p - preliminary
r - revised

JANUARY 2008 TOTAL TRADE STANDS AT $9.217 BILLION

Total external trade in goods for January 2008 reached $9.217 billion, representing a 16.8 percent increment from $7.891 billion during the same month in 2007. Similarly, total imports grew by 27.7 percent to $4.987 billion from $3.904 billion in January 2007. The same is true for exports where a 6.1 percent increase is noted to aggregate dollar revenue of $4.231 billion from $3.987 billion in January 2007. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $756.00 million in January 2008, a reversal of the trade surplus recorded in January 2007.

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

JANUARY 2008 IMPORTS REGISTER 27.7 PERCENT INCREASE

Total imports for January 2008 inched-up by 27.7 percent to $4.987 billion from $3.904 billion during the same month last year.   Compared to last month, total imports went down by 0.3 percent from $5.001 billion in December 2007.

ELECTRONIC PRODUCTS ACCOUNT FOR 46.3 PERCENT OF IMPORT BILL

Accounting for 46.3 percent of the aggregate import bill, payments for Electronic Productsamounted to $2.308 billion or 22.8 percent growth over last year's figure of $1.880 billion.  Compared to the previous month's level, purchases likewise grew by 9.4 percent from $2.109 billion. Among the major groups of electronic products, Components/Devices (Semiconductors) had the biggest share of 38.1 percent, recording an increase of 27.8 percent to $1.898 billion from $1.485 billion in January 2007.

Imports of Mineral Fuels, Lubricants and Related Materials in January 2008 ranked second with a 20.5 percent share or an increase of 110.6 percent to $1.023 billion from the last year's figure of $485.64 million.

Industrial Machinery and Equipment, contributing 3.3 percent to the total bill, was the RP's third top import for the month with payments placed at $165.33 million from last year's $154.68 million or an increase of 6.9 percent.

Transport Equipment, accounting for a 2.8 percent of the total imports, ranked fourth as foreign bill amounted to $138.02 million or a year-on-year decline of 20.8 percent from $174.23 million last year.

Organic and Inorganic Chemicals, ranked fifth comprising 2.1 percent of the total imports; registered $106.72 million worth of imports or an increase of 33.9 percent from its year ago level of $79.70 million. 

Iron and Steel recorded a share of 2.1 percent at $106.44 million worth of imports, which grew by 36.9 percent from its year ago level of $77.78 million.

Rounding up the list of the top ten imports for January 2008 were Plastics in Primary and Non-Primary Forms with $96.17 million worth of imports; Telecommunication Equipment and Electrical Machinery, $88.50 million; Textile Yarn, Fabrics, Made-Up Articles and Related Products, $75.49 million; and Dairy Products, $71.85 million.

Aggregate payment for the country's top ten imports for January 2008 reached $4.179 billion or 83.8 percent of the total bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 43.7 PERCENT OF THE TOTAL IMPORTS

Accounting for 43.7 percent of the total imports, payments in January 2008 for Raw Materials and Intermediate Goods amounted to $2.178 billion or 21.1 percent increase over last year's figure of $1.798 billion.  Compared to the previous month's level, purchases likewise went up by 8.7 percent from $2.003 billion. Semi-Processed Raw Materials valued at $2.034 billion had the biggest share of 40.8 percent.

Capital Goods, which comprised 27.4 percent of the total imports, grew by 6.4 percent year-on-year, to $1.367 billion from $1.285 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 16.5 percent share of the total imports in January 2008 and billed at $822.46 million.

Mineral Fuels, Lubricants and Related Materials with a 20.5 percent share, increased by 110.6 percent to $1.023 billion from $485.64 million in January 2007.

Purchases of Consumer Goods amounted to $353.50 million or a growth of 32.6 percent from $266.66 million in January 2007, while Special Transactions went down by 3.2 percent to $66.23 million from $68.42 million.

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

UNITED STATES CORNERS 15.2 PERCENT OF JANUARY IMPORT BILL  

United States of America (USA) remained to be the country's biggest source of imports for January 2008 with a 15.2 percent share of the total import bill or a growth of 30.1 percent to $757.65 million in January 2008 from $582.17 million in January 2007.  Exports to USA amounted to $687.86 million, yielding a two-way trade value of $1.446 billion and a trade deficit for RP at $69.79 million.

Japan followed as the second biggest source of imports in January 2008 with an 11.0 percent share, recording payments worth $547.96 million or a year-on-year growth of 7.9 percent. Revenue from RP's exports to Japan, on the other hand, reached $627.23 million, which generated a total trade value of $1.175 billion and a $79.27 million trade surplus for the Philippines.

Singapore, on the other hand, settled for third in January 2008, accounting for 10.4 percent of the total import bill, down by 1.5 percent to $520.78 million from $528.42 million in January 2007. Exports to Singapore amounted to $258.83 million resulting to a total trade value of $779.61 million and a trade deficit of $261.95 million.

Other major sources of imports for the month of January were Saudi Arabia, $455.33 million;Taiwan, $393.04 million; People's Republic of China, $377.50 million; Republic of Korea,$312.78 million; Malaysia, $226.29 million; Hong Kong, $184.40 million; and Thailand, $183.94 million.

Payments for imports from the top ten sources for the month amounted to $3.960 billion or 79.4 percent of the total.

Figure 4  Philippine Imports by Country in January: 2008
  

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 on 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.

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