External Trade Performance : February 2007 (Preliminary)

JANUARY TO FEBRUARY 2007 TOTAL TRADE STANDS AT $15.109 BILLION

Total external trade in goods for January to February 2007 reached $15.109 billion, representing a 9.8 percent increment from $13.754 billion during the same 2-month period in 2006. Similarly, total imports grew by 5.3 percent to $7.404 billion from $7.035 billion. Exports, on the other hand, registered an increase of 14.7 percent to aggregate dollar revenue of $7.704 billion from $6.719 billion during the same 2-month period in 2006. Interestingly, balance of trade in goods (BOT-G) for the Philippines registered a surplus of $300.00 million during the same 2-month period in 2007.

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

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

FEBRUARY 2007 IMPORTS WENT UP BY 9.9 PERCENT

Total merchandise trade for February 2007 went up by 8.9 percent to $7.407 billion from $6.805 billion in February 2006. Dollar-inflow generated by exports reached $3.717 billion, or 7.8 percent higher from last years $3.447 billion. Expenditures for imported goods likewise increased by 9.9 percent to $3.690 billion from $3.358 billion in February 2006. The balance of trade in goods   (BOT-G) in February 2007 sustained its surplus at $27 million; however, it is lower than the last years recorded surplus of $89 million.  Trade surplus in February 2007 was due to the trade surplus recorded by USA, Japan, Peoples Republic of China, Hong Kong, Malaysia, Netherlands, and Germany.

ELECTRONIC PRODUCTS ACCOUNT FOR 46.4 PERCENT OF IMPORT BILL

Accounting for 46.4 percent of the aggregate import bill, payments for Electronic Productsamounted to $1.712 billion or 6.1 percent growth over last year's figure of $1.614 billion.  Compared to the previous months level, purchases shrank by 3.0 percent from $1.764 billion. Among the major groups of electronic products, Components/Devices (Semiconductors) had the biggest share of 37.2 percent, recording an increase of 8.0 percent to $1.371 billion from $1.270 billion during the same month in 2006.

 Imports of Mineral Fuels, Lubricants and Related Materials in February 2007 ranked second with a 14.7 percent share and posted a positive growth of 3.5 percent to $543.02 million over the previous years level of $524.73 million.

Transport Equipment, contributing 3.7 percent to the total bill, was the RPs third top import for the month with payments placed at $137.35 million from last years $135.21 million or an increase of 1.6 percent.   

Industrial Machinery and Equipment, accounting for a 3.6 percent of the total imports, ranked fourth as foreign bill amounted to $131.24 million or a year-on-year negative growth of 4.0 percent from $136.74 million last year.

Iron and Steel, ranked fifth comprising 2.7 percent of the total imports; registered $100.30 million worth of imports or an increase of 94.5 percent from its year ago level of $51.56 million. 

Organic and Inorganic Chemicals recorded a share of 2.1 percent at $78.11 million worth of imports, which grew by 49.3 percent from its year ago level of $52.33 million.

Rounding up the list of the top imports for February 2007 were Plastics in Primary and Non-Primary Forms, $71.13 million; Textile Yarn, Fabrics, Made-Up Articles and Related Products with $69.50 million worth of imports; Telecommunication Equipment and Electrical Machinery, $60.95 million; and Metalliferous Ores and Metal Scrap, $54.68 million.

Aggregate payment for the countrys top ten imports for February 2007 reached $2.958 billion or 80.2 percent of the total import bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 46.6 PERCENT OF THE TOTAL IMPORTS

Accounting for 46.6 percent of the total imports, payments in February 2007 for Raw Materials and Intermediate Goods amounted to $1.720 billion or 30.2 percent increase over last year's figure of $1.321 billion.  Compared to the previous months level, purchases went up by 0.4 percent from $1.713 billion. Semi-Processed Raw Materials valued at $1.576 billion had the biggest share of 42.7 percent.

Capital Goods, which comprised 30.1 percent of the total imports, went down by 7.3 percent year-on-year, to $1.109 billion from $1.196 billion. The major share went toTelecommunication Equipment and Electrical Machinery with a 16.9 percent share of the total imports in February 2007 and billed at $622.53 million.

Mineral Fuels, Lubricants and Related Materials with a 14.7 percent share, inched-up by 3.5 percent to $543.04 million from $524.73 million in February 2006.

Purchases of Consumer Goods amounted to $271.38 million or an increase of 12.1 percent from $242.0 million in February 2006, while Special Transactions went down by 36.7 percent to $46.44 million from $73.31 million.

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

UNITED STATES CORNERS 15.8 PERCENT OF FEBRUARY 2007 IMPORT BILL  

United States of America (USA) remained to be the countrys biggest source of imports for February 2007 with a 15.8 percent share of the total import bill or an increase of 1.4 percent to $581.13 million from $573.15 million in February 2006.  Exports to USA amounted to $651.94 million, yielding a two-way trade value of $1.233 billion and a trade surplus for RP at $70.81 million.

Japan followed as the second biggest source of imports with a 12.4 percent share, recording payments worth $457.70 million.  However, its total bill declined by 13.5 percent from $529.26 million in February 2006.  Revenue from RPs exports to Japan, on the other hand, reached $562.18 million, which generated a total trade value of $1.020 billion and a $104.48 million trade surplus for the Philippines.

Singapore, came third, accounting for an 8.8 percent share of the total import bill, up by 11.1 percent to $324.09 million from $291.66 million during the same month in 2006. Exports toSingapore amounted to $244.44 million resulting to a total trade value of $568.53 million and a trade deficit of $79.65 million.

Other major sources of imports for the month of February 2007 were Peoples Republic ofChina, $294.57 million; Taiwan, $262.08 million; Republic of Korea, $250.23 million; Saudi Arabia, $223.87 million; Malaysia, $171.85 million; Thailand, $153.29 million; and Hong Kong, $134.45 million.

Payments for imports from the top ten sources for the month amounted to $2.853 billion or 77.3 percent of the total.

Figure 4  Philippine Imports by Country in February: 2007
  

Technical Notes:

1. Adjustments on electronic import statistics are based on the transactions that pass through 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