January total trade stands at $5.608 billion
Total external trade in goods for January 2003 amounted to $5.608 billion or 20.8 percent higher than $4.641 billion in 2002. The bill for foreign-made merchandise gained by 45.1 percent to $2.917 billion from $2.010 billion. On the other hand, exports registered a year-on-year growth rate of 2.3 percent to an aggregate dollar revenue of $2.691 billion from $2.631 billion a year earlier. Balance of trade deficit for the Philippines reached $226 million or 136.4 percent lower than last years $621 million.
Figure 1A. Philippine Trade Performance: January: 2002 and 2003
(F.O.B. Value in Million US Dollar)
Note: Growth rates are based on preliminary 2002 import figures. Final 2002 import figures based on the Survey on Imported Raw Materials are not yet available. As of date, the response rate is 27 percent.
January imports increase by 45.1 percent
On an annual basis, expenditures for imported goods went up by 45.1 percent to $2.917 billion from $2.010 billion.
Compared to last month, total merchandise trade moved up by 2.3 percent to $5.608 billion from $5.480 billion in December 2002. Dollar-inflow generated by exports amounted to $2.691 billion, or a 7.6 percent decrease from last months $2.914 billion, while expenditures for imported goods increased by 13.7 percent to $2.917 billion from $2.566 billion.
Electronics and components account for 25.9 percent of import bill
Accounting for 25.9 percent of the total aggregate import bill, payments for electronics and components amounted to $754.56 million or 102.8 percent higher than last year's $372.08 million. Compared to the previous month, dollar-outflow increased by 20.5 percent from $626.15 million.
Purchases of mineral fuels, lubricants and related materials ranked second with 11.3 percent share. Payments made placed at $329.23 million, registered a 62.5 percent increase over the previous level which stood at $202.59 million.
Telecommunication equipment and electrical machinery, the third top import reported purchases worth $239.59 million, or a 7.1 percent increase from $223.74 million last year.
Office and EDP machines accounting for 8.0 percent of the total import bill, ranked fourth as payments amounted to $233.23 million, up by 62.9 percent from last year's $143.16 million.
Expenditures for transport equipment, contributing 4.2 percent share to the aggregate bill, increased by 63.1 percent to $121.47 million from $74.47 million in January 2002.
Industrial machinery and equipment, accounting 4.0 percent to the total bill, was RPs sixth top import for the month with payments posted at $116.44 million or 19.7 percent higher than last years $97.31 million.
Rounding up the list of the top imports for January 2003 were: materials/accessories imported on consignment basis for the manufacture of other electrical and electronic machinery and equipment, $92.02 million; textile yarn, fabrics, made-up articles and related products, $90.43 million; iron and steel, $88.84 million; andorganic and inorganic chemicals, $56.36 million.
Aggregate payment for the countrys top ten imports for January 2003 amounted to $2.122 billion or 72.7 percent of the total bill.
Figure 2. Philippine Top Imports: January 2002 and 2003
(F.O.B. Value in Million US Dollar)
Raw materials and intermediate goods account for 41.2 percent of the total import bill
Payments for raw materials and intermediate goods consisting of unprocessed raw materials and semiprocessed raw materials accounted for 41.2 percent of the aggregate bill as importation grew by 54.1 percent to $1.201 billion from last years figure at $779.10 million.
Capital goods comprising 36.8 percent of the aggregate bill went up by 37.5 percent year-on-year to $1.075 billion from $781.97 million. The group was led bytelecommunication equipment and electrical machinery valued at $596.20 million or a 20.4 percent share of the total.
Expenditures for mineral fuels, lubricants and related materials increased by 62.5 percent to $329.23 million from $202.58 million during the same period last year.
Purchases of consumer goods valued at $219.53 million, posted an 18.8 percent gain from $184.77 million in December 2002, while special transactions went up by 50.8 percent to $92.91 million from $61.60 million.
Figure 3. Philippine Imports by Major Type of Goods: January 2002 and 2003
U.S. corners 20.0 percent of January import bill
Imports from the United States accounting for 20.0 percent of the total import bill, grew by 60.3 percent to $583.11 million from $363.81 million a year earlier. Likewise, exports to United States, amounted to $545.56 million yielding a two-way trade value of $1.129 billion and a trade deficit for RP placed at $37.55 million.
Japan, the countrys second biggest source of imports with a 17.5 percent share, reported shipments valued at $511.74 million against exports amounting to $424.0 million. Total trade amounted to $935.75 million while the trade deficit for the Philippines was placed at $87.74 million.
Republic of Korea, followed as RPs third biggest source of imports. With payments worth $210.44 million, imports from Korea increased by 25.4 percent from $167.87 million while revenue from RPs exports reached $96.0 million resulting to a total trade value of $306.44 million and a $114.43 million deficit for RP.
Other major sources of imports for the month of January were: ; Singapore, $186.30 million; Taiwan, $159.14 million; Hong Kong, $143.60 million; Peoples Republic of China, $134.58 million; Iran, $110.73 million; Malaysia, $99.45 million; and Thailand,$93.87 million.
Payments for imports from the top ten sources for the month amounted to $2.233 billion or 76.5 percent of the total.
Figure 4. Philippine Imports by Country in January: 2003
As of press time 76 out of 58,408 export documents and 101 out of 63,938 import documents are still expected from the ports.
Source: National Statistics Office
Manila, Philippines
