January to November total trade stands at $78.234 billion

Total external trade in goods for January to November 2005 reached $78.234 billion, a 1.4  percent growth from $77.178 billion during the same period a year earlier. Expenditures for total foreign-made merchandise went up by 0.4 percent to $40.936 billion from $40.775 billion. Likewise, exports registered a year-on-year increase of 2.5 percent to aggregate dollar revenue of $37.298 billion from $36.403 billion a year ago. Balance of trade in goods (BOT-G) deficit for the Philippines reached $3.637 billion, lower compared to last year’s deficit of $4.372 billion.

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

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

November imports register 1.4 percent increase

Total merchandise trade for November 2005 was down by 0.1 percent to $7.339 billion from  $7.343 billion during the same period of the previous year. Dollar-inflow generated by exports amounted to $3.630 billion, or 1.5 percent lower than last year’s $3.685 billion. On the contrary, foreign bill on imported goods inched up by 1.4 percent to $3.709 billion from $3.658 billion. The  BOT-G registered a deficit of $79 million, a reversal compared to last year’s surplus of $28 million.

Electronic products account for 48.6 percent of import bill

Accounting for 48.6 percent of the total aggregate import bill, payments for electronic products amounted to $1.801 billion or a decline of 1.5 percent over last year’s figure of $1.828 billion. Compared to the previous month’s level, purchases fell by 5.0 percent from $1.895 billion.

Imports of mineral fuels, lubricants and related materials in November ranked second with 15.1 percent share. Expenditures at $558.46 million, registered an increase of 34.7 percent  over the previous year’s level of $414.73 million as world prices of imported petroleum and lubricating oils went up.

Industrial machinery and equipment, contributing 4.2 percent to the  total bill, was RP’s third top import for the month with payments at $154.53 million from last year’s $125.10 million. The gain was mainly brought about by the 23.5 percent jump in the value of imports on parts of machinery and mechanical appliances.

Transport equipment, the fourth top import was worth $125.43 million, or an increment of 15.0 percent from $109.03 million a year earlier. This was due to the high value of imports made on passengers cars, components, parts and accessories of airplanes/helicopters.

Expenditures for iron and steel, with a 2.4 percent share, was up by 1.2 percent to $90.28 million from $89.19 million in November 2004.

Textile yarn, fabrics, made-up articles and related products, accounted for 2.2 percent of the total imports, with foreign bill amounting to $79.89 million from $77.91 million last year. Higher value in the importation of knitted/crocheted and woven fabrics mainly contributed the growth of 2.5 percent.

Rounding up the list of the top imports for November 2005 were plastics in primary and non-primary forms, $69.84 million, telecommunication equipment and electrical machinery, $66.56 million, organic and inorganic chemicals, $58.53 million. Medicinal and pharmaceutical products, accounting for 1.2 percent of the total imports, recorded an increase of 7.9 percent with foreign bill amounting to $45.72 million from $42.37 million last year as higher values were noted in the importation of medicinal and pharmaceutical products. 

Aggregate payment for the country’s top ten imports for November 2005 reached $3.051 billion or 82.2 percent of the total bill.

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

Raw materials and intermediate goods account for 38.5 percent of the total imports

Payments in November for raw materials and intermediate goods accounted for 38.5 percent share as importation dropped by 12.7 percent to $1.427 billion from last year’s figure of $1.634 billion. Semi-processed raw materials got the biggest share of 36.3 percent and valued at $1.346 billion.

Capital goods comprising 37.4 percent of the total imports, gained by 13.3 percent year-on-year to $1.386 billion from $1.223 billion. The major share went to telecommunication equipment and electrical machinery with a 22.1 percent share of the total imports and valued at $821.11 million.

Expenditures for mineral fuels, lubricants and related materials moved up by 34.7 percent to $558.46 million from $414.73 million during the same period of 2004.

Purchases of consumer goods, amounted to $259.96 million, a decrease of 8.3 percent from $283.36 million in November 2004, while special transactions decreased by 23.8 percent to $77.47 million from $101.61 million.

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

United States corners 18.5 percent of november import bill

Imports from US accounting for 18.5 percent of the total import bill, went up by 1.4 percent to $684.55 million from $675.20 million during the same period of 2004. Exports to US, amounted to $618.44 million yielding a two-way trade value of $1.303 billion and a trade deficit for RP placed at $66.11 million.

Japan, the country’s second biggest source of imports for November with a 15.5 percent share, reported shipments billed at $573.73 million against export earnings of $633.67 million. Total trade amounted to $1.207 billion, with a trade surplus registered at $59.94 million.

Singapore followed as the third biggest source of imports. With payments worth $350.72 million, imports accelerated by 44.9 percent from $242.07 million, while revenue from RP’s exports reached $250.74 million resulting to a total trade value of $601.46 million and a $99.98 million deficit for Philippines.

Other major sources of imports for the month of November were Taiwan, $313.97 million; People’s Republic of China, $254.20 million; Saudi Arabia, $175.22 million; Republic of Korea, $165.76 million; Hong Kong, $163.52 million; Malaysia, $154.20 million; and Thailand, $134.47 million.

Payments for imports from the top ten sources for the month amounted to $2.970 billion or 80.1 percent of the total.

Figure 4. Philippine Imports by Country in November: 2005
 

Technical Notes

Adjustments on electronics import statistics are based on approved valuation methodology as per NSCB Resolution No. 8 Series of 2005.

Source:   National Statistics Office
                 Manila, Philippines