TOTAL TRADE VALUED AT $25.382 BILLION

Merchandise trade for the first five months of 1999 grew by 3.0 percent to $25.382 billion from $24.634 billion last year. This growth was mainly due to a 12.4 percent increase in exports to $12.946 billion from $11.516 billion a year ago. Payments for imports dropped by 5.2 percent to $12.436 billion from $13.118 billion, leading to a positive balance of trade in goods (BOT-G) of $509.0 million compared to the deficit of $1.602 billion last year.

Total merchandise trade for May 1999 reached $5.280 billion, which was an increase of 4.8 percent over $5.039 billion a year ago. While earnings from exports amounting to $2.747 billion went up by 13.7 percent from $2.415 billion a year earlier, total payment for imports went down by 3.5 percent to $2.533 billion from $2.624 billion in 1998. The BOT-G was in surplus of $214 million.

 
ELECTRONICS ACCOUNT FOR 21.4 PERCENT OF TOTAL IMPORTS BILL

Payments for Electronics and Components, still the top import with a 21.4 percent share, fell by 28.5 percent to $541.84 million from $757.87 million last year.

Imports of Mineral Fuels, Lubricants and Related Materials with a 7.6 percent share amounted to $193.41 million increasing by 1.1 percent from $191.28 million the previous year.

Accounting for 6.2 percent of the aggregate bill, payments for Telecommunication Equipment and Electrical Machinery dropped by 32.4 percent to $157.97 million from $233.77 million.

The fourth top import consisted of Industrial Machinery and Equipment, which accounted for 5.9 percent of the total import bill. Valued at $150.53 million, this was a drop of 9.1 percent from $165.63 million the previous year.

Materials/Accessories Imported on Consignment Basis for the Manufacture of Other Electrical and Electronic Machinery and Equipmentcomprised the fifth top import. Payments reached $131.37 million, which was a decrease of 13.2 percent from $151.38 million in 1998.

Textile Yarn, Fabrics, Made-up Articles and Related Products was the sixth top import with a value of $123.70 million, gaining 16.4 percent over $106.25 million the previous year.

Other top imports for May 1999 included Office and EDP Machines, $117.15 million; Iron and Steel, $113.81 million; Miscellaneous Manufactured Articles, $78.49 million; and Cereals and Cereal Preparations, $69.79 million.

Aggregate payment for the top ten imports for the month amounted to $1.678 billion, or 66.2 percent of the total.

 
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 43.6 PERCENT

Raw Materials and Intermediate Goods accounted for the biggest slice of the total imports for the month at 43.6 percent as payments rose by 4.1 percent to $1.104 billion from $1.061 billion last year.

Capital Goods notably Telecommunication Equipment and Electrical Machinery accounted for 34.8 percent of the import bill for May 1999 with payments amounting to $882.24 million, which was 15.5 percent lower than the $1.044 billion in May 1998.

Purchases of Consumer Goods valued at $230.45 million increased by 15.8 percent from $199.05 million a year earlier.

Expenditures for Mineral Fuel and Lubricant inched up by 1.1 percent to $193.41 million while payments for Special Transactions dropped by 3.8 percent to $123.69 million.

 
US TOP SOURCE OF IMPORTED GOODS IN MAY

The United States, accounting for 21.3 percent of the aggregate import bill, remained as the main source of imported goods for the month. This was despite a drop of 16.9 percent to $552.43 million from $664.64 million a year ago. Exports to the US on the other hand amounted to $901.06 million yielding a total trade figure of $1.453 billion and a BOT-G of $348.63 million in favor of the Philippines.

Japan, the second biggest source of imports with an 18.5 percent share, reported sales valued at $469.26 million against purchases amounting to $371.47 million. Total trade reached $840.73 million and the BOT-G was in deficit at $97.79 million.

The third biggest source of imports for May was Republic of Korea. Expenditures for imports amounted to $211.07 million while revenues for exports reached $69.45 million resulting in a two-way trade value of $280.52 million and a $141.62 million BOT-G deficit.

Other major sources of imports for May 1999 were Singapore, $152.61 million; Taiwan, $150.73 million; Hongkong, $106.51 million; Malaysia, $89.60 million; China, People�s Republic of, $84.63 million; Thailand, $70.23 million; and Australia, $66.92 million.

Payments for imports from the top ten sources amounted to $1.954 billion or 77.1 percent of the total.

 
UNCOLLECTED DOCUMENTS

As of press time 94 out of 51,653 export documents and 78 out of 59,952 import documents are still expected from the ports.

Source: National Statistics Office
              Manila, Philippines