External Trade Performance : June 2007 (Preliminary)

   r - revised

JANUARY TO JUNE 2007 TOTAL TRADE STANDS AT $49.851 BILLION

Total external trade in goods for January to June 2007 reached $49.851 billion, representing a 4.4 percent increment from $47.760 billion during the same 6-month period in 2006. Similarly, total imports grew by 2.3 percent to $25.314 billion from $24.748 billion. Exports likewise registered an increase of 6.6 percent to aggregate dollar revenue of $24.537 billion from $23.013 billion during the same 6-month period in 2006. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $776.00 million during the same 6-month period in 2007.

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

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

JUNE 2007 IMPORTS UP BY 3.8 PERCENT

Total merchandise trade for June 2007 inched-up by 2.7 percent to $8.822 billion from $8.589 billion in June 2006; an improvement from a 1.0 percent growth recorded in May 2007. Receipts generated by exports reached $4.117 billion, or 1.5 percent higher from last years $4.055 billion. Expenditures for imported goods likewise increased, posting a growth of 3.8 percent to $4.705 billion from $4.534 billion in June 2006. The balance of trade in goods   (BOT-G) in June 2007 recorded a deficit of $589.00 million, higher than the last years recorded deficit of $479.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 46.5 PERCENT OF IMPORT BILL

Accounting for 46.5 percent of the aggregate import bill, payments for Electronic Productsamounted to $2.188 billion or 8.4 percent increase over last year's figure of $2.018 billion.  Compared to the previous months level, purchases likewise went up by 22.5 percent from $1.786 billion. The increase was due to the strong inbound shipment of semiconductors.

 Imports of Mineral Fuels, Lubricants and Related Materials in June 2007 ranked second with a 14.8 percent share, posting a negative growth of 11.2 percent to $697.24 million over the previous years level of $785.39 million.

Industrial Machinery and Equipment, contributing 4.0 percent to the total bill, was the RPs third top import for the month with payments placed at $186.07 million from last years $170.96 million or an increase of 8.8 percent. 

Iron and Steel accounting for a 3.6 percent of the total imports, ranked fourth as foreign bill amounted to $170.62 million or a year-on-year growth of 34.0 percent from $127.30 million in 2006.

Transport Equipment ranking fifth recorded a share of 3.1 percent at $146.10 million worth of imports; down by 26.3 percent from its year ago level of $198.34 million.

Cereals and Cereal Preparations ranked sixth, comprising 3.0 percent of the total imports; registered $140.95 million worth of imports or a growth of 50.2 percent from its year ago level of $93.84 million.  This is due mainly to the increase in the importation of rice.

Rounding up the list of the top imports for June 2007 were Textile Yarn, Fabrics, Made-Up Articles and Related Products, $107.96 million; Organic and Inorganic Chemicals with $83.08 million worth of imports; Telecommunication Equipment and Electrical Machinery,$82.81 million; and Plastics in Primary and Non-Primary Forms, $81.99 million.

Aggregate payment for the countrys top ten imports for June 2007 reached $3.885 billion or 82.6 percent of the total import bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 47.1 PERCENT OF THE TOTAL IMPORTS

Accounting for 47.1 percent of the total imports, payments in June 2007 for Raw Materials and Intermediate Goods amounted to $2.217 billion or an 18.0 percent increase over last year's figure of $1.879 billion.  Compared to the previous months level, purchases went up by 17.9 percent from $1.881 billion. Semi-Processed Raw Materials mostly comprise imports of raw materials and intermediate goods.  These are valued at $2.059 billion and recorded a growth of 20.0 percent from $1.716 billion in 2006.

Capital Goods comprised 28.0 percent of the total imports, shrunk by 10.3 percent year-on-year, to $1.318 billion from $1.469 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 16.2 percent share of the total imports in June 2007 and billed at $761.90 million or a decline of 9.0 percent from $837.28 million in 2006.

Mineral Fuels, Lubricants and Related Materials with a 14.8 percent share declined by 11.2 percent to $697.24 million from $785.39 million in June 2006. However, their import bills during January to June retained its positive growth, although at a slower pace of 0.6 percent to $4.083 billion from $4.060 billion during the first semester of 2006.

Purchases of Consumer Goods amounted to $424.97 million, rose by 40.0 percent from $303.64 million in June 2006, while Special Transactions decreased by 50.1 percent to $48.36 million from $96.92 million.

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

UNITED STATES CORNERS 14.5 PERCENT OF JUNE 2007 IMPORT BILL  

Although registering a decrease of 3.5 percent to $681.84 million from $706.77 million in June 2006, United States of America (USA) remained to be the top source of imports for June 2007 with a 14.5 percent share of the total import bill.  Exports to USA amounted to $702.80 million, yielding a two-way trade value of $1.385 billion and a trade surplus for RP at $20.97 million.

Singapore was the second biggest source of imports for June 2007 accounting for a 13.6 percent share of the total import bill, up by 79.5 percent to $639.37 million from $356.23 million during the same month in 2006. Exports to Singapore amounted to $279.65 million resulting to a total trade value of $919.01 million and a trade deficit of $359.72 million.

Japan came third, with a 10.4 percent share, recording payments worth $488.11 million or a decline of 11.4 percent from $551.02 million in June 2006.  Revenue from RPs exports toJapan reached $633.95 million, which generated a total trade value of $1.122 billion and a $145.84 million trade surplus for the Philippines.

Other major sources of imports for the month of June 2007 were Peoples Republic ofChina, $387.38 million; Taiwan, $348.50 million; Republic of Korea, $254.73 million;Thailand, $207.48 million; Malaysia, $203.48 million; Ireland, $181.58 million; and Saudi Arabia, $175.20 million.

Payments for imports from the top ten sources for the month amounted to $3.568 billion or 75.8 percent of the total.

Figure 4  Philippine Imports by Country in June: 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