External Trade Performance : January 2007 (Preliminary)

JANUARY 2007 TOTAL TRADE STANDS AT $7.702 BILLION

Total external trade in goods for January 2007 reached $7.702 billion, representing a 10.8 percent increment from $6.949 billion during the same month in 2006. Exports, on the other hand, registered an increase of 21.8 percent to aggregate dollar revenue of $3.987 billion from $3.272 billion in the previous year. Interestingly, balance of trade in goods (BOT-G) for the Philippines registered a surplus of $272.00 million, which is due to the trade surplus recorded by USA, Japan, Peoples Republic of China, Hong Kong, Netherlands, Germany and Malaysia.

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

JANUARY 2007 IMPORTS REGISTER 1.0 PERCENT INCREASE

Total imports for January 2007 inched-up by 1.0 percent to $3.715 billion from $3.677 billion during the same month last year.   Compared to last month, total imports went down by 10.9 percent from $4.168 billion in December 2006.

ELECTRONIC PRODUCTS ACCOUNT FOR 47.4 PERCENT OF IMPORT BILL

Accounting for 47.4 percent of the aggregate import bill, payments for Electronic Productsamounted to $1.762 billion or 9.0 percent growth over last year's figure of $1.616 billion.  Compared to the previous months level, purchases shrank by 18.3 percent from $2.157 billion. Among the major groups of electronic products, Components/Devices(Semiconductors) had the biggest share of 37.6 percent, recording an increase of 9.2 percent to $1.395 billion from $1.278 billion during the same month in 2006.

 Imports of Mineral Fuels, Lubricants and Related Materials in January ranked second with a 13.1 percent share.  However, it posted a negative growth of 29.6 percent to $486.25 million over the previous years level of $691.08 million.  This could be attributed to the low volume of importation on crude petroleum oil.

Transport Equipment, contributing 4.5 percent to the total bill, was the RPs third top import for the month with payments placed at $166.00 million from last years $131.45 million or an increase of 26.3 percent.   The increase was due to the importation of new motor cars and other motor vehicles.

Industrial Machinery and Equipment, accounting for a 3.8 percent of the total imports, ranked fourth as foreign bill amounted to $142.26 million or a year-on-year growth of 65.8 percent from $85.83 million last year.

Plastics in Primary and Non-Primary Forms, ranked fifth comprising 2.1 percent of the total imports; registered $79.46 million worth of imports or an increase of 33.2 percent from its year ago level of $59.67 million. 

Organic and Inorganic Chemicals recorded a share of 2.1 percent at $79.32 million worth of imports, which grew by 1.9 percent from its year ago level of $77.87 million.

Rounding up the list of the top imports for January 2007 were Textile Yarn, Fabrics, Made-Up Articles and Related Products with $78.09 million worth of imports; Iron and Steel, $75.36 million; Telecommunication Equipment and Electrical Machinery, $58.55 million; andMetalliferous Ores and Metal Scrap, $53.01 million.

Aggregate payment for the countrys top ten imports for January 2007 reached $2.980 billion or 80.2 percent of the total bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 46.1 PERCENT OF THE TOTAL IMPORTS

Accounting for 46.1 percent of the total imports, payments in January 2007 for Raw Materials and Intermediate Goods amounted to $1.711 billion or 12.0 percent increase over last year's figure of $1.528 billion.  Compared to the previous months level, purchases went down by 8.4 percent from $1.867 billion. Semi-Processed Raw Materials valued at $1.568 billion had the biggest share of 42.2 percent.

Capital Goods, which comprised 32.0 percent of the total imports, grew by 6.3 percent year-on-year, to $1.190 billion from $1.120 billion. The major share went to Telecommunication Equipment and Electrical Machinery with an 17.2 percent share of the total imports in January 2007 and billed at $638.14 million.

Mineral Fuels, Lubricants and Related Materials with a 13.1 percent share, decreased by 29.6 percent to $486.25 million from $691.08 million in January 2006.

Purchases of Consumer Goods amounted to $259.87 million or a decline of 4.9 percent from $273.25 million in January 2006, while Special Transactions inched-up by 4.5 percent to $67.73 million from $64.82 million.

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

UNITED STATES CORNERS 15.0 PERCENT OF JANUARY IMPORT BILL  

United States of America (USA) remained to be the countrys biggest source of imports for January 2007 with a 15.0 percent share of the total import bill. However, its total bill declined by 7.8 percent to $555.52 million in January 2007 from $602.48 million in January 2006.  Exports to USA amounted to $695.56 million, yielding a two-way trade value of $1.251 billion and a trade surplus for RP at $140.03 million.

Singapore toppled Japan as the second biggest source of imports with a 13.7 percent share, recording payments worth $509.86 million or a year-on-year growth of 45.5 percent. Revenue from RPs exports to Singapore, on the other hand, reached $267.63 million, which generated a total trade value of $777.48 million and a $242.23 million deficit for the Philippines.

Japan, on the other hand, settled for third, accounting for 11.6 percent of the total import bill, down by 12.3 percent to $431.53 million from $492.25 million during the same month in 2006. Exports to Japan amounted to $606.87 million resulting to a total trade value of $1.038 billion and a trade surplus of 175.34 million.

Other major sources of imports for the month of January were Taiwan, $293.13 million;Peoples Republic of China, $277.29 million; Republic of Korea, $235.81 million;Malaysia, $171.81 million; Hong Kong, $168.31 million; Ireland, $142.27 million;; andThailand, $134.80 million.

Payments for imports from the top ten sources for the month amounted to $2.920 billion or 78.6 percent of the total.

Figure 4  Philippine Imports by Country in January: 2007
  

Technical Notes:

1. Adjustments on electronic import statistics are based on the approved valuation methodology as per NSCB Resolution No. 8, Series of 2005 entitled Approving and Adopting the 2004 Philippine Standard Commodity Classification and the inclusion of transactions that pass through Automated Cargo Operating System (ACOS).

2. Starting this January 2007 Press Release, analysis and tables are based on 2004 Philippine Standard Commodity Classification (PSCC) groupings (as amended in 1999).  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