JANUARY TO FEBRUARY 2008 TOTAL TRADE STANDS AT $17.827 BILLION

Total external trade in goods for January to February 2008 reached $17.827 billion, representing a 16.5 percent increment from $15.298 billion during the same 2-month period in 2007. Similarly, total imports grew by 24.9 percent to $9.484 billion from $7.594 billion. The same is true for exports where an increase of 8.3 percent is noted to aggregate dollar revenue of $8.343 billion from $7.704 billion during the same 2-month period in 2007. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $1.142 billion during the 2-month period in 2008.

Figure 1A  Philippine Trade Performance in January - February : 2007 and 2008
(F.O.B. Value in Million US Dollar)  
 

Figure 1B  Philippine Trade Performance in February : 2007 and 2008
(F.O.B. Value in Million US Dollar)

FEBRUARY 2008 IMPORTS WENT UP BY 21.7 PERCENT

Total merchandise trade for February 2008 went up by 16.2 percent to $8.603 billion from $7.407 billion in February 2007. Dollar-inflow generated by exports reached $4.112 billion, or 10.6 percent higher from last year’s $3.717 billion. Expenditures for imported goods likewise grew by 21.7 percent to $4.491 billion from $3.690 billion in February 2007. The balance of trade in goods   (BOT-G) recorded a deficit of $379.00 million in February 2008.

ELECTRONIC PRODUCTS ACCOUNT FOR 41.9 PERCENT OF IMPORT BILL

Accounting for 41.9 percent of the aggregate import bill, payments for Electronic Products amounted to $1.881 billion or 9.8 percent growth over last year's figure of $1.713 billion.  Compared to the previous month’s level, purchases shrank by 18.5 percent from $2.308 billion. Among the major groups of electronic products, Components/Devices (Semiconductors) had the biggest share of 33.7 percent, recording an increase of 10.2 percent to $1.512 billion from $1.372 billion in February 2007.

Imports of Mineral Fuels, Lubricants and Related Materials in February 2008 ranked second with an 18.8 percent share and posted a positive growth of 55.6 percent to $844.87 million over the previous year’s level of $543.01 million.

Transport Equipment, contributing 5.0 percent to the total bill, was the RP’s third top import for the month with payments placed at $224.06 million from last year’s $137.25 million or an increase of 63.3 percent.

Industrial Machinery and Equipment, accounting for a 3.8 percent of the total imports, ranked fourth as foreign bill amounted to $171.83 million or a year-on-year growth of 29.4 percent from $132.78 million last year.

Cereals and Cereal Preparations ranked fifth recorded a share of 3.6 percent at $160.71 million worth of imports, which grew by 343.8 percent from its year ago level of $36.21 million.  This is due to the importation of rice and other wheat. 

Iron and Steel, comprising 2.2 percent of the total imports registered $97.74 million worth of imports or a decline of 2.8 percent from its year ago level of $100.55 million.

Rounding up the list of the top ten imports for February 2008 were Plastics in Primary and Non-Primary Forms, $95.77 million; Organic and Inorganic Chemicals with $92.16 million worth of imports; Dairy Products, $72.65 million; and Feeding Stuff for Animals (excluding unmilled cereals), $71.64 million.

Aggregate payment for the country’s top ten imports for February 2008 reached $3.712 billion or 82.7 percent of the total import bill.

Figure 2  Philippine Top Six Imports in February : 2007 and 2008
(F.O.B. Value in Million US Dollar)
  

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 39.8 PERCENT OF THE TOTAL IMPORTS

Accounting for 39.8 percent of the total imports, payments in February 2008 for Raw Materials and Intermediate Goods amounted to $1.787 billion or 3.8 percent increase over last year's figure of $1.722 billion.  Compared to the previous month’s level, purchases went down by 17.9 percent from $2.178 billion. Semi-Processed Raw Materials valued at $1.641 billion had the biggest share of 36.5 percent.

Capital Goods, which comprised 30.4 percent of the total imports, went up by 22.7 percent year-on-year, to $1.364 billion from $1.112 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 16.9 percent share of the total imports in February 2008 and billed at $760.84 million.

Mineral Fuels, Lubricants and Related Materials with an 18.8 percent share, inched-up by 55.6 percent to $844.87 million from $543.01 million in February 2007.

Purchases of Consumer Goods amounted to $435.04 million or an increase of 60.0 percent from $271.87 million in February 2007, while Special Transactions likewise grew by 45.3 percent to $60.12 million from $41.37 million.

Figure 3  Philippine Imports by Major Type of Goods in February: 2007 and 2008
 

UNITED STATES CORNERS 14.5 PERCENT OF FEBRUARY 2008 IMPORT BILL  

United States of America (USA) continued to be the country’s biggest source of imports for February 2008 with a 14.5 percent share of the total import bill or an increase of 12.3 percent to $652.83 million from $581.14 million in February 2007.  Exports to USA amounted to $717.16 million, yielding a two-way trade value of $1.370 billion and a trade surplus for RP at $64.33 million.

Japan followed as the second biggest source of imports with a 13.0 percent share, recording payments worth $584.36 million or a growth of 27.7 percent from $457.69 million in February 2007.  Revenue from RP’s exports to Japan, on the other hand, reached $652.12 million, which generated a total trade value of $1.236 billion and a $67.76 million trade surplus for the Philippines.

Singapore came third, accounting for a 10.7 percent share of the total import bill in February 2008, up by 47.9 percent to $479.31 million from $324.09 million during the same month in 2007. Exports to Singapore amounted to $250.28 million resulting to a total trade value of $729.58 million and a trade deficit of $229.03 million.

Other major sources of imports for the month of February 2008 were Taiwan, $401.75 million; Saudi Arabia, $383.24 million; People’s Republic of China, $296.54 million; Republic of Korea, $233.28 million; Malaysia, $205.63 million; Thailand, $193.39 million; and Hong Kong, $146.16 million.

Payments for imports from the top ten sources for February 2008 amounted to $3.577 billion or 79.6 percent of the total.

Figure 4  Philippine Imports by Country in February: 2008
  

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 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