External Trade Performance : March 2007 (Preliminary)

    r - revised

JANUARY TO MARCH 2007 TOTAL TRADE STANDS AT $24.123 BILLION

Total external trade in goods for January to March 2007 reached $24.123 billion, representing a 9.6 percent increment from $22.019 billion during the same 3-month period in 2006. Similarly, total imports grew by 7.1 percent to $11.971 billion from $11.172 billion. Exports, on the other hand, registered an increase of 12.0 percent to aggregate dollar revenue of $12.152 billion from $10.847 billion during the same 3-month period in 2006. Interestingly, balance of trade in goods (BOT-G) for the Philippines registered a surplus of $181.00 million during the same 3-month period in 2007.

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

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

MARCH 2007 IMPORTS UP BY 10.4 PERCENT

Total merchandise trade for March 2007 inched-up by 9.1 percent to $9.014 billion from $8.265 billion in March 2006. Dollar-inflow generated by exports reached $4.448 billion, or 7.8 percent higher from last years $4.127 billion. Expenditures for imported goods likewise, increased by 10.4 percent to $4.567 billion from $4.138 billion in March 2006. The balance of trade in goods   (BOT-G) in March 2007 recorded a deficit of $119.00 million, higher than the last years recorded deficit of $10.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 50.2 PERCENT OF IMPORT BILL

Accounting for 50.2 percent of the aggregate import bill, payments for Electronic Productsamounted to $2.291 billion or 22.0 percent growth over last year's figure of $1.878 billion.  Compared to the previous months level, purchases went up by 33.7 percent from $1.713 billion. Except for Consumer Electronics and Telecommunication, all major groups of electronic products recorded increases ranging from a low of 18.6 percent to a high of 159.0 percent from their year ago level.

 Imports of Mineral Fuels, Lubricants and Related Materials in March 2007 ranked second with a 13.8 percent share and posted a positive growth of 2.5 percent to $630.55 million over the previous years level of $615.04 million.

Transport Equipment, contributing 3.9 percent to the total bill, was the RPs third top import for the month with payments placed at $177.84 million from last years $134.11 million or an increase of 32.6 percent.   

Industrial Machinery and Equipment, accounting for a 3.9 percent of the total imports, ranked fourth as foreign bill amounted to $176.96 million or a year-on-year growth of 12.8 percent from $157.0 million last year.

Organic and Inorganic Chemicals, ranked fifth, recorded a share of 2.2 percent at $101.55 million worth of imports, which grew by 26.4 percent from its year ago level of $80.38 million.

Textile Yarn, Fabrics, Made-Up Articles and Related Products, ranked sixth comprising 1.9 percent of the total imports; registered $87.70 million worth of imports or a decrease of 3.2 percent from its year ago level of $90.59 million. 

Rounding up the list of the top imports for March 2007 were Plastics in Primary and Non-Primary Forms, $83.27 million; Cereals and Cereal Preparations with $74.12 million worth of imports; Iron and Steel, $72.20 million; and Telecommunication Equipment and Electrical Machinery, $61.03 million.

Aggregate payment for the countrys top ten imports for March 2007 reached $3.756 billion or 82.3 percent of the total import bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 46.9 PERCENT OF THE TOTAL IMPORTS

Accounting for 46.9 percent of the total imports, payments in March 2007 for Raw Materials and Intermediate Goods amounted to $2.139 billion or 22.0 percent increase over last year's figure of $1.754 billion.  Compared to the previous months level, purchases went up by 24.3 percent from $1.722 billion. Semi-Processed Raw Materials valued at $1.993 billion had the biggest share of 43.6 percent.

Capital Goods, which comprised 30.9 percent of the total imports, went up by 5.8 percent year-on-year, to $1.409 billion from $1.331 billion. The major share went toTelecommunication Equipment and Electrical Machinery with a 16.5 percent share of the total imports in March 2007 and billed at $752.32 million.

Mineral Fuels, Lubricants and Related Materials with a 13.8 percent share, inched-up by 2.5 percent to $630.55 million from $615.04 million in March 2006.

Purchases of Consumer Goods amounted to $326.63 million, down by 7.6 percent from $353.51 million in March 2006, while Special Transactions likewise decreased by 27.2 percent to $61.49 million from $84.50 million.

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

UNITED STATES CORNERS 17.7 PERCENT OF MARCH 2007 IMPORT BILL  

United States of America (USA) remained to be the countrys biggest source of imports for March 2007 with a 17.7 percent share of the total import bill or an increase of 20.5 percent to $805.77 million from $668.66 million in March 2006.  Exports to USA amounted to $675.78 million, yielding a two-way trade value of $1.482 billion and a trade deficit for RP at $130.00 million.

Japan followed as the second biggest source of imports with a 12.3 percent share, recording payments worth $560.68 million.  However, its total bill declined by 5.8 percent from $595.28 million in March 2006.  Revenue from RPs exports to Japan, on the other hand, reached $598.43 million, which generated a total trade value of $1.159 billion and a $37.75 million trade surplus for the Philippines.

Singapore, came third, accounting for an 11.7 percent share of the total import bill, up by 19.3 percent to $535.57 million from $448.78 million during the same month in 2006. Exports toSingapore amounted to $228.33 million resulting to a total trade value of $763.90 million and a trade deficit of $307.25 million.

Other major sources of imports for the month of March 2007 were Peoples Republic ofChina, $315.60 million; Republic of Korea, $299.53 million; Taiwan, $291.08 million; United Arab Emirates, $197.18 million; Ireland, $173.09 million; Thailand, $165.95 million; andGermany, $156.79 million.

Payments for imports from the top ten sources for the month amounted to $3.501 billion or 76.7 percent of the total.

Figure 4  Philippine Imports by Country in March: 2007
  

Technical Notes:

1. Adjustments on electronic import statistics are based on the transactions that pass through 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