External Trade Performance : July 2007 (Preliminary)

   r - revised

JANUARY TO JULY 2007 TOTAL TRADE STANDS AT $59.080 BILLION

Total external trade in goods for January to July 2007 reached $59.080 billion, representing a 5.1 percent increment from $56.189 billion during the same 7-month period in 2006. Similarly, total imports grew by 4.1 percent to $30.355 billion from $29.160 billion. Exports likewise registered an increase of 6.3 percent to aggregate dollar revenue of $28.725 billion from $27.029 billion during the same 7-month period in 2006. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $1.629 billion during the same 7-month period in 2007.

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

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

JULY 2007 IMPORTS UP BY 14.3 PERCENT

Total merchandise trade for July 2007 inched-up by 9.5 percent to $9.230 billion from $8.429 billion in July 2006; the highest growth recorded during 2007. This is due to the improved performance of the imports posting an increase of 14.3 percent to $5.042 billion from $4.412 billion in July 2006. Receipts generated by exports likewise increased by 4.3 percent to $4.188 billion from last years $4.016 billion. The balance of trade in goods   (BOT-G) in July 2007 recorded a deficit of $854.00 million, higher than the last years recorded deficit of $396.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 42.7 PERCENT OF IMPORT BILL

Accounting for 42.7 percent of the aggregate import bill, payments for Electronic Productsamounted to $2.152 billion or 12.8 percent increase over last year's figure of $1.907 billion.  However, compared to the previous months level, purchases shrank by 1.7 percent from $2.189 billion. The year-on-year growth was due to the strong inbound shipment of semiconductors.

 Imports of Mineral Fuels, Lubricants and Related Materials in July 2007 ranked second with a 20.4 percent share, posting a growth of 44.3 percent to $1.030 billion over the previous years level of $713.7.69 million.   The growth is driven by the high volume of importation of crude petroleum oils and motor spirit.

Industrial Machinery and Equipment, contributing 3.8 percent to the total bill, was the RPs third top import for the month with payments placed at $190.13 million from last years $189.60 million or an increase of 0.3 percent. 

Cereals and Cereal Preparations accounting for a 3.4 percent of the total imports, ranked fourth as foreign bill amounted to $170.70 million or a year-on-year growth of 59.6 percent from $106.93 million in 2006. This is due to the increase in the importation of rice and corn.

Transport Equipment ranking fifth recorded a share of 3.2 percent at $162.2 million worth of imports; down by 16.2 percent from its year ago level of $193.62 million.

Iron and Steel ranked sixth, comprising 2.4 percent of the total imports; registered $121.56 million worth of imports or a decline of 16.1 percent from its year ago level of $144.83 million. 

Rounding up the list of the top imports for July 2007 were Textile Yarn, Fabrics, Made-Up Articles and Related Products, $101.30 million; Organic and Inorganic Chemicals with $97.03 million worth of imports; Plastics in Primary and Non-Primary Forms, $92.11 million; and Telecommunication Equipment and Electrical Machinery, $79.23 million.

Aggregate payment for the countrys top ten imports for July 2007 reached $4,195.92 billion or 83.2 percent of the total import bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 40.8 PERCENT OF THE TOTAL IMPORTS

Accounting for 40.8 percent of the total imports, payments in July 2007 for Raw Materials and Intermediate Goods amounted to $2.056 billion or a 15.3 percent increase over last year's figure of $1.783 billion.  Compared to the previous months level, purchases went down by 7.3 percent from $2.216 billion. Semi-Processed Raw Materials mostly comprise imports of raw materials and intermediate goods.  These are valued at $1.928 billion and recorded a growth of 16.7 percent from $1.651 billion in 2006.

Capital Goods comprised 28.1 percent of the total imports, shrunk by 4.2 percent year-on-year, to $1.418 billion from $1.481 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 15.9 percent share of the total imports in July 2007 and billed at $803.64 million or a decline of 1.1 percent from $812.83 million in 2006.

Mineral Fuels, Lubricants and Related Materials with a 20.4 percent share improved by 44.3 percent to $1.030 billion from $713.69 million in July 2006.

Purchases of Consumer Goods amounted to $473.38 million, rose by 39.7 percent from $338.93 million in July 2006, while Special Transactions decreased by 32.5 percent to $64.81 million from $95.96 million.

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

UNITED STATES CORNERS 12.5 PERCENT OF JULY 2007 IMPORT BILL  

Although registering a decrease of 9.9 percent to $631.03 million from $700.09 million in July 2006, United States of America (USA) continued to be the top source of imports for July 2007 with a 12.5 percent share of the total import bill.  Exports to USA amounted to $767.95 million, yielding a two-way trade value of $1.399 billion and a trade surplus for RP at $136.93 million.

Japan was the second biggest source of imports for July 2007 accounting for an 11.3 percent share of the total import bill, down by 2.6 percent to $567.56 million from $582.89 million during the same month in 2006. Exports to Japan amounted to $636.01 million resulting to a total trade value of $1.204 billion and a trade surplus of $68.44 million.

Saudi Arabia came third, with an 11.2 percent share, recording payments worth $561.98 million or a growth of 319.6 percent from $133.94 million in July 2006.  Revenue from RPs exports to Saudi Arabia reached $6.88 million, which generated a total trade value of $568.86 million and a $555.10 million trade deficit for the Philippines.

Other major sources of imports for the month of July 2007 were Singapore, $530.80 million;Peoples Republic of China, $383.93 million; Taiwan, $354.93 million; Republic of Korea, $299.15 million; Hong Kong, $190.31 million; Thailand, $189.87 million; andMalaysia, $187.04 million.

Payments for imports from the top ten sources for the month amounted to $3.897 billion or 77.3 percent of the total.

Figure 4  Philippine Imports by Country in July: 2007
  

Technical Notes:

1. Adjustments on 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 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.

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