JANUARY TO NOVEMBER 2006 TOTAL TRADE STANDS AT $90.712 BILLION

Total external trade in goods for January to November 2006 reached $90.712 billion representing a 12.5 percent increment from $80.636 billion during the same 11-month in 2005. Similarly, total imports grew by 9.6 percent to $47.365 billion from $43.209 billion. Exports, on the other hand, registered an increase of 15.8 percent to aggregate dollar revenue of $43.347 billion from $37.428 billion in the previous year. Balance of trade in goods (BOT-G) deficit for the Philippines reached $4.018 billion, which is lower compared to last years deficit of $5.781 billion.

Figure 1A  Philippine Trade Performance in January - November : 2005 and 2006
(F.O.B. Value in Million US Dollar)
 
 

Figure 1B  Philippine Trade Performance in November : 2005 and 2006
(F.O.B. Value in Million US Dollar)
 
 

NOVEMBER 2006 IMPORTS REGISTER 13.4 PERCENT INCREASE

Total merchandise trade for November 2006 went up by 12.1 percent to $8.529 billion from $7.606 billion during the same period last year. Dollar-inflow generated by exports reached $4.021 billion, or 10.7 percent higher from last years $3.631 billion. On the other hand, expenditures for imported goods increased by 13.4 percent to $4.508 billion from $3.975 billion. The balance of trade in goods   (BOT-G) registered a deficit at $487 million, higher than last years deficit of $344 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 48.3 PERCENT OF IMPORT BILL

Accounting for 48.3 percent of the aggregate import bill, payments for Electronic Products amounted to $2.177 billion or an 8.4 percent growth over last year's figure of $2.009 billion.  Compared to the previous months level, purchases shrank by 11.0 percent from $2.447 billion. Among the major groups of electronic products, Components/Devices (Semiconductors) had the biggest share of 38.6 percent and recorded an increase of 11.0 percent to $1.739 billion from $1.566 billion during the same month in 2005.

 Imports of Mineral Fuels, Lubricants and Related Materials in November ranked second with a 17.4 percent share and posted a growth of 39.5 percent to $783.60 million over the previous years level of $561.74 million.  The increase was due to the high volume of importation on crude petroleum, fuel and gas oils; butane, propane and other coal.

Transport Equipment, contributing 4.8 percent to the total bill, was the RPs third top import for the month with payments placed at $216.55 million from last years $125.62 million or a growth of 72.4 percent.   The increase was due to the importation of an airplane and other aircraft; passenger cars; and other motor vehicles.

Industrial Machinery and Equipment, accounting for a 3.3 percent of the total imports, ranked fourth as foreign bill amounted to $150.08 million or a year-on-year decline of 6.3 percent from $160.17 million last year.

Textile Yarn, Fabrics, Made-Up Articles and Related Products, ranked fifth comprising 1.8 percent of the total imports; registered $79.79 million worth of imports or a decrease of 2.3 percent from its year ago level of $81.68 million. 

Plastics in Primary and Non-Primary Forms recorded a share of 1.7 percent at $75.74 million worth of imports, which grew by 6.2 percent.

Rounding up the list of the top imports for November 2006 were Metalliferous Ores and Metal Scrap with $73.23 million worth of imports and registered the highest year-on-year growth of 155.3 percent due to the importation of non-agglomerated iron ores and concentrates; Iron and Steel, $69.98 million; Organic and Inorganic Chemicals, $69.90 million; and Telecommunication Equipment and Electrical Machinery, $65.85 million.

Aggregate payment for the countrys top ten imports for November 2006 reached $3.762 billion or 83.4 percent of the total bill.

Figure 2  Philippine Top Imports in November : 2005 and 2006
(F.O.B. Value in Million US Dollar)
  

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 42.4 PERCENT OF THE TOTAL IMPORTS

Payments in November 2006 for Raw Materials and Intermediate Goods accounted for 42.4 percent as importation grew by 15.1 percent to $1.913 billion from $1.663 billion in November 2005. Semi-Processed Raw Materials valued at $1.755 billion got the biggest share of 38.9 percent.

Capital Goods, which comprised 32.1 percent of the total imports, went up by 2.5 percent year-on-year, to $1.445 billion from $1.411 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 17.8 percent share of the total imports in November 2006 and billed at $803.19 million.

Mineral Fuels, Lubricants and Related Materials with a 17.4 percent share, increased by 39.5 percent to $783.60 million from $561.74 million in November 2005.

Purchases of Consumer Goods amounted to $310.37 million or a growth of 18.0 percent from $263.12 million in November 2005, while Special Transactions declined by 28.1 percent to $55.24 million from $76.80 million.

Figure 3  Philippine Imports by Major Type of Goods in November: 2005 and 2006
 

UNITED STATES CORNERS 15.1 PERCENT OF NOVEMBER IMPORT BILL  

United States of America (USA) remained to be the countrys biggest source of imports for November 2006 with a 15.1 percent share of the total import bill. However, its total bill declined by 13.9 percent to $681.63 million in November 2006 from $791.25 million in November 2005.  Exports to USA amounted to $725.14 million, yielding a two-way trade value of $1.407 billion and a trade surplus for RP at $43.52 million.

Japan, on the other hand, came second accounting for 13.5 percent of the total import bill, down by 0.3 percent to $607.95 million from $609.57 million during the same month in 2005. Exports to Japan amounted to $626.87 million resulting to a total trade value of $1.235 billion and a trade surplus of 18.92 million.

Taiwan followed as the third biggest source of imports with an 8.1 percent share, recording payments worth $366.71 million or a year-on-year growth of 7.6 percent. Revenue from RPs exports to Taiwan, on the other hand, reached $165.53 million, which generated a total trade value of $532.23 million and a $201.18 million deficit for the Philippines.

Other major sources of imports for the month of November were Singapore, $363.36 million; Peoples Republic of China, $302.68 million; Republic of Korea, $290.24 million; Saudi Arabia, $228.72 million; Malaysia, $226.29 million; Thailand, $195.62 million; and United Arab Emirates, $181.18 million.

Payments for imports from the top ten sources for the month amounted to $3.444 billion or 76.4 percent of the total.

Figure 4  Philippine Imports by Country in November: 2006
  

Technical Notes

1. Adjustments on electronic import statistics are based on the approved valuation methodology Adopting the 2004 Philippine Standard Commodity Classi"fication" and the inclusion of transactions that pass through Automated Cargo Operating System (ACOS).

2. Analysis and Tables 1 to 5 in this Press Release are based on data using the 1993 Philippine Standard Commodity Classification (PSCC) groupings (as amended in 1999).

3. Starting with the July 2006 series of Foreign Trade Statistics (FTS), additional tables (Tables 6 and 7) using the 2004 PSCC groupings are provided.

4. The adoption of the 2004 PSCC is in compliance with   NSCB   Resolution No. 03, Series of 2005 Classific"ation" by all concerned government agencies and instrumentalities.

5. In view of the adoption of the new classification system, the NSO shall issue two sets of detailed tables: 7-digit commodity code following the 1993 PSCC (as amended in 1999) and a 10-digit commodity code following the 2004 PSCC simultaneously, until the December 2006 FTS.  These detailed tables are available upon request from the NSO-Industry and Trade Statistics Department.

6. Beginning with the January 2007 FTS, which is scheduled to be released on March 27, 2007, only the 2004 PSCC groupings will be released by NSO.

Source:   Foreign Trade Statistics Section
               Industry and Trade Statistics Department
               National Statistics Office
               Manila, Philippines