EXTERNAL TRADE PERFORMANCE
January 2009
(Preliminary)

p - preliminary
r - revised

JANUARY 2009 TOTAL TRADE STANDS AT $5.781 BILLION

Total external trade in goods for January 2009 reached $5.781 billion, representing a 37.3 percent decline from $9.224 billion recorded during the same month in 2008. This was due to the 34.5 percent decrease of total imports to $3.270 billion from $4.993 billion in January 2008. The same was true for exports where a 40.6 percent decrease was observed to $2.511 billion from $4.231 billion in January 2008. Thus, the balance of trade in goods (BOT-G) for the Philippines in January 2009 registered a $759.00 million deficit from $762 million deficit in same period last year.

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

JANUARY 2009 IMPORTS FELL BY 34.5 PERCENT

The country's total merchandise imports for January 2009 plunged by 34.5 percent to $3.270 billion from $4.993 billion in January 2008. Compared to previous month's level, it slightly decreased by 0.9 percent from $3.301 billion.

ELECTRONIC PRODUCTS ACCOUNT FOR 40.0 PERCENT OF IMPORT BILL

Accounting for 40.0 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in January 2009 amounted to $1.308 billion. It fell by 43.3 percent over last year's figure of $2.308 billion. On a monthly basis, it grew by 15.1 percent from $1.137 billion recorded in December 2008. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 32.1 percent, decelerated by 44.7 percent to $1.049 billion from $1.898 billion in January 2008.

Imports of Mineral Fuels, Lubricants and Related Materials in January 2009 ranked second with 12.9 percent share and posted a negative growth of 59.0 percent to $421.93 million over the previous year's level of $1.029 billion.

Transport Equipment, was the RP's third top import for the month with 6.1 percent share to total imports valued at $198.34 million. A positive growth was reported at 43.7 percent from previous year level of $138.00 million.

Industrial Machinery and Equipment, contributing 5.1 percent to the total import bill, was the RP's fourth top import for the month with payments placed at $165.49 million from last year's $165.37 million or an increase of 0.1 percent.

Fifth in rank and with 2.6 percent share to the total imports, Iron and Steel recorded $84.33 million worth of imports, lower by 20.8 percent from its year ago level of $106.43 million.

Organic and Inorganic Chemicals ranked sixth, comprising 2.5 percent of the total imports registered $80.92 million worth of imports, declined by 24.2 percent from its year ago level of $106.71 million.

Rounding up the list of the top ten imports for January 2009 were Cereals and Cereals Preparation, accounting for $80.72 million; Plastics in Primary and Non-Primary Forms amounting to $65.24 million; Medicinal and Pharmaceutical Products, $63.63 million; and Textile Yarn, Fabrics, Made up Articles and Related Products (including consignment and not on consignment), $54.96 million.

Aggregate payment for the country's top ten imports for January 2009 reached $2.524 billion or 77.2 percent of the total import bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 48.4 PERCENT OF THE TOTAL IMPORTS

Accounting for 48.4 percent of the total imports, payments in January 2009 for Raw Materials and Intermediate Goods amounted to $1.582 billion or 27.4 percent decline over last year's figure of $2.178 billion. Compared to the previous month's level, purchases went up by 15.1 percent from $1.374 billion. Semi-Processed Raw Materials had the biggest share of 43.5 percent and valued at $1.423 billion.

Capital Goods, which comprised 28.0 percent of the total imports, went down by 33.1 percent year-on-year, to $914.05 million from $1.367 billion.

Mineral Fuels, Lubricants and Related Materials with 12.9 percent share, decreased by 59.0 percent to $421.93 million from $1.029 billion in January 2008.

Purchases of Consumer Goods amounted to $319.56 million or a decrease of 9.5 percent from $353.21 million in January 2008, while Special Transactions dropped by 50.1 percent to $33.01 million from $66.12 million in January 2008.

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

 IMPORTS FROM THE UNITED STATES OF AMERICA ACCOUNTS FOR 17.7 PERCENT 

United States of America (USA) which includes Alaska and Hawaii, was the country's biggest source of imports for January 2009 with 17.7 percent share of the total import bill, lower by 23.6 percent from $757.62 million in January 2008 to $578.82 million. Exports to USA amounted to $456.92 million, yielding a two-way trade value of $1.036 billion and a trade deficit for RP of $121.89 million.

Japan (including Okinawa), the second biggest source of imports with 10.9 percent share, recorded payments worth $354.99 million, a decline of 35.2 percent from $548.11 million in January 2008. Revenue from RP's exports to Japan, on the other hand, reached $387.03 million, generating a total trade value of $742.02 million and $32.04 million trade surplus for the Philippines.

People's Republic of China, came third, accounting for 10.8 percent share of the total import bill in January 2009 which declined by 5.6 percent to $354.35 million from $375.49 million during the same month in 2008. Exports to People's Republic of China amounted to $163.53 million resulting to a total trade value of $517.88 million and a trade deficit of $190.82 million.

Singapore settled fourth; accounting for 10.3 percent share of the total import bill in January 2009, a decrease of 35.4 percent to $336.23 million from $520.75 million during the same month in 2008. Exports to Singapore amounted to $121.64 million resulting to a total trade value of $457.87 million and a trade deficit of $214.59 million.

Fifth in rank is Republic of Korea, representing 7.5 percent of the total import bill in January 2009, amounting to $243.82 million. Meanwhile, export receipts from Republic of Korea in January 2009 reached 106.78 million yielding a total trade value of 350.60 million and a trade deficit of 137.05 million.

Other major sources of imports for the month of January 2009 were Taiwan, $202.68 million; Thailand, $170.00 million; Hongkong, $131.97 million; Indonesia, $114.44 million; and Malaysia (including Sabah and Sarawak), $104.30 million.

Payments for imports from the top ten sources for January 2009 amounted to $2.592 billion or 79.3 percent of the total.

Figure 4 Philippine Imports by Country in January: 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