January to November total trade stands at $66.821 billion
Total external trade in goods for January to November 2003 amounted to $66.821 billion representing an increase of 2.7 percent from $65.048 billion during the same period a year ago. Total foreign-made merchandise also went up by 5.0 percent to $34.380 billion from $32.754 billion. Similarly, exports recorded a slight year-on-year growth rate of 0.5 percent to an aggregate dollar revenue of $32.441 billion from $32.294 billion a year earlier. Balance of trade in goods (BOT-G) deficit for the Philippines reached $1.939 billion, higher than last years deficit of $459 million.
Figure 1A. Philippine Trade Performance: January November 2002 and 2003
(F.O.B. Value in Million US Dollar)
Figure 1B. Philippine Trade Performance: November 2002 and 2003
(F.O.B. Value in Million US Dollar)
November imports up by 4.3 percent
Total merchandise trade for November 2003 fell by 0.2 percent to $6.226 billion from $6.241 billion during the same period a year earlier. Dollar-inflow generated by exports amounted to $2.952 billion, or 4.9 percent lower than last years $3.103 billion. On the other hand, expenditures for imported goods grew by 4.3 percent to $3.274 billion from $3.138 billion. The Balance of Trade in goods (BOT-G) deficit for the Philippines was registered at $322 million, compared to last years figure at $35 million.
Electronic products account for 48.9 percent of import bill
Accounting for 48.9 percent of the total aggregate import bill, payments for electronic products amounted to $1.6 billion or 8.3 percent higher than last year's $1.478 billion. Compared to the previous month, dollar-outflow climbed up by 6.9 percent from $1.497 billion.
Purchases of mineral fuels, lubricants and related materials ranked second with 9.3 percent share. Expenditures at $303.47 million, registered a 10.2 percent decrease over the previous level which stood at $337.85 million.
Industrial machinery and equipment, the third top import reported purchases worth $131.62 million, or a 2.9 percent increment from $127.95 million last year.
Transport equipment accounting for 3.1 percent of the total imports, ranked fourth as foreign bill amounted to $100.69 million, a decline of 27.4 percent from last year's $138.77 million.
Telecommunication equipment and electrical machinery, contributing 2.6 percent to the total bill, was RPs fifth top import for the month with payments placed at $84.55 million or 27.5 percent higher than last years $66.33 million.
Expenditures for iron and steel, with a 2.4 percent share to the aggregate bill, rose by 2.9 percent to $78.29 million from $76.10 million in November 2002.
Rounding up the list of the top imports for November 2003 were: textile yarn, fabrics, made-up articles and related products, $74.17 million; plastics in primary and nonprimary forms, $66.01 million; organic and inorganic chemical, $59.11 million; and cereals and cereal preparation, $39.60 million.
Aggregate payment for the countrys top ten imports for November 2003 amounted to $2.538 billion or 77.5 percent of the total bill.
Figure 2. Philippine Top Imports: November 2002 and 2003
(F.O.B. Value in Million US Dollar)
Capital goods account for 40.4 percent of the total import bill
Capital goods comprising 40.4 percent of the aggregate bill accelerated by 2.6 percent year-on-year growth to $1.323 billion from $1.290 billion. The biggest share went totelecommunication equipment and electrical machinery with a 23.0 percent share of the total and valued at $752.77 million.
Payments for raw materials and intermediate goods consisting of unprocessed raw materials and semiprocessed raw materials accounted for 37.5 percent of the aggregate bill, as importation grew by 5.1 percent to $1.229 billion from last years reported figure of $1.170 billion.
Expenditures for mineral fuels, lubricants and related materials declined by 10.2 percent to $303.47 million from $337.85 million during the same period of 2002.
Purchases of consumer goods valued at $242.60 million increased by 4.2 percent from $232.76 million in November 2002, while special transactions gained by 62.8 percent to $175.37 million from $107.76 million.
Figure 3. Philippine Imports by Major Type of Goods in November: 2002 and 2003
Japan corners 21.7 percent of october import bill
Imports from Japan accounting for 21.7 percent of the total import bill, went up by 13.7 percent to $710.42 million from $624.86 million during the same period a year earlier. Likewise, exports to Japan, amounted to $592.09 million yielding a two-way trade value of $1.302 billion and a trade deficit for RP placed at $118.33 million.
United States, the countrys second biggest source of imports with a 17.4 percent share, reported shipments valued at $569.19 million against exports amounting to $474.89 million. Total trade amounted to $1.044 billion, with a trade deficit for the Philippines at $94.30 million.
Singapore, followed as RPs third biggest source of imports. With payments worth $241.66 million, imports from Singapore rose by 8.3 percent from $208.48 million, while revenue from RPs exports reached $212.52 million resulting to a total trade value of $454.18 million and a $29.15 million deficit for RP.
Other major sources of imports for the month of November were: Republic of Korea, $230.48 million; Peoples Republic of China, $192.56 million; Taiwan, $187.94 million;Hong Kong, $153.81 million; Malaysia, $124.04 million; Thailand, $113.95 million; andIran, $103.58 million.
Payments for imports from the top ten sources for the month amounted to $2.628 billion or 80.2 percent of the total.
Figure 4. Philippine Imports by Country in November: 2003
As of press time 102 out of 59,604 export documents and 86 out of 79,924 import documents are still expected from the ports.
Source: National Statistics Office
Manila, Philippines
