TWO-WAY TRADE IN GOODS REACHES $4.976 BILLION

With higher export revenues, total merchandise trade for January 1999 grew by 0.5 percent to $4.976 billion from $4.953 billion a year earlier. This uptick comes after seven consecutive months of decline. Export receipts went up by 22.0 percent to $2.581 billion from $2.115 billion while import payments fell by 15.6 percent to $2.395 billion from $2.838 billion. The growth of exports is the highest since March 1998. The balance of trade in goods (BOT-G) was a surplus for the eight consecutive month at $186.0 million.

ELECTRONICS AND COMPONENTS TOP JANUARY IMPORTS

Accounting for almost 26.5 percent of the aggregate value of January 1999 imports, payments for Electronics and Components rose by 12.2 percent to $635.59 million from $566.38 million last year. Compared to December 1998, aggregate payments for the top import grew by 52.5 percent from $416.67 million.

Telecommunication Equipment and Electrical Machinery ranked second with payments dropping by 31.8 percent to $195.39 million from $286.44 million last year.

Industrial Machinery and Equipment was third with shipments declining by 32.3 percent to $174.78 million from $258.03 million a year ago.

Materials/Accessories Imported on Consignment Basis for the Manufacture of Other Electrical and Electronic Machinery and Equipment, valued at $173.46 million and accounting for 7.2 percent of the total, declined by 1.9 percent from $176.80 million last year.

Mineral Fuels, Lubricants and Related Materials, valued at $135.02 million and 35.1 percent lower than $207.93 million last year, comprised the fifth biggest group of imports with a 5.6 percent share of total.

Office and EDP Machines dropped by 25.8 percent as payments amounted to $118.74 million from $159.99 million in 1998.

Other top imports for January 1999 were Cereals and Cereal Preparations, $84.66 million; Textile Yarn, Fabrics, Made Up Articles and Related Products, $77.85 million; Transport Equipment, $59.77 million; and Miscellaneous Manufactured Articles, $53.80 million.

Payments for the top ten imports for the month amounted to $1.709 billion or 71.4 percent of the total.

CAPITAL GOODS ACCOUNT FOR 40.7 PERCENT

Year-on-year, payments for Capital Goods fell by 24.7 percent to $975.38 million from $1.295 billion a year earlier. Importation of this commodity group accounted for 40.7 percent of the total.

Expenditures for Raw Materials and Intermediate Goods, the second major type of goods, was down by 5.7 percent to $966.83 million from $1.025 billion in 1998.

Aggregate bill for Mineral Fuel and Lubricant, Consumer Goods and Special Transactions amounted to $452.74 million or 18.9 percent of the total imports.

US TOP SUPPLIER OF IMPORTED GOODS

The United States remained as the top supplier of imported goods valued at $531.15 million, which was 22.2 percent of the total import payment. Exports to the US market, on the other hand, yielded $758.91 million in receipts, resulting in a $227.76 million BOT-G surplus.

Japan, accounting for 20.2 percent of the total bill, came out as the second biggest source of foreign-made commodities. Payments reached $484.18 million, which was an 8.0 percent decline from $526.50 million last year. Receipts from exports to Japan stood at $365.84 million, netting a $118.34 million BOT-G deficit.

Republic of Korea followed as the third biggest source of imports amounting to $182.26 million. Revenue from exports reached $67.70 million resulting in a $114.56 million trade deficit.

Other major sources of imported commodities were Singapore, $133.41 million; China, $115.78 million; Hongkong, $106.30 million; Taiwan, $97.86 million; Germany, $72.66 million; Thailand, $70.58 million; and Malaysia, $59.34 million.

Other BOT-G surplus countries in the top ten were Singapore, Hongkong, Taiwan, and Malaysia.

Payments for imported products from the top ten import partners amounted to $1.852 billion or 77.3 percent of the total.

UNCOLLECTED DOCUMENTS

As of press time 110 out of 42,516 export documents and 101 out of 47,655 import documents are still expected from the ports.

Source: National Statistics Office
               Manila, Philippines