January to May total trade stands at $32.488 billion

Total external trade in goods for January to May 2005 amounted to $32.488 billion, an increase of 1.8 percent from $31.904 billion during the same period of the previous year. However, total foreign-made merchandise slightly fell by 0.2 percent to $16.443 billion from $16.483 billion.On the contrary, exports registered a year-on-year growth of 4.0 percent to aggregate dollar revenue of $16.045 billion from $15.421 billion last year. Balance of trade in goods (BOT-G) deficit for the Philippines reached $398 million lower compared to last year’s deficit of $1.062 billion.

Figure 1A. Philippine Trade Performance in January - May :2004 and 2005
(F.O.B. Value in Million US Dollar)
 
 

Figure 1B. Philippine Trade Performance in May :2004 - 2005
(F.O.B. Value in Million US Dollar)
 
 

May imports register 2.7 percent increase

Total merchandise trade for May 2005 gained by 1.9 percent to $6.663 billion from  $6.537 billion during the same period a year earlier. Dollar-inflow generated by exports amounted to $3.296 billion, or 1.1 percent higher than last year’s $3.259 billion. On the other hand, expenditures for imported goods moved up by 2.7 percent to $3.367 billion from $3.277 billion. The balance of trade in goods (BOT-G) registered a deficit of $71 million, bigger compared to last year’s deficit of $18 million but significantly lower than previous month's figure of $451 million.

Electronic products account for 41.3 percent of import bill

Accounting for 41.3 percent of the total aggregate import bill, payments for electronic products amounted to $1.389 billion or a reduction of 1.7 percent over last year’s figure of $1.413 billion. Compared to the previous month’s level, purchases declined by 5.8 percent from $1.475 billion.

Imports of mineral fuels, lubricants and related materials in May ranked second with 14.7 percent share. Expenditures at $493.92 million, registered a 35.6 percent growth over the previous year’s level of $364.38 million as world prices of crude oil increased.

Industrial machinery and equipment, the third top import was worth $128.91 million, or a drop of 14.8 percent from $151.27 million a year ago.

Transport equipment, contributing 3.5 percent to the total bill, was RP’s fourth top import for the month with payments  at $116.65 million or an increase of 26.3 percent from last year’s $92.40 million. This was brought about by importations made on components, parts and or accessories in the manufacture or assembly of motorcycles.

Cereals and cereal preparations, accounting for 3.4 percent of the total imports, ranked fifth as it jumped by as much as 104.7 percent with foreign bill amounting to $114.69 million from $56.04 million last year due to higher value in the importation of rice.

Expenditures for iron and steel, with a 3.2 percent share, inched up by 0.4 percent to $108.48 million from $108.07 million in May 2004.

Rounding up the list of the top imports for May 2005 were textile yarn, fabrics, made-up articles and related products, $92.29 million; organic and inorganic chemical, $76.51 million; plastics in primary and non-primary forms, $71.16 million; and telecommunication equipment and electrical machinery, $57.50 million. Importation of Urea was notable during the month hence a 35.6 percent increase was recorded in the organic and inorganic chemical.

Aggregate payment for the country’s top ten imports for May 2005 reached $2.650 billion or 78.7 percent of the total bill.

Figure 2. Philippine Top Imports in May 2004 and 2005
(F.O.B. Value in Million US Dollar)
 

Raw materials and intermediate goods account for 40.2 percent of the total imports

Payments in May for raw materials and intermediate goods accounted for 40.2 percent as importation grew by 6.4 percent to $1.353 billion from last year’s figure of $1.271 billion. Semi-processed raw materials got the biggest share of 36.4 percent and valued at $1.227 billion.

Capital goods comprising 33.6 percent of the total imports, went down by 8.4 percent year-on-year to $1.132 billion from $1.236 billion. The major share went to telecommunication equipment and electrical machinery with a 19.1 percent share of the total imports and billed at $643.37 million.

Expenditures for mineral fuels, lubricants and related materials gained   by 35.6 percent to $493.92 million from $364.38 million during the same period of 2004.

Purchases of consumer goods, amounted to $325.01 million, an increase of 37.6 percent from $236.27 million in May 2004, while special transactions decreased by 62.8 percent to $63.09 million from $169.48 million.

Figure 3. Philippine Imports by Major Type of Goods in May: 2004 and 2005
 

United States corners 15.4 percent of may import bill

Imports from US accounting for 15.4 percent of the total import bill, dropped by 6.6 percent to $516.61 million from $552.85 million during the same period of 2004. Exports to United States, amounted to $601.69 million yielding a two-way trade value of $1.118 billion and a trade surplus for RP placed at $85.07 million.

Japan, the country’s second biggest source of imports for May with a 14.6 percent share, reported shipments billed at $491.24 million against exports earnings of $543.62 million. Total trade amounted to $1.035 billion, with a trade surplus registered at $52.37 million.

Singapore followed as the third biggest source of imports. With payments worth $274.80 million, imports improved  by 1.9 percent from $269.72 million, while revenue from RP’s exports reached $235.19 million resulting to a total trade value of $510.0 million and a $39.61 million deficit for Philippines.

Other major sources of imports for the month of May were Taiwan, $258.18 million; People’s Republic of China, $238.01 million; Saudi Arabia, $194.71 million; Republic of Korea, $168.73 million; Hong Kong, $146.26 million; Thailand, $136.50 million; and Malaysia, $120.51 million.

Payments for imports from the top ten sources for the month amounted to $2.546 billion or 75.6 percent of the total.

Figure 4. Philippine Imports by Country in May: 2005
 

As of press time, 28 out of 58,193 export documents and 43 out of 70,695 import documents are still expected from the ports.

Source:   National Statistics Office
                 Manila, Philippines