p - preliminary
r - revised

JANUARY TO AUGUST TOTAL TRADE STOOD AT $52.012 BILLION

Total external trade in goods for January to August 2009 reached $52.012 billion, a 30.6 percent drop from $74.946 billion recorded during the same 8-month period in 2008. Total imports posted a 30.8 percent annual decrease from $40.492 billion to $28.007 billion. Total exports likewise plunged by 30.3 percent from $34.454 billion in January to August of 2008 to $24.005 billion.  Thus, the balance of trade in goods (BOT-G) for the Philippines recorded a $4.002 billion deficit in 2009 from $6.037 billion deficit in the same 8-month period last year.  

Figure 1A  Philippine Trade Performance in January - August : 2009 and 2008
(F.O.B. Value in Million US Dollars)  
 

Figure 1B  Philippine Trade Performance in August : 2009 and 2008
(F.O.B. Value in Million US Dollars)

AUGUST 2009 IMPORTS DROPPED BY 28.3 PERCENT

Combined import and export merchandise trade for August 2009 declined by 24.9 percent to $7.090 billion from $9.439 billion in August 2008.   This was due to the decrease in total merchandise imports by 28.3 percent to $3.617 billion from $5.044 billion in August 2008.  Similarly, total exports declined by 21.0 percent to $3.473 billion from last years $4.394 billion. The balance of trade in goods (BOT-G) in August 2009 recorded a deficit of $144 million, lower than the last years recorded deficit of $650 million.  Month-on-month, total imports for August 2009 fell by 10.2 percent from $4.026 billion recorded in July 2009.

ELECTRONIC PRODUCTS ACCOUNTED FOR 36.0 PERCENT OF IMPORT BILL

Accounting for 36.0 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in August 2009 amounted to $1.302 billion. It went down to 21.2 percent over last year's figure of $1.651 billion. This was due to the 25.7 percent decrease in Components/Devices (Semiconductors) which comprised the biggest share of 26.2 percent among the major groups of electronic products.  Likewise, electronic products diminished by 18.7 percent month-on-month from $1.601 billion in July 2009.

Imports of Mineral Fuels, Lubricants and Related Materials comprising 17.4 percent of the total imports in August 2009 ranked second,  valued at $629.39 million over the previous years level of $1.019 billion.

Transport Equipment, amounting to $215.46 million was the RPs third top import for the month with 6.0 percent share to total imports and showed a negative annual growth of 29.2 percent.   

Contributing 3.6 percent to the total import bill and RPs fourth top imports in August 2009 was Industrial Machinery and Equipment with payments placed at $130.96 million.  The amount decelerated by 41.1 percent from last years recorded value of $222.46 million. 

Fifth in rank and with 2.9 percent share, Organic and Inorganic Chemicals registered $104.58 million worth of imports, lower by 15.3  percent from its year ago level of $123.44 million.

Iron and Steel exhibiting 2.6 percent of the total imports ranked sixth,  valued at $93.03 million and showed a decrease of 32.0 percent from its year ago level of $136.74 million.

Rounding up the list of the top ten imports for August 2009 were Matalliferous Ores and Metal Scrap, accounting for $89.09 million increased by 295.2 percent and the only commodity group that showed a positive growth in August 2009;  Cereals and Cereal Preparations amounting to $84.14 million went down by 75.3 percent, the biggest annual growth drop among the top ten imports; Plastics in Primary and Non-Primary Forms valued at $64.95 million fell by 34.5 percent; and Medicinal and Pharmaceutical Products worth $59.79 million declined by a measly 0.3 percent.

Aggregate payment for the countrys top ten imports for August 2009 reached $2.773 billion or 76.7 percent of the total import bill.

Figure 2  Philippine Top Six Imports in August : 2009 and 2008
(F.O.B. Value in Million US Dollars)
 

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 38.0 PERCENT OF THE TOTAL IMPORTS

Accounting for 38.0 percent of the total imports, payments in August 2009 for Raw Materials and Intermediate Goods amounted to $1.376 billion or 21.3 percent decline over last year's figure of $1.748 billion.  Compared to the previous months level, purchases also went down by 19.3 percent from $1.705 billion.  Semi-Processed Raw Materials having the biggest share of 32.7 percent and valued at $1.181 billion decreased by 27.1 percent year-on-year from $1.621 billion.

Capital Goods, contributing 31.3 percent to the total imports, plummeted by 23.5 percent to $1.130 billion from $1.478 billion in August 2008. Similarly, Mineral Fuels, Lubricants and Related Materials with 17.4 percent share, plummeted by 38.3 percent to $629.39 million from its year ago level of $1.019 billion.

Purchases of Consumer Goods amounted to $430.70 million or a negative growth of 41.1 percent from $731.67 million in August 2008, while Special Transactions dropped by 23.6 percent to $51.15 million from $66.96 million in August 2008.  

Figure 3  Philippine Imports by Major Type of Goods in August : 2009 and 2008
(F.O.B. Value in Million US Dollars)

JAPAN ACCOUNTED FOR 12.6 PERCENT OF IMPORT BILL

Japan (including Okinawa), the countrys biggest source of imports for August 2009 with 12.6 percent share, recorded payments worth $455.34 million, an annual decline of 21.5 percent from $579.90 million.  Revenue from the countrys exports to Japan, on the other hand, reached $553.35 million, generating a total trade value of $1.009 billion and $98.01 million trade surplus for the Philippines.

United States of America (USA) which includes Alaska and Hawaii with 11.3 percent share of the total import bill amounting to $407.99 million followed as the second biggest source of imports for August 2009.  This value is lower by 30.1 percent from $583.93 million recorded in August 2008.  Exports toUSA amounted to $628.00 million, yielding a two-way trade value of $1.036 billion and a trade surplus of $220.01 million.

Peoples Republic of China came third, accounting for 10.0 percent share of the total import bill in August 2009. It was the only country among the top ten sources that exhibited positive annual growth of 10.1 percent from $328.27 million in August 2008 to $361.25 million in August 2009. Exports to Peoples Republic of China amounted to $238.55 million resulting to a total trade value of $599.81 million and a trade deficit of $122.70 million.

Rank fourth in August 2009 and with 8.3 percent share was Singapore valued at $299.63 million.  This amount diminished by 34.1 percent from $454.69 million posted in August 2008. Exports toSingapore amounted to $254.28 million resulting to a total trade value of $553.91 million and a trade deficit of $45.35 million.

Fifth in rank is Republic of Korea, representing 6.9 percent of the total import bill in August 2009, amounting to $248.06 million. Export receipts from Republic of Korea in August 2009 reached $180.26 million yielding a total trade value of $428.32 million and a trade deficit of $67.80 million.

Other major sources of imports for the month of August 2009 were Thailand, $241.89 million; Taiwan, $233.31 million; Malaysia, $169.27 million; Indonesia, $140.21 million; and Saudi Arabia, $138.94 million.

Payments for imports from the top ten sources for August 2009 amounted to $2.696 billion or 74.5 percent of the total import.

Figure 4  Philippine Imports by Country in August : 2009
  

IMPORTS FROM EASTERN ASIA WORTH $1.425 BILLION

Philippines total imports in August 2009 with Eastern Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 39.4 percent of the countys total imports; amounting to $1.425 billion or a negative annual growth of 17.5 percent  from August 2008 level of $1.727 billion.  Total exports to member-countries of Eastern Asia was valued at $1.373 billion, resulting to a total trade of $2.798 billion and a balance of trade in goods (BOT-G) deficit of $52.06 million.

August 2009 imports to ASEAN member-countries with 24.7 percent share, decreased by 39.1 percent to $894.16 million from $1.468 billion in August 2008. Exports to ASEAN member-countries worth $567.95 million resulted to a total trade of $1.462 billion and trade deficit of $326.21 million.

Imports to European Union in August 2009 were valued at $241.36 million while exports to member-countries of European Union were worth $721.62 million.  This aggregated to total trade of $962.98 million and a trade surplus of $480.27 million.

Figure 5  Philippine Imports by Selected Economic Bloc in August : 2009
(F.O.B. Value in Million US Dollars)

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