External Trade Performance : December 2007

  r - revised

JANUARY TO DECEMBER 2007 TOTAL TRADE STANDS AT $105.587 BILLION

Total external trade in goods for January to December 2007 reached $105.587 billion, representing a 6.5 percent increment from $99.184 billion during the same 12-month period in 2006. Similarly, total imports grew by 6.8 percent to $55.317 billion from $51.774 billion during the same 12-month period in 2006. The same is true for exports where a 6.0 percent increase is noted to aggregate dollar revenue of $50.270 billion from $47.410 billion during the same 12-month period in 2006. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $5.047 billion or a 15.7 percent increase during the same 12-month period in 2006.

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

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

DECEMBER 2007 IMPORTS UP BY 19.7 PERCENT

Total merchandise trade in goods for December 2007 increased by 20.4 percent to $9.473 billion from $7.869 billion in December 2006.  This is due to the strong performance of both exports and imports for this month.  Revenue generated by exports grew by 21.2 percent to $4.472 billion from last year’s $3.690 billion. The same is true for imports as its growth reached 19.7 percent to $5.001 billion from $4.178 billion in December 2006. The balance of trade in goods   (BOT-G) in December 2007 recorded a deficit of $528.00 million, higher by 8.2 percent from last year’s recorded deficit of $488.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 42.2 PERCENT OF IMPORT BILL

Accounting for 42.2 percent of the aggregate import bill, payments for Electronic Productsamounted to $2.110 billion or a measly 1.6 percent growth over last year's figure of $2.076 billion.  Compared to the previous months level, purchases went down by 7.6 percent from $2.283 billion. Among the major groups of electronic products, Components/Devices(Semiconductors) had the biggest share of 33.8 percent, up by 1.7 percent to $1.689 billion from $1.661 billion during the same month in 2006.

Imports of Mineral Fuels, Lubricants and Related Materials in December 2007 ranked second with a 20.5 percent share, posting a growth of 90.6 percent to $1.023 billion over the previous years level of $536.70 million.   

Transport Equipment, contributing 4.6 percent to the total bill, was the RPs third top import for the month with payments placed at $228.10 million from last years $197.78 million or an increase of 15.3 percent.  This may be due to the importation of other aircraft of an unladen weight exceeding 15,000 kg.

Industrial Machinery and Equipment ranking fourth recorded a share of 4.5 percent at $226.91 million worth of imports; up by 44.5 percent from its year ago level of $157.08 million.

Iron and Steel accounting for a 2.5 percent of the total imports, ranked fifth as foreign bill amounted to $126.55 million or a year-on-year growth of 49.6 percent from $84.59 million in 2006.   

Organic and Inorganic Chemicals ranked sixth, comprising 2.2 percent of the total imports; registered $108.90 million worth of imports or an increase of 85.5 percent from its year ago level of $58.71 million.

Rounding up the list of the top ten imports for December 2007 were Telecommunication Equipment and Electrical Machinery, $83.26 million; Textile Yarn, Fabrics, Made-Up Articles and Related Products with $83.19 million worth of imports; Plastics in Primary and Non-Primary Forms, $80.89 million; and Feeding Stuff for Animals (not including unmilled cereals), $69.02 million.

Aggregate payment for the country’s top ten imports for December 2007 reached $4.140 billion or 82.8 percent of the total import bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 40.1 PERCENT OF THE TOTAL IMPORTS

Accounting for 40.1 percent of the total imports, payments in December 2007 for Raw Materials and Intermediate Goods amounted to $2.003 billion or an 11.5 percent increase over last year's figure of $1.796 billion.  Compared to the previous months level, purchases went down by 4.4 percent from $2.094 billion. Semi-Processed Raw Materials mostly comprise imports of raw materials and intermediate goods valued at $1.894 billion or a growth of 13.4 percent from $1.670 billion in 2006.

Capital Goods comprised 29.9 percent of the total imports, up by 4.9 percent year-on-year, to $1.493 billion from $1.424 billion. The major share of Capital Goods went to Telecommunication Equipment and Electrical Machinery with a 15.5 percent share of the total imports in December 2007 and billed at $774.32 million or a decline of 5.2 percent from $816.77 million in 2006.

Mineral Fuels, Lubricants and Related Materials with a 20.5 percent share, increased by 90.6 percent to $1.023 billion from $536.70 million in December 2006.

Purchases of Consumer Goods amounted to $417.00 million, rose by 35.9 percent from $306.95 million in December 2006, while Special Transactions decreased by 43.3 percent to $65.01 million from $114.66 million.

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

UNITED STATES CORNERS 13.7 PERCENT OF DECEMBER 2007 IMPORT BILL

United States of America (USA) continued to be the top source of imports for December 2007 with a 13.7 percent share of the total import bill, down by 6.3 percent to $686.45 million from $732.24 million in December 2006.  Exports toUnited States amounted to $725.40 million, yielding a two-way trade value of $1.412 billion and a trade surplus for RP at $38.95 million.

Japan followed as the second biggest source of imports for December 2007 accounting for a 13.1 percent share of the total import bill, down by 1.2 percent to $656.63 million from $664.33 million during the same month in 2006. Exports to Japan amounted to $639.61 million resulting to a total trade value of $1.296 billion and a trade deficit of $17.02 million.

Singapore came third, with a 9.9 percent share, recording payments worth $495.51 million or a growth of 37.4 percent from $360.75 million in December 2006.  Revenue from RPs exports to Singapore reached $379.11 million, which generated a total trade value of $874.62 million and a $116.40 million trade deficit for the Philippines.

Other major sources of imports for the month of December 2007 were Taiwan,$372.46 million; Peoples Republic of China, $345.84 million; Republic of Korea, $329.21 million; Malaysia, $293.21 million; United Arab Emirates,$242.23 million; Saudi Arabia, $207.13 million; and Thailand, $197.38 million.

Payments for imports from the top ten sources for the month amounted to $3.826 billion or 76.5 percent of the total.

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Figure 4  Philippine Imports by Country in December: 2007
  

Technical Notes:

1. Adjustments on 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 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