January to March total trade stands at $18.917 billion

Total external trade in goods for January to March 2005 amounted to $18.917 billion representing a negative growth of 0.1 percent from $18.945 billion during the same period of the previous year. However, total foreign-made merchandise dipped by 3.6 percent to $9.397 billion from $9.752 billion. On the contrary, exports registered a year-on-year increment of 3.6 percent to aggregate dollar revenue of $9.520 billion from $9.193 billion last year. Balance of trade in goods (BOT-G) surplus for the Philippines reached $122 million from last year’s deficit of $559 million.

Figure 1A. Philippine Trade Performance in January - March :2004 and 2005
(F.O.B. Value in Million US Dollar)
  
 

Figure 1B. Philippine Trade Performance in March :2004 - 2005
(F.O.B. Value in Million US Dollar)
  
 

March imports register 4.0 percent decrease

Total merchandise trade for March 2005 dropped by 3.4 percent to $6.691 billion from $6.929 billion during the same period a year earlier. Dollar-inflow generated by exports amounted to $3.256 billion, or 2.8 percent lower than last year’s $3.350 billion. Similarly, expenditures for imported goods declined by 4.0 percent to $3.436 billion from $3.579 billion. The balance of trade in goods (BOT-G) registered a deficit of $180 million, smaller compared to last year’s deficit of $228 million.

Electronic products account for 41.1 percent of import bill

Accounting for 41.1 percent of the total aggregate import bill, payments for electronic products amounted to $1.413 billion or a decline of 13.1 percent over last year’s figure of $1.626 billion. Compared to the previous month’s level, purchases grew by 11.6 percent from $1.266 billion.

Imports of mineral fuels, lubricants and related materials in March ranked second with 13.8 percent share. Expenditures at $475.50 million, posted a 17.2 percent growth over the previous year’s level of $405.70 million.

Iron and steel, the third top import was worth $159.27 million, or an increase of 18.0 percent from $134.98 million a year earlier.

Industrial machinery and equipment, contributing 4.2 percent to the total bill, was RP’s fourth top import for the month with payments placed at $142.49 million or a drop of 13.0 percent from last year’s $163.76 million.

Transport equipment, accounting for 3.4 percent of the total imports, ranked fifth as it inched up by 0.04 percent with foreign bill amounting to $114.97 million from $114.92 million last year.

Expenditures for cereals and cereal preparations, with a 2.6 percent share, went up by 53.7 percent to $89.02 million from $57.90 million in March 2004.

Rounding up the list of the top imports for March 2005 were textile yarn, fabrics, made-up articles and related products, $77.91 million; organic and inorganic chemical, $77.78 million; plastics in primary and non-primary forms, $72.40 million; andtelecommunication equipment and electrical machinery, $69.26 million.

Aggregate payment for the country’s top ten imports for March 2005 reached to $2.691 billion or 78.3 percent of the total bill.

Figure 2. Philippine Top Imports in March 2004 and 2005
(F.O.B. Value in Million US Dollar)
  

Raw materials and intermediate goods account for 38.0 percent of the total imports

Payments in March for raw materials and intermediate goods accounted for 38.0 percent as importation was down by 4.7 percent to $1.306 billion from last year’s figure of $1.371 billion. Semi-processed raw materials got the biggest share of 33.8 percent and valued at $1.163 billion.

Capital goods comprising 37.1 percent of the total imports declined by 11.2 percent year-on-year to $1.274 billion from $1.434 billion. The major share went to telecommunication equipment and electrical machinery with a 21.0 percent share of the total imports and billed at $721.45 million.

Expenditures for mineral fuels, lubricants and related materials gained by 17.2 percent to $475.50 million from $405.70 million during the same period of 2004.

Purchases of consumer goods, amounted to $305.84 million, an increase of 38.3 percent from $221.08 million in March 2004, while special transactions fell by 49.6 percent to $74.13 million from $147.16 million.

Figure 3. Philippine Imports by Major Type of Goods in March: 2004 and 2005
  

Japan corners 17.3 percent of march import bill

Imports from Japan accounting for 17.3 percent of the total import bill, decreased by 12.4 percent to $595.29 million from $679.44 million during the same period of 2004. Exports to Japan, amounted to $663.49 million yielding a two-way trade value of $1.259 billion and a trade surplus for RP placed at $68.19 million.

United States, the country’s second biggest source of imports for March with a 15.0 percent share, reported shipments billed at $516.12 million against exports earnings of $527.08 million. Total trade amounted to $1.043 billion, with a trade surplus registered at $10.96 million.

Taiwan followed as the third biggest source of imports. With payments worth $314.45 million, imports moved up by 21.6 percent from $258.51 million, while revenue from RP’s exports reached $269.05 million resulting to a total trade value of $412.51 million and a $125.60 million surplus for Philippines.

Other major sources of imports for the month of March were Singapore, $251.69 million;People’s Republic of China, $222.08 million; Republic of Korea, $188.89 million; Saudi Arabia, $153.38 million; Hong Kong, $143.45 million; Malaysia, $134.15 million; andThailand, $120.33 million.

Payments for imports from the top ten sources for the month amounted to $2.640 billion or 76.8 percent of the total.

Figure 4. Philippine Imports by Country in March: 2005
  

As of press time, 27 out of 54,190 export documents and 35 out of 76,869 import documents are still expected from the ports.