JANUARY TO MARCH 2008 TOTAL TRADE STANDS AT $27.141 BILLION

Total external trade in goods for January to March 2008 reached $27.141 billion, representing an 11.4 percent increment from $24.361 billion during the 3-month period in 2007. This growth is fuelled by total imports which grew by 20.1 percent to $14.606 billion from $12.161 billion in the first quarter of 2007. Meanwhile, a modest growth of 2.7 percent is noted in total exports for the first quarter of 2008 to aggregate dollar revenue of $12.536 billion from $12.201 billion during the same quarter in 2007. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $2.070 billion during the 3-month period in 2008.

Figure 1A  Philippine Trade Performance in January - March : 2007 and 2008
(F.O.B. Value in Million US Dollar)  
 

Figure 1B  Philippine Trade Performance in March : 2007 and 2008
(F.O.B. Value in Million US Dollar)

MARCH 2008 IMPORTS WENT UP BY 12.1 PERCENT

Total merchandise trade for March 2008 slightly increased by 2.9 percent to $9.314 billion from $9.054 billion in March 2007. Dollar-inflow generated by exports reached $4.193 billion, or 6.6 percent lower from last year’s $4.487 billion. Expenditures for imported goods sustained its growth by 12.1 percent to $5.121 billion from $4.567 billion in March 2007. The balance of trade in goods   (BOT-G) recorded a deficit of $928 million in March 2008.

ELECTRONIC PRODUCTS ACCOUNT FOR 36.8 PERCENT OF IMPORT BILL

Accounting for 36.8 percent of the aggregate import bill, payments for Electronic Products amounted to $1.883 billion or a 16.8 percent decline over last year's figure of $2.263 billion.  Compared to the previous month’s level; purchases increased by a measly 0.1 percent from $1.881 billion. Among the major groups of electronic products, Components/Devices (Semiconductors) had the biggest share of 28.5 percent, down by 20.4 percent to $1.462 billion from $1.837 billion in March 2007.

Imports of Mineral Fuels, Lubricants and Related Materials in March 2008 ranked second with a 22.8 percent share and posted a positive growth of 87.1 percent to $1.169 billion over the previous year’s level of $625.02 million.

Transport Equipment, contributing 5.2 percent to the total bill, was the RP’s third top import for the month with payments placed at $268.09 million from last year’s $175.81 million or an increase of 52.5 percent.

Cereals and Cereal Preparations, accounting for a 3.6 percent of the total imports, ranked fourth as foreign bill amounted to $184.46 million or a year-on-year growth of 151.0 percent from $73.49 million last year.

Industrial Machinery and Equipment ranked fifth recorded a share of 3.3 percent at $170.73 million worth of imports, went down by 7.0 percent from its year ago level of $183.56 million. 

Iron and Steel, comprising 2.6 percent of the total imports registered $131.99 million worth of imports, up by 70.9 percent from its year ago level of $77.24 million.

Rounding up the list of the top ten imports for March 2008 were Organic and Inorganic Chemicals,$121.41 million; Plastics in Primary and Non-Primary Forms with $102.71 million worth of imports;Dairy Products, $84.17 million; and Textile Yarn, Fabrics, Made-Up Articles and Related Products, $72.74 million.

Aggregate payment for the country’s top ten imports for March 2008 reached $4.188 billion or 81.8 percent of the total import bill.

Figure 2  Philippine Top Six Imports in March : 2007 and 2008
(F.O.B. Value in Million US Dollar)
  

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 37.6 PERCENT OF THE TOTAL IMPORTS

Accounting for 37.6 percent of the total imports, payments in March 2008 for Raw Materials and Intermediate Goods amounted to $1.923 billion or a 9.1 percent decrease over last year's figure of $2.116 billion.  Compared to the previous month’s level, purchases went up by 7.6 percent from $1.788 billion. Semi-Processed Raw Materials valued at $1.782 billion had the biggest share of 34.8 percent.

Capital Goods, which comprised 28.0 percent of the total imports, went down by 0.3 percent year-on-year, to $1.435 billion from $1.438 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 15.2 percent share of the total imports in March 2008 and billed at $778.98 million.

Mineral Fuels, Lubricants and Related Materials with a 22.8 percent share, inched-up by 87.1 percent to $1.169 billion from $625.02 million in March 2007.

Purchases of Consumer Goods amounted to $528.90 million or an increase of 62.2 percent from $326.15 million in March 2007, while Special Transactions likewise grew by 6.9 percent to $65.20 million from $61.02 million.

Figure 3  Philippine Imports by Major Type of Goods in March: 2007 and 2008
 

SINGAPORE CORNERS 13.4 PERCENT OF MARCH 2008 IMPORT BILL  

Singapore was the country’s biggest source of imports for March 2008 with a 13.4 percent share of the total import bill or an increase of 29.7 percent to $686.35 million from $529.08 million in March 2007.  Exports to Singapore amounted to $183.34 million, yielding a two-way trade value of $869.69 billion and a trade deficit for RP at $503.02 million.

United States of America (USA) followed as the second biggest source of imports with a 13.3 percent share, recording payments worth $683.41 million or a decline of 13.2 percent from $786.93 million in March 2007.  Revenue from RP’s exports to United States of America (USA), on the other hand, reached $684.33 million, which generated a total trade value of $1.368 billion and a $0.92 million trade surplus for the Philippines.

Japan came third, accounting for a 10.9 percent share of the total import bill in March 2008, down by 5.7 percent to $556.86 million from $590.72 million during the same month in 2007. Exports to Japanamounted to $710.99 million resulting to a total trade value of $1.268 billion and a trade surplus of $154.13 million.

Other major sources of imports for the month of March 2008 were Saudi Arabia, $437.11 million;Taiwan, $392.42 million; People’s Republic of China, $360.23 million; Republic of Korea, $240.92 million; Malaysia, $214.64 million; Thailand, $209.01 million; and United Arab Emirates, $159.76 million.

Payments for imports from the top ten sources for March 2008 amounted to $3.941 billion or 77.0 percent of the total.

Figure 4  Philippine Imports by Country in March: 2008
  

Technical Notes:

1. Adjustments on electronic import statistics are based on the transactions that pass through the Automated Cargo Operating System (ACOS) of the Bureau of Customs (BOC).

2. Starting on 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