EXTERNAL TRADE PERFORMANCE
February 2009
(Preliminary)

p - preliminary
r - revised

TOTAL TRADE POSTED AT $5.565 BILLION IN FEBRUARY 2009

Total external trade in goods for February 2009 reached $5.565 billion, representing a 35.3 percent decline from $8.603 billion recorded during the same month in 2008. This was due to the 31.9 percent decrease of total imports to $3.059 billion from $4.491 billion in February 2008. The same was true for exports where a 39.0 percent decrease was observed to $2.506 billion from $4.112 billion in February 2008. Thus, the balance of trade in goods (BOT-G) for the Philippines in February 2009 registered a $552 million deficit from $379 million deficit in the same period last year.

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

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

FEBRUARY 2009 IMPORTS FELL BY 31.9 PERCENT

The country's total merchandise imports for February 2009 plunged by 31.9 percent to $3.059 billion from $4.491 billion in February 2008. Compared to previous month's level, it slowed down by 6.5 percent from $3.270 billion.

ELECTRONIC PRODUCTS ACCOUNTED FOR 35.1 PERCENT OF IMPORT BILL

Accounting for 35.1 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in February 2009 amounted to $1.074 billion. It fell by 42.9 percent over last year's figure of $1.881 billion. Compared to previous month, it was down by 17.9 percent from $1.308 billion. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 28.0 percent, decelerated by 43.3 percent to $857.46 million from $1.512 billion in February 2008.

Imports of Mineral Fuels, Lubricants and Related Materials in February 2009 ranked second with 15.8 percent share and posted a negative growth of 42.7 percent to $483.91 million over the previous year's level of $844.87 million.

Transport Equipment, was the RP's third top import for the month with 6.4 percent share to total imports valued at $195.07 million. A negative growth was reported at 12.9 percent from previous year level of $224.06 million.

Cereals and Cereal Preparations, contributing 6.1 percent to the total import bill, was the RP's fourth top import for the month with payments placed at $186.21 million from last year's $160.71 million or an increase of 15.9 percent.

Fifth in rank and with 4.0 percent share to the total imports, Industrial Machinery and Equipment recorded $121.91 million worth of imports, lower by 29.1 percent from its year ago level of $171.93 million.

Organic and Inorganic Chemicals ranked sixth, comprising 2.7 percent of the total imports registered $82.70 million worth of imports, declined by 10.3 percent from its year ago level of $92.17 million.

Rounding up the list of the top ten imports for February 2009 were Metalliferous Ores and Metal Scrap, accounting for $64.47 million posted the highest year-on-year change of 946.7 percent; Iron and Steel amounting to $58.62 million; Medicinal and Pharmaceutical Products, $57.46 million; and Plastics in Primary and Non-Primary Forms, $53.32 million.

Aggregate payment for the country's top ten imports for February 2009 reached $2.378 billion or 77.8 percent of the total import bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 44.2 PERCENT OF THE TOTAL IMPORTS

Accounting for 44.2 percent of the total imports, payments in February 2009 for Raw Materials and Intermediate Goods amounted to $1.353 billion or 24.3 percent decline over last year's figure of $1.788 billion. Compared to the previous month's level, purchases was also down by 14.5 percent from $1.582 billion. Semi-Processed Raw Materials having the biggest share of 38.2 percent and valued at $1.169 billion decreased by 28.8 percent from 1.642 billion level a year ago.

Capital Goods, which comprised 25.3 percent of the total imports, plummeted by 43.3 percent year-on-year, to $772.67 million from $1.364 billion.

Mineral Fuels, Lubricants and Related Materials with 15.8 percent share, decreased by 42.7 percent to $483.91 million from $844.87 million in February 2008.

Purchases of Consumer Goods amounted to $413.25 million or a decrease of 5.0 percent from $435.03 million in February 2008, while Special Transactions dropped by 39.6 percent to $36.30 million from $60.11 million in February 2008.

Figure 3 Philippine Imports by Major Type of Goods in February: 2009 and 2008

IMPORTS FROM THE UNITED STATES OF AMERICA ACCOUNTED FOR 13.6 PERCENT

United States of America (USA) which includes Alaska and Hawaii, was the country's biggest source of imports for February 2009 with 13.6 percent share of the total import bill, lower by 36.2 percent from $652.83 million in February 2008 to $416.60 million. Exports to USA amounted to $466.36 million, yielding a two-way trade value of $882.97 million and a trade surplus for RP of $49.76 million.

Japan (including Okinawa), the second biggest source of imports with 13.2 percent share, recorded payments worth $403.25 million, a decline of 31.0 percent from $584.34 million in February 2008. Revenue from RP's exports to Japan, on the other hand, reached $403.44 million, generating a total trade value of $806.69 million and $0.20 million trade surplus for the Philippines.

SIngapore, came third, accounting for 12.6 percent share of the total import bill in February 2009 which declined by 19.7 percent to $384.98 million from $479.31 million during the same month in 2008. Exports to Singapore amounted to $108.60 million resulting to a total trade value of $493.58 million and a trade deficit of $276.38 million.

People's Republic of China settled fourth; accounting for 7.5 percent share of the total import bill in February 2009, a decrease of 23.1 percent to $228.19 million from $296.54 million during the same month in 2008. Exports to People's Republic of China amounted to $262.91 million resulting to a total trade value of $491.11 million and a trade surplus of $34.72 million.

Fifth in rank is Taiwan, representing 6.3 percent of the total import bill in February 2009, amounting to $192.90 million. Meanwhile, export receipts from Taiwan in February 2009 reached $95.71 million yielding a total trade value of $288.61 million and a trade deficit of $97.19 million.

Other major sources of imports for the month of February 2009 were Thailand, $174.16 million; Republlic of Korea, $157.47 million; Vietnam, $135.73 million; Malaysia (including Sabah and Sarawak), $134.40 million; and Indonesia, $126.67 million.

Payments for imports from the top ten sources for February 2009 amounted to $2.354 billion or 77.0 percent of the total.

Figure 4 Philippine Imports by Country in February: 2009

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.

(Sgd.) CARMELITA N. ERICTA
Administrator

Source: Foreign Trade Statistics Section
             Industry and Trade Statistics Department
             National Statistics Office
             Manila, Philippines