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Release Date :
Reference Number :
1998-036

 

TOTAL TRADE IN GOODS IN 5-MONTH PERIOD REACHES  $24.633 BILLION 

         Merchandise trade from January to May 1998 grew by 3.2 percent to $24.633 billion from $23.867 billion last year.  Revenue from exports increased by 20.3 percent to $11.515 billion from $9.571 billion a year ago while payments for imports dropped by 8.2 percent to $13.118 billion from $14.296 billion.  The balance of trade in goods (BOT-G) continued to decline, dropping by 66.1 percent to $1.603 billion from $4.725 billion.

        Two-way trade for May 1998 reached $5.039 billion increasing by 2.1 percent over $4.937 billion last year.  Aggregate earnings from exports amounted to $2.415 billion, up by 21.8 percent from $1.983 billion in May 1997 while payments for imports reached $2.624 billion, down by 11.2 percent from the year-ago level of $2.954 billion.  The May BOT-G deficit was $209 million which was 78.5 percent lower than $971 million a year ago.

ELECTRONICS 28.9 PERCENT OF TOTAL IMPORTS BILL

        Shipments of Electronics and Components, still the top import with a 28.9 percent share, grew by 46.9 percent to $757.58 million from $515.83 million last year.

        Accounting for 8.9 percent of the aggregate bill, payments for Telecommunication Equipment and Electrical Machinery dropped by 26.9 percent to $232.63 million from $318.06 million a year ago.

        Imports of Mineral Fuels, Lubricants and Related Materials, with a 7.3 percent share, increased by 22.6 percent to $191.28 million from $155.96 million last year.

        The fourth ranked imports consisted of Industrial Machinery and Equipment.  Payments, accounting for 6.3 percent of the total, dropped by 34.2 percent to $165.12 million from $250.96 million a year ago.

        Materials/Accessories Imported on Consignment Basis for the Manufacture of Other Electrical and Electronic Machinery and Equipment comprised the fifth ranked import. Accounting for 5.7 percent of the total bill, payments reached $150.45 million, growing by 11.7 percent from  $134.68 million in 1997.

        Office and EDP Machines, accounting for 4.8 percent of the total, was the sixth ranked import with a value of $126.32 million.  This was 11.7 percent higher than $113.13 million last year.

        Rounding-up the list of the top imports for May 1998 were: Textile Yarn, Fabrics, Made-up Articles and Related Products, $106.31 million; Cereals and Cereal Preparations, $88.26 million; Iron and Steel, $61.36 million; and,Transport Equipment, $59.41 million.

        Aggregate payment for the top ten imports for the month amounted to $1.939 billion, or 73.9 percent of the total.

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 40.5 PERCENT

        Raw Materials and Intermediate Goods accounted for the biggest share of the total imports for May at 40.5 percent even as purchases dropped by 17.9 percent to $1,062.36 million from $1,293.69 million last year.

       Capital Goods, notably Telecommunication Equipment and Electrical Machinery, accounted for 39.7 percent of the import bill with payments amounting to  $1,042.33 million, which was 9.1 percent lower than $1,146.66 million in May 1997.

       Purchases of Consumer Goods valued at $199.48 million declined by 29.2 percent from $281.67 million in 1997.

       Expenditures for Mineral Fuel and Lubricant climbed by 22.6 percent to $191.28 million while payments for Special Transactions grew by 68.1 percent to $128.37 million.

US TOP SOURCE OF MAY IMPORTS 

       United States with a 25.4 percent share of the total imports was the main source of imported goods for the month.  Payments were valued at $665.05 million increasing by 7.9 percent from $616.32 million a year ago.  Exports to this country amounted to $789.16 million yielding a two-way trade figure of $1,454.21 million and a BOT-G surplus of $124.11 million for RP.

       Japan, the second biggest source of imports with a 19.0 percent share, reported sales valued at $499.38 million against purchases amounting to $390.38 million.  Total trade reached $889.76 million and the BOT-G deficit stood at $109.0 million.

       The third biggest source of imports for May was Republic of Korea. Expenditures for imports amounted to $197.12 million while revenue from exports reached $47.24 million resulting in a two-way trade value of $244.36 million and a $149.88 million BOT-G deficit.

       Other major sources of imports for May 1998 were: Singapore, $157.70 million; Taiwan, $135.38 million; Hongkong, $116.94 million; China, $94.0 million; Malaysia, $84.52 million; Germany, $69.44 million; and Thailand, $69.24 million.

       Payments for imports from the top ten sources amounted to $2,088.77 million which was 79.6 percent of the total.

UNCOLLECTED DOCUMENTS

       As of presstime 93 out of 58,055 export documents and 78 out of 108,181 import documents are still expected from the ports.

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