p - preliminary
r - revised

JANUARY TO JULY TOTAL TRADE STOOD AT $44.922 BILLION

Total external trade in goods for January to July 2009 reached $44.922 billion, representing a 31.4 percent decline from $65.507 billion recorded during the same 7-month  period in 2008. Similarly,  total imports decline by 31.2 percent to $24.390 billion from $35.447 billion. Total exports likewise went down by 31.7 percent  to aggregate dollar revenue of $20.532 billion from $30.060 billion posted in January to July 2008.  Thus, the balance of trade in goods (BOT-G) for the Philippines recorded a $3.858 billion deficit from $5.388 billion deficit in the same 7-month period last year.  

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

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

JULY 2009 IMPORTS DROPPED BY 31.6 PERCENT

Combined import and export merchandise trade for July 2009 showed a negative growth of 28.9 percent to $7.337 billion from $10.320 billion in July 2008.   This was due to the decrease in total merchandise imports by 31.6 percent to $4.026 billion from $5.882 billion in July 2008.  Similarly, total exports plunged by 25.4 percent to $3.311 billion from last years $4.437 billion. The balance of trade in goods   (BOT-G) in July 2009 recorded a deficit of $715 million, lower than the last years recorded deficit of $1.445 billion.  Month-on-month, total imports for July 2009 slightly fell  by 2.0 percent from $4.107 billion recorded in June 2009.

ELECTRONIC PRODUCTS ACCOUNTED FOR 39.8 PERCENT OF IMPORT BILL

Accounting for 39.8 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in July 2009 amounted to $1.601 billion. It went down to 8.2 percent over last year's figure of $1.745 billion. This was due to the 7.2 percent decrease in Components/Devices (Semiconductors) which comprised the biggest share of 30.6 percent among the major groups of electronic products.  However, electronic products rose by 15.3 percent month-on-month from $1.389 billion in June 2009.

Imports of Mineral Fuels, Lubricants and Related Materials comprising 15.2 percent of the total imports in July 2009 ranked second, valued at $610.38 million over the previous years level of $1.781 billion.

Transport Equipment, amounting to $203.77 million was the RPs third top import for the month with 5.1 percent share to total imports and showed a negative annual growth of 1.4 percent.   

Contributing 3.9 percent to the total import bill and RPs fourth top imports in July 2009 was Industrial Machinery and Equipment with payments placed at $154.84 million.  The amount diminished by 25.3 percent from last years recorded value of $207.25 million. 

Fifth in rank and with 3.0 percent share, Organic and Inorganic Chemicals registered $120.07 million worth of imports, lower by 12.4  percent from its year ago level of $137.05 million.

Metalliferous Ores and Metal Scrap exhibiting 2.6 percent of the total imports ranked sixth,  valued at $105.96 million and showed an increase of 81.8 percent from its year ago level of $58.29 million; the highest annual positive growth among the top ten imports.

Rounding up the list of the top ten imports for July 2009 were Medicinal and Pharmaceutical Products, accounting for $74.37 million;  Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment) amounting to $74.27 million; Plastics in Primary and Non-Primary Forms valued at $69.02 million fell by 32.6 percent; andIron and Steel worth $63.04 million reduced by 68.7 percent; the highest negative growth among the top ten imports.

Aggregate payment for the countrys top ten imports for July 2009 reached $3.077 billion or 76.4 percent of the total import bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 42.4 PERCENT OF THE TOTAL IMPORTS

Accounting for 42.4 percent of the total imports, payments in July 2009 for Raw Materials and Intermediate Goods amounted to $1.705 billion or 9.9 percent decline over last year's figure of $1.891 billion.  Compared to the previous months level, purchases went up by 14.2 percent from $1.493 billion.  Semi-Processed Raw Materials having the biggest share of 37.3 percent and valued at $1.501 billion decreased by 12.8 percent year-on-year from $1.721 billion.

Capital Goods, contributing 31.1 percent to the total imports, plummeted by 10.7 percent to $1.250 billion from $1.400 billion in July 2008. Similarly, Mineral Fuels, Lubricants and Related Materials with 15.2 percent share, plummeted by 65.7 percent to $610.38 million from its year ago level of $1.781 billion.

Purchases of Consumer Goods amounted to $417.12 million or a negative growth of 44.0 percent from $744.76 million in July 2008, while Special Transactions dropped by 33.7 percent to $43.43 million from $65.49 million in July 2008.  

Figure 3  Philippine Imports by Major Type of Goods in July : 2009 and 2008
(F.O.B. Value in Million US Dollars)

JAPAN  ACCOUNTED FOR 13.5 PERCENT OF IMPORT BILL

Japan (including Okinawa) was the countrys biggest source of imports for July 2009 with 13.5 percent share, recorded payments worth $544.45 million, an annual decline of 11.2 percent from $613.35 million.  Revenue from the countrys exports to Japan, on the other hand, reached $550.25 million, generating a total trade value of $1.095 billion and $5.80 million trade surplus for the Philippines.

United States of America (USA) which includes Alaska and Hawaii with 11.7 percent share of the total import bill amounting to $472.31 million followed as the second biggest source of imports for July 2009.  This value is lower by 22.1 percent from $605.91 million recorded  in July 2008.  Exports to USA amounted to $583.75 million, yielding a two-way trade value of $1.056 billion and a trade surplus of $111.44 million.

Peoples Republic of China, came third, accounting for 8.8 percent share of the total import bill in July 2009 went down by 15.0 percent to $353.64 million from $416.13 million during the same month in 2008. Exports to Peoples Republic of China amounted to $226.92 million resulting to a total trade value of $580.56 million and a trade deficit of $126.72 million.

Rank fourth in July 2009 and  with 8.1 percent share  was Singapore valued at $324.29 million.  This amount diminished by 46.4 percent from $605.33 million posted in July 2008. Exports toSingapore amounted to $211.44 million resulting to a total trade value of $535.73 million and a trade deficit of $112.85 million.

Fifth in rank is Taiwan, representing 7.5 percent of the total import bill in July 2009, amounting to $302.45 million. Meanwhile, export receipts from Taiwan in  July 2009 reached $134.74 million yielding a total trade value of $437.19 million and a trade deficit of $167.72 million.

Other major sources of imports for the month of July 2009 were Republic of Korea, $271.77 million;Thailand, $231.18 million; Malaysia, $182.50 million; Indonesia, $176.28 million; and Saudi Arabia, $149.37 million.

Payments for imports from the top ten sources for July 2009 amounted to $3.008  billion or 74.7 percent of the total.

Figure 4  Philippine Imports by Country in July : 2009
 

IMPORTS  FROM EASTERN ASIA  WORTH $1.601 BILLION

Philippines total imports in July 2009 with Eastern Asia which includes China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan accounted for 39.8 percent of the countys total imports; amounting to $1.601 billion or a negative annual growth of 14.0 percent  from July 2008 level of $1.861 billion.  Total exports to member-countries of Eastern Asia was valued at $1.315 billion, resulting to a total trade of $2.916 billion and a balance of trade in goods (BOT-G) deficit of $286.10 million.

July 2009 imports to ASEAN member-countries with 24.3 percent share, decreased by 39.0 percent to $978.80 million from $1.605 billion in July 2008. Exports to ASEAN member-countries worth $592.51 million, resulting to a total trade of $1.571 billion and trade deficit of $386.30 million.

Imports to European Union in July 2009 was valued at $312.92 million while exports to member-countries of European Union was worth $593.19 million.  This aggregate to total trade of $906.11 million and  a trade surplus of $280.26 million.

Figure 5  Philippine Imports by Selected Economic Bloc in July : 2009
(F.O.B. Value in Million US Dollars)

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.

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