January to March total trade stands at $17.665 billion
Total external trade in goods for January to March 2003 amounted to $17.665 billion or 13.3 percent higher than $15.591 billion in 2002. The bill for foreign-made merchandise increased by 22.4 percent to $9.158 billion from $7.482 billion. Similarly, exports posted a year-on-year growth rate of 4.9 percent to an aggregate dollar revenue of $8.508 billion from $8.108 billion a year earlier. Balance of trade deficit for the Philippines reached $650 million or 203.8 percent lower compared to last years surplus value which stood at $626 million.
Figure 1A. Philippine Trade Performance: January - March: 2002 and 2003
(F.O.B. Value in Million US Dollar)
Figure 1B. Philippine Trade Performance: March 2002 and 2003
(F.O.B. Value in Million US Dollar)
Note: All figures are based on the final import statistics based on the Survey on Imported Raw Materials.
March imports grew by 11.4 percent
Total merchandise trade for March 2003 went up by 10.1 percent to $6.517 billion from $5.922 billion during the same period last year. Dollar-inflow generated by exports amounted to $3.093 billion, or 8.6 percent higher than last years $2.849 billion. Likewise, expenditures for imported goods rose by 11.4 percent to $3.424 billion from $3.073 billion. The BOT-G deficit recorded $331 million, or 48.0 percent lower compared to last years $224 million.
Electronic products account for 46.4 percent of import Bill
Accounting for 46.4 percent of the total aggregate import bill, payments for electronic products amounted to $1.589 billion or 1.0 percent lower than last year's $1.604 billion. Compared to the previous month, dollar-outflow increased by 24.4 percent from $1.277 billion.
Purchases of mineral fuels, lubricants and related materials ranked second with 10.8 percent share. Payments made placed at $368.04 million, recorded a 50.4 percent increase over the previous level which stood at $244.75 million.
Industrial machinery and equipment, the third top import reported purchases worth $142.99 million, or a 13.2 percent increase from $126.32 million last year.
Transport equipment accounting for 3.8 percent of the total import bill, ranked fourth as payments amounted to $128.85 million, up by 71.6 percent from last year's $75.10 million.
Expenditures for iron and steel, with a 3.0 percent share to the aggregate bill, increased by 32.4 percent to $104.50 million from $78.93 million in March 2002.
Textile yarn, fabrics, made-up articles and related products, contributing 2.9 percent to the total bill, was RPs sixth top import for the month with payments posted at $100.24 million or 27.2 percent higher than last years $78.83 million.
Rounding up the list of the top imports for March 2003 were: telecommunication equipment and electrical machinery, $73.75 million; organic and inorganic chemical, $69.54 million; plastics in primary and nonprimary forms, $68.95 million; and cereals and cereal preparation, $43.45 million.
Aggregate payment for the countrys top ten imports for March 2003 amounted to $2.689 billion or 78.5 percent of the total bill.
Figure 2. Philippine Top Imports: March 2002 and 2003
(F.O.B. Value in Million US Dollar)
Raw materials and intermediate goods account for 39.4 percent of the total import bill
Payments for raw materials and intermediate goods consisting of unprocessed raw materials and semiprocessed raw materials accounted for 39.4 percent of the aggregate bill as importation rose by 4.1 percent to $1.350 billion from last years figure at $1.297 billion.
Capital goods comprising 39.3 percent of the aggregate bill grew by 10.6 percent year-on-year to $1.346 billion from $1.217 million. The group was led by telecommunication equipment and electrical machinery valued at $807.57 million or a 23.6 percent share of the total.
Expenditures for mineral fuels, lubricants and related materials increased by 50.4 percent to $368.04 million from $244.75 million during the same period a year earlier.
Purchases of consumer goods valued at $252.02 million, registered a 40.7 percent increment from $179.10 million in March 2002, while special transactions decreased by 20.2 percent to $108.02 million from $135.34 million.
Figure 3. Philippine Imports by Major Type of Goods: March: 2002 and 2003
U.S. corners 22.9 percent of March import bill
Imports from United States accounting for 22.9 percent of the total import bill, went up by 16.6 percent to $784.56 million from $672.96 million during the same period last year. Likewise, exports to US, amounted to $651.28 million yielding a two-way trade value of $1.436 billion and a trade deficit for RP placed at $133.28 million.
Japan, the countrys second biggest source of imports with a 19.2 percent share, reported shipments valued at $658.41 million against exports amounting to $477.63 million. Total trade amounted to $1.136 billion while the trade deficit for the Philippines was placed at $180.78 million.
Republic of Korea, followed as RPs third biggest source of imports. With payments worth $250.77 million, imports from Korea decreased by 12.1 percent from $285.43 million while revenue from RPs exports reached $116.42 million resulting to a total trade value of $367.19 million and a $134.35 million deficit for RP.
Other major sources of imports for the month of March were: Singapore, $246.68 million; Taiwan, $153.66 million; Hong Kong, $143.09 million; Peoples Republic of China, $131.97 million; Malaysia, $130.25 million; Thailand, $120.44 million; andGermany, $75.75 million.
Payments for imports from the top ten sources for the month amounted to $2.696 billion or 78.7 percent of the total.
Figure 4. Philippine Imports by Country: March: 2003
As of press time 86 out of 64,826 export documents and 93 out of 75,488 import documents are still expected from the ports.
Source: National Statistics Office
Manila, Philippines
