January to November total trade stands at $73.59 billion

Total external trade in goods for January to November 2004 amounted to $73.59 billion representing a growth of 9.0 percent from $67.481 billion during the same period of the previous year. Total foreign-made merchandise as well went up by 8.2 percent to $37.255 billion from $34.425 billion. Similarly, exports registered a year-on-year increase of 9.9 percent to aggregate dollar revenue of $36.331 billion from $33.056 billion a year earlier. Balance of trade in goods (BOT-G) deficit for the Philippines reached $924 million, lower than last year’s deficit of $1.369 billion.

Figure 1A. Philippine Trade Performance in January - November :2003 and 2004
(F.O.B. Value in Million US Dollar)
 
 

Figure 1B. Philippine Trade Performance in November :2003 - 2004
(F.O.B. Value in Million US Dollar)
 
 

November imports register 2.4 percent increase

Total merchandise trade for November 2004 grew by 10.7 percent to $7.043 billion from $6.364 billion during the same period a year earlier. Dollar-inflow generated by exports amounted to $3.688 billion, or 19.5 percent higher than last year’s $3.085 billion. Likewise, expenditures for imported goods rose by 2.4 percent to $3.355 billion from $3.278 billion. The balance of trade in goods (BOT-G) registered a surplus at $333 million, a turn-around compared to last year’s deficit of $193 million.

Electronic products account for 43.8 percent of import bill

Accounting for 43.8 percent of the total aggregate import bill, payments for electronic products amounted to $1.470 billion or an 8.4 percent decline over last year’s reported figure at $1.605 billion. Compared to the previous month’s level, purchases dropped by 7.2 percent from $1.583 billion.

Imports of mineral fuels, lubricants and related materials ranked second with 12.3 percent share. Expenditures at $414.15 million, posted a 36.5 percent growth over the previous year’s level which stood at $303.47 million.

Industrial machinery and equipment, the third top import was worth $125.13 million, or a decrease of 5.4 percent from $132.33 million a year ago.

Transport equipment, accounting for 3.3 percent of the total imports, ranked fourth as foreign bill amounted to $109.08 million, higher by 8.3 percent from $100.71 million last year.

Iron and steel, contributing 2.7 percent to the total bill, was RP’s fifth top import for the month with payments placed at $89.19 million or a rise of 13.9 percent from last year’s $78.29 million.

Expenditures for textile yarn, fabrics, made-up articles and related products, with a 2.3 percent share to the aggregate bill, moved up by 5.3 percent to $78.07 million from $74.13 million in November 2003.

Rounding up the list of the top imports for November 2004 were plastics in primary and non-primary forms, $68.80 million; telecommunication equipment and electrical machinery, $66.39 million; organic and inorganic chemical, $65.98 million; and dairy products, $54.17 million.

Aggregate payment for the country’s top ten imports for November 2004 reached to $2.541 billion or 75.72 percent of the total bill.

Figure 2. Philippine Top Imports in November 2003 and 2004
(F.O.B. Value in Million US Dollar)
 

Raw materials and intermediate goods account for 38.0 percent of the total imports

Payments for raw materials and intermediate goods accounted for 38.0 percent as importation picked up by 3.8 percent to $1.277 billion from last year’s reported figure of $1.230 billion. Semi-processed raw materials got the biggest share with a 34.0 percent and valued at $1.141 billion.

Capital goods comprising 36.4 percent of the total imports declined by 7.8 percent year-on-year to $1.223 billion from $1.327 billion. The major share went to telecommunication equipment and electrical machinery with a 21.0 percent share of the total imports and billed at $704.51 million.

Expenditures for mineral fuels, lubricants and related materials advanced by 36.5 percent to $414.15 million from $303.47 million during the same period of 2003.

Purchases of consumer goods, amounted to $284.07 million, an improvement of 17.4 percent from $242.02 million in November 2003, while special transactions decreased by 10.2 percent to $157.34 million from $175.26 million.

Figure 3. Philippine Imports by Major Type of Goods in November: 2003 and 2004
 

Japan corners 17.9 percent of november import bill

Imports from Japan accounting for 17.9 percent of the total import bill, decelerated by 15.9 percent to $598.97 million from $712.16 million during the same period of 2003. In contrast, exports to Japan, amounted to $874.21 million yielding a two-way trade value of $1.473 billion and a trade surplus for RP placed at $275.24 million.

United States, the country’s second biggest source of imports with a 15.8 percent share, reported shipments billed at $530.63 million against exports earnings of $570.14 million. Total trade amounted to $1.101 billion, with a trade surplus for the Philippines registered at $39.5 million.

Taiwan followed as the third biggest source of imports. With payments worth $265.90 million, imports grew by 41.4 percent from $188.02 million, while revenue from RP’s exports reached $155.32 million resulting to a total trade value of $421.23 million and a $110.58 million deficit for Philippines.

Other major sources of imports for the month of November were People’s Republic of China, $226.89 million; Singapore, $221.11 million; Republic of Korea, $200.80 million; Hong Kong, $159.06 million; Iran, $151.35 million; Malaysia, $140.87 million; and Thailand, $127.16 million.

Payments for imports from the top ten sources for the month amounted to $2.623 billion or 78.2 percent of the total.

Figure 4. Philippine Imports by Country in November: 2004
 

As of press time 31 out of 56,158 export documents and 44 out of 75,564 import documents are still expected from the ports.