January to July total trade stands at $45.19 billion

Total external trade in goods for January to July 2004 amounted to $45.19 billion representing a growth of 7.3 percent from $42.117 billion during the same period last year. Total foreign-made merchandise as well went up by 6.9 percent to $23.354 billion from $21.844 billion. Similarly, exports registered a year-on-year growth rate of 7.7 percent to aggregate dollar revenue of $21.840 billion from $20.273 billion a year earlier. Balance of trade in goods (BOT-G) deficit for the Philippines reached $1.515 billion, lesser compared to last year's deficit of $1.570 billion.

Figure 1A. Philippine Trade Performance in January - July :2003 and 2004
(F.O.B. Value in Million US Dollar)
 
 

Figure 1B. Philippine Trade Performance in July :2003 - 2004
(F.O.B. Value in Million US Dollar)
 
 

July imports register 5.6 percent increase

Total merchandise trade for July 2004 moved up by 4.4 percent to $6.521 billion from $6.245 billion during the same period of the previous year. Dollar-inflow generated by exports amounted to $3.106 billion, or 3.2 percent higher than last year's $3.009 billion. Likewise, expenditures for imported goods grew by 5.6 percent to $3.416 billion from $3.236 billion. The Balance of Trade in goods (BOT-G) deficit for the Philippines was recorded at $310 million, compared to last year's deficit at $226 million.

Electronic products account for 43.5 percent of import bill

Accounting for 43.5 percent of the total aggregate import bill, payments for electronic products amounted to $1.485 billion or 2.7 percent lower than last year's reported figure at $1.527 billion. Compared to the previous month's level, purchases increased by 3.7 percent from $1.432 billion.

Imports of mineral fuels, lubricants and related materials ranked second with 10.4 percent share. Expenditures at $356.15 million, registered a 19.6 percent increase over the previous year's level which stood at $297.77 million.

Industrial machinery and equipment, the third top import was worth $153.14 million, or a 7.8 percent higher from $142.13 million in the previous year.

Transport equipment accounting for 3.4 percent of the total imports, ranked fourth as foreign bill amounted to $114.54 million, lower by 10.2 percent from last year's figure at $127.57 million.

Textile yarn, fabrics, made-up articles and related products, contributing 2.6 percent to the total bill, was RP's fifth top import for the month with payments placed at $89.35 million or a decrease of 5.1 percent from last year's $94.12 million.

Expenditures for telecommunication equipment and electrical machinery, with a 2.5 percent share to the aggregate bill, decreased by 1.8 percent to $84.28 million from $85.79 million in July 2003.

Rounding up the list of the top imports for July 2004 were: iron and steel, $78.42 million; plastics in primary and non-primary forms, $72.49 million; cereals and cereal preparations, $63.61 million; and organic and inorganic chemical, $60.98 million.

Aggregate payment for the country's top ten imports for July 2004 amounted to $2.558 billion or 74.9 percent of the total bill.

Figure 2. Philippine Top Imports in July 2003 and 2004
(F.O.B. Value in Million US Dollar)
 

Capital goods account for 38.3 percent of the total imports

Capital goods comprising 38.3 percent of the total imports dropped by 4.4 percent year-on-year to $1.307 billion from $1.367 billion. The biggest share went to telecommunication equipment and electrical machinery with a 21.2 percent share of the total imports and billed at $724.02 million.

Payments for raw materials and intermediate goods accounted for 38.0 percent as importation rose by 6.5 percent to $1.297 billion from last year's reported figure of $1.218 billion. Semi-processed raw materials got the major share with a 34.6 percent and valued at $1.183 billion.

Expenditures for mineral fuels, lubricants and related materials improved by 19.6 percent to $356.16 million from $297.77 million during the same period of 2003.

Purchases of consumer goods priced at $271.17 million went up by 10.7 percent from $245.06 million in July 2003, while special transactions grew by 70.4 percent to $183.79 million from $107.88 million.

Figure 3. Philippine Imports by Major Type of Goods in July: 2003 and 2004
 

Japan corners 18.6 percent of july import bill

Imports from Japan accounting for 18.6 percent of the total import bill, declined by 3.5 percent to $635.14 million from $658.08 million during the same period of the previous year. On the other hand, exports to Japan, amounted to $594.20 million yielding a two-way trade value of $1.229 billion and a trade deficit for RP placed at $41.0 million.

United States, the country's second biggest source of imports with a 16.1 percent share, reported shipments charged at $550.78 million against export earnings of $755.68 million. Total trade amounted to $1.307 billion, with a trade surplus for the Philippines registered at $204.82 million.

Singapore, followed as RP's third biggest source of imports. With payments worth $273.87 million, imports picked up by 34.1 percent from $204.17 million, while revenue from RP's exports reached $209.46 million resulting to a total trade value of $483.33 million and a $64.41 million deficit for Philippines.

Other major sources of imports for the month of July were: Taiwan, $250.09 million; People's Republic of China, $242.09 million; Republic of Korea, $203.87 million; Malaysia, $153.52 million; Hong Kong, $139.65 million; Thailand, $128.18 million; and Germany, $88.02 million.

Payments for imports from the top ten sources for the month amounted to $2.665 billion or 78.0 percent of the total.

Figure 4. Philippine Imports by Country in July: 2004
 

As of press time 54 out of 59,123 export documents and 61 out of 81,004 import documents are still expected from the ports.

Source:   National Statistics Office
                Manila, Philippines