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Release Date :
Reference Number :
1998-022

 

FIRST QUARTER TOTAL TRADE IN GOODS UP BY 6.8 PERCENT

The total trade in goods for the first quarter increased by 6.8 percent to $14.854 billion from $13.905 billion last year. Expenditures for imports dipped by 4.3 percent to $8.038 billion from $8.400 billion a year ago. Exports, on the other hand, grew by 23.8 percent to $6.816 billion from $5.505 billion. The resulting balance of trade in goods (BOT-G) for the first quarter stood at $1.221 billion, which was 57.8 percent lower than $2.895 billion in 1997.

The total two-way trade for March 1998 reached $5.089 billion, which was an increase of 3.1 percent over $4.936 billion a year ago. Export revenue was up by 23.6 percent to $2.474 billion from $2.001 billion. For 10 of the past 12 months export value has been growing over 20 percent. Imports of merchandise dropped by 10.9 percent to $2.614 billion from $2.935 billion, marking the second consecutive decline after a zero growth in January 1998. The BOT-G deficit for March 1998 dropped by 85.0 percent to $140.0 million from $934.0 million a year earlier.

PAYMENTS FOR ELECTRONICS AND COMPONENTS UP BY 17.1 PERCENT

Purchases of Electronics and Components, the top import with a 20.1 percent share, increased by 17.1 percent to $524.81 million from $448.35 million last year.

Accounting for 10.4 percent of the aggregate bill, payments for Telecommunication Equipment and Electrical Machinery dropped by 1.2 percent to $272.15 million from $275.39 million a year ago.

The third biggest import for the month was Industrial Machinery and Equipment. Payments, accounting for 8.2 percent of the total, declined by 14.7 percent to $214.29 million from $251.08 million.

Imports of Mineral Fuels, Lubricants and Related Materials, with a 7.2 percent share, were valued at $189.49 million dropping by 37.5 percent over $303.12 million last year.

Materials/Accessories Imported on Consignment Basis for the Manufacture of Other Electrical and Electronic Machinery and Equipment were the fifth top imports. Accounting for 7.0 percent of the total bill, payments reached $182.99 million, decreasing by 10.5 percent from $204.37 million in 1997.

Office and EDP Machines, accounting for 6.4 percent of the total, emerged as the sixth top import with a value of $167.65 million which was 83.3 percent higher than $91.45 million last year.

Rounding up the list of the top imports for March 1998 were: Textile Yarn, Fabrics, Made-up Articles and Related Products, $112.18 million; Iron and Steel, $95.10 million; Cereals and Cereal Preparations, $74.50 million; and Transport Equipment, $69.30 million.

Aggregate payment for the top ten imports for the month amounted to $1.902 billion that was 72.8 percent of the total bill.

CAPITAL GOODS ACCOUNT FOR 41.6 PERCENT

Capital Goods accounted for the biggest slice of imports for the month placed at 41.6 percent. With Telecommunication Equipment and Electrical Machinery comprising more than half, payments grew by 16.4 percent to $1,088.39 million from $934.80 million a year ago.

Raw Materials and Intermediate Goods accounted for 39.1 percent of the total imports for the month even as purchases dropped by 23.4 percent to $1,021.12 million from $1,332.22 million last year.

Purchases of Consumer Goods valued at $197.14 million, declined by 26.8 percent from $269.33 million in 1997.

Expenditures for Mineral Fuel and Lubricant contracted by 37.5 percent to $189.49 million while payments for Special Transactions grew by 23.6 percent to $118.23 million.

IMPORTS FROM JAPAN ACCOUNT FOR 22.9 PERCENT

Purchases of Japan-made goods accounted for 22.9 percent of the total imports for the month. Dipping slightly by 1.3 percent, payments were valued at $598.65 million, down from $606.82 million a year ago. Exports to Japanamounted to $421.71 million yielding a two-way trade figure of $1,020.36 million and a BOT-G deficit of $176.94 million.

The United States, which was second biggest source of imports with a 21.2 percent share, had reported sales valued at $554.40 million against purchases amounting to $813.24 million. Total trade reached $1,367.64 million and the BOT-G surplus stood at $258.84 million.

The third biggest source of imports for March was Republic of Korea. Expenditures for imports amounted to $216.01 million while revenue from exports reached $48.56 million resulting in a two-way trade value of $264.57 million and a $167.45 million BOT-G deficit.

Other major sources of imports were: Singapore, $176.74 million; Taiwan, $138.40 million; Hongkong, $108.30 million; Germany, $75.67 million; Malaysia, $66.69 million; China, $63.34 million; and Iran, $63.34 million.

Payment for imports from the top ten markets for the month amounted to $2,061.54 million or 78.9 percent of the total.

UNCOLLECTED DOCUMENTS

As of press time 71 out of 46,151 export documents and 49 out of 51,396 import documents are still expected from the ports. 

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