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Release Date :
Reference Number :
1999-003

 

TOTAL JANUARY � NOVEMBER TRADE $ 54.572 BILLION

Pulled down by falling import payments, total trade from January to November 1998 fell by 2.8 percent to $54.572 billion from $56.138 billion last year even as merchandise exports increased by 17.3 percent to 26.970 billion from $22.997 billion in 1997. The aggregate import bill for the period dropped by 16.7 percent to $27.598 billion. The contrasting trends in the trade transactions yielded a 93.8 percent reduction in the balance of trade in goods (BOT-G) deficit which settled at $625.0 million, down from $10.144 billion last year.

Total merchandise trade for the month of November 1998 alone amounted to $4.959 billion, which dropped by 5.6 percent from $5.253 billion a year ago. Receipts from exports climbed by 12.0 percent to $2.586 billion from $2.308 billion while payments for imports reached $2.373 billion, which was 19.4 percent lower than $2.945 billion in 1997. The BOT-G remained positive and was valued at $212.0 million.

ELECTRONIC AND COMPONENTS TOP NOVEMBER IMPORTS

Payments for Electronic and Components, still the top import with a 23.4 percent share, dropped by 8.8 percent to $554.44 million from $607.85 million last year.

Telecommunications Equipment and Electrical Machinery accounted for 9.0 percent of the aggregate bill as purchases dropped by 25.5 percent to $213.42 million from $286.42 million a year ago.

Materials/Accessories Imported on Consignment Basis for the Manufacture of Other Electrical and Electronic Machinery and Equipmentcomprised the third top import. Accounting for 7.7 percent of the total bill, payments reached $181.86 million, down by 11.2 percent from $204.78 million in 1997.

The fourth top import for the month consisted of Industrial Machinery andEquipment. Payments, accounting for 6.1 percent of the total, dropped by 42.7 percent to $145.06 million from $253.24 million a year earlier.

Payments for Mineral Fuels, Lubricants and Related Materials, valued at $134.99 million and with a 5.7 percent share, fell by 44.1 percent from $241.49 million last year.

Office and EDP Machines, accounting for 5.4 percent of the total, was the sixth top import with a value of $128.26 million, This was 8.5 percent lower than $140.14 million last year.

Rounding up the list of the top imports for the month were Textile Yarn,Fabrics, Made-up Articles and Related Products, $88.41 million; Transport Equipment, $85.50 million; Miscellaneous Manufactured Articles, $67.80 million; and Cereals and Cereal Preparations, $60.54 million.

Aggregate payment for the top ten imports for the month amounted to $1.660 billion, which was 70.0 percent of the total.

PURCHASES OF CAPITAL GOODS DOWN BY 25.7 PERCENT

Capital Goods accounted for the biggest slice of the import bill for the month at 40.2 percent. Actual payments amounted to $955.13 million, down by 25.7 percent from $1.286 billion last year.

Accounting for 38.5 percent of the import bill, Raw Materials andIntermediate Goods comprised the second top purchase for the month with an aggregate payment of $914.94 million, which was 11.5 percent lower than $1.034 billion a year ago.

Purchases of Consumer Goods valued at $249.64 million grew by 10.3 percent from $226.28 million in 1997.

Expenditures for Mineral Fuels and Lubricants fell by 44.1 percent to $134.99 million while payments for Special Transactions also dropped by 24.6 percent to $118.70 million.

IMPORTS FROM THE US DOWN BY 19.3 PERCENT

With a 21.5 percent share of the import bill, purchases of US-made goods led all top imports for the month despite a 19.3 percent slowdown. Payments decreased to $509.71 million from $631.73 million last year. Exports to the US, on the other hand, amounted to $875.15 million yielding a two-way trade figure of $1.385 billion and a BOT-G surplus of $365.44 million.

Japan, the second biggest source of imports with a 19.2 percent share, recorded outgoing shipments valued at $455.76 million against purchases amounting to $335.48 million. Total trade reached $791.24 million and the BOT-G deficit stood at $120.29 million.

The third biggest source of imports for the month was the Republic of Korea. Imports amounted to $212.98 million while exports reached $39.08 million resulting in a two-way trade value of $252.06 million and a $173.90 million BOT-G deficit.

Other major sources of imports for November 1998 were Singapore, $126.80 million; People's Republic of China, $121.51 million; Hongkong, $108.01 million; Taiwan, $104.58 million; Malaysia, $79.43 million; Thailand, $76.51 million; and Germany, $70.11 million.

Payments for imports from the top ten sources amounted to $1.865 billion or 78.6 percent of the total.

UNCOLLECTED DOCUMENTS

As of press time 92 out of 47,825 export documents and 65 out of 51,241import documents are still expected from the ports.

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