3. Philippine Imports by Major Type of Goods in August: 2003 and 2004
 

Japan corners 18.4 percent of august import bill

Imports from Japan accounting for 18.4 percent of the total import bill, rose by 1.9 percent to $620.51 million from $608.99 million during the same period of 2003. On the other hand, exports to Japan, amounted to $668.33 million yielding a two-way trade value of $1.289 billion and a trade surplus for RP placed at $47.78 million.

United States, the country's second biggest source of imports with a 16.6 percent share, reported shipments charged at $559.70 million against exports earnings of $848.19 million. Total trade amounted to $1.408 billion, with a trade surplus for the Philippines registered by as much as $288.45 million.

Taiwan, followed as RP's third biggest source of imports. With payments worth $257.84 million, imports moved up by 77.9 percent from $144.93 million, while revenue from RP's exports reached $171.99 million resulting to a total trade value of $429.83 million and an $85.85 million deficit for Philippines.

Other major sources of imports for the month of August were: Singapore, $251.59 million; People's Republic of China, $217.27 million; Republic of Korea, $187.37 million; Saudi Arabia, $155.93 million; Hong Kong, $142.76 million; Thailand, $125.81 million; and Malaysia, $125.55 million.

Payments for imports from the top ten sources for the month amounted to $2.644 billion or 78.2 percent of the total.

Figure 4. Philippine Imports by Country in August: 2004
 

As of press time 46 out of 61,498 export documents and 43 out of 76,573 import documents are still expected from the ports.

Source:   National Statistics Office
                Manila, Philippines