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Release Date :
Reference Number :
2009-037

 

EXTERNAL TRADE PERFORMANCE
March 2009

(Preliminary)

p - preliminary
r - revised

TOTAL TRADE POSTED AT $6.176 BILLION IN MARCH 2009

Total external trade in goods for March 2009 reached $6.176 billion, representing a 33.8 percent decline from $9.323 billion recorded during the same month in 2008. This was attributed to the 36.2 percent decrease of total imports to $3.269 billion from $5.123 billion reported in March 2008. Similarly, total exports went down by 30.8 percent to $2.907 billion from $4.200 billion recorded a year earlier. Thus, the balance of trade in goods (BOT-G) for the Philippines in March 2009 registered a $363 million deficit from $923 million deficit in the same period last year.

Figure 1A Philippine Trade Performance in January - March : 2009 and 2008
(F.O.B. Value in Million US Dollar)

Figure 1B Philippine Trade Performance in March : 2009 and 2008
(F.O.B. Value in Million US Dollar)

MARCH 2009 IMPORTS FELL BY 36.2 PERCENT

The country's total merchandise imports for March 2009 plummeted by 36.2 percent to $3.269 billion from $5.123 billion in March 2008. However, compared to previous month's level, it inched up by 6.9 percent from $3.059 billion after recording seven months of continuous negative growth since August 2008.

ELECTRONIC PRODUCTS ACCOUNTED FOR 34.2 PERCENT OF IMPORT BILL

Accounting for 34.2 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in March 2009 amounted to $1.117 billion. It plunged by 40.7 percent over last year's figure of $1.883 billion. This was due to the 43.3 percent decrease in the Components/Devices (Semiconductors) which comprised the biggest share of 25.4 percent among the major groups of electronic products. Compared to previous month, it climbed to 4.0 percent from $1.074 billion.

Imports of Mineral Fuels, Lubricants and Related Materials in March 2009 ranked second with 14.3 percent share and posted the highest year-on- year negative change of 60.1 percent valued at $467.12 million over the previous year's level of $1,170.27 million.

Cereals and Cereal Preparations, amounting to $254.25 million was the RP's third top import for the month with 7.8 percent share to total imports. This is the only commodity among the top ten imports which posted a positive growth of 37.9 percent over previous year's level of $184.43 million.

Transport Equipment, contributing 4.9 percent to the total import bill, was the RP's fourth top imports in March 2009 with payments placed at $161.09 million from last year's $268.05 million or a decrease of 39.9 percent.

Fifth in rank and with 3.9 percent share, Industrial Machinery and Equipment recorded $128.65 million worth of imports, lower by 24.7 percent from its year ago level of $170.82 million.

Organic and Inorganic Chemicals ranked sixth, representing 2.9 percent of the total imports registered $93.18 million which declined by 23.2 percent from its year ago level of $121.39 million.

Rounding up the list of the top ten imports for March 2009 were Iron and Steel, accounting for $75.39 million; Textile Yarn, Fabrics, Made-up Articles and Related Products (including consignment and not on consignment), amounting to $58.08 million; Plastics in Primary and Non-Primary Forms, $57.77 million; and Medicinal and Pharmaceutical Products, $56.12 million.

Aggregate payment for the country's top ten imports for March 2009 reached $2.469 billion or 75.5 percent of the total import bill.

Figure 2 Philippine Top Six Imports in March : 2009 and 2008
(F.O.B. Value in Million US Dollar)

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNTED FOR 41.3 PERCENT OF THE TOTAL IMPORTS

Accounting for 41.3 percent of the total imports, payments in March 2009 for Raw Materials and Intermediate Goods amounted to $1.349 billion or 29.9 percent decline over last year's figure of $1.925 billion. Compared to the previous month's level, purchases slightly fell by 0.3 percent from $1.353 billion. Semi-Processed Raw Materials having the biggest share of 35.0 percent and valued at $1.144 billion decreased by 35.9 percent from $1.783 billion level a year ago.

Capital Goods, contributing 28.6 percent to the total imports, plummeted by 34.9 percent year-on-year to $933.45 million from $1.434 billion. Similarly, Mineral Fuels, Lubricants and Related Materials with 14.3 percent share, decreased by 60.1 percent to $467.12 million from $1.170 billion in March 2008.

Purchases of Consumer Goods amounted to $490.06 million or an annual decrease of 7.4 percent from $529.04 million in March 2008, while Special Transactions dropped by 53.4 percent to $29.91 million from $64.15 million in March 2008.

Figure 3 Philippine Imports by Major Type of Goods in March : 2009 and 2008

    

 

IMPORTS FROM THE UNITED STATES OF AMERICA ACCOUNTED FOR 12.2 PERCENT

 

United States of America (USA) which includes Alaska and Hawaii, was the country's biggest source of imports for March 2009 with 12.2 percent share of the total import bill, lower by 41.6 percent from $684.31 million in March 2008 to $399.89 million. Exports to USA amounted to $503.04 million, yielding a two-way trade value of $902.93 million and a trade surplus for RP of $103.15 million.

Japan (including Okinawa), emerged as the second biggest source of imports with 11.5 percent share, recorded payments worth $376.93 million, a decline of 32.3 percent year on year from $556.71 million. Revenue from the country's exports to Japan, on the other hand, reached $446.56 million, generating a total trade value of $823.49 million and $69.63 million trade surplus for the Philippines.

People's Republic of China, came third, accounting for 9.1 percent share of the total import bill in March 2009 which declined by 17.3 percent to $298.06 million from $360.25 million during the same month in 2008. Exports to People's Republic of China amounted to $308.03 million resulting to a total trade value of $606.09 million and a trade surplus of $9.98 million.

Singapore settled fourth; accounting for 8.0 percent share of the total import bill in March 2009, a decrease of 62.1 percent to $260.17 million from $686.01 million posted in March 2008. Exports to Singapore amounted to $129.22 million resulting to a total trade value of $389.39 million and a trade deficit of $130.95 million.

Fifth in rank is Taiwan, representing 7.4 percent of the total import bill in March 2009 and amounting to $241.07 million. Meanwhile, export receipts from Taiwan in March 2009 reached $96.96 million yielding a total trade value of $338.03 million and a trade deficit of $144.11 million.

Other major sources of imports for the month of March 2009 were Republic of Korea, $220.34 million; Thailand, $188.62 million; Vietnam, $175.37 million; Indonesia, $161.52 million; and Malaysia (including Sabah and Sarawak), $123.47 million.

Payments for imports from the top ten sources for March 2009 amounted to $2.445 billion or 74.8 percent of the total.

Figure 4 Philippine Imports by Country in March : 2009

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 with the January 2007 Press Release, analysis and tables are based on the 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.

 

 

(Sgd.) CARMELITA N. ERICTA
Administrator

 

Source: Foreign Trade Statistics Section
            Industry and Trade Statistics Department
            National Statistics Office
            Manila, Philippines

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