External Trade Performance : November 2007

 r - revised

JANUARY TO NOVEMBER 2007 TOTAL TRADE STANDS AT $96.116 BILLION

Total external trade in goods for January to November 2007 reached $96.116 billion, representing a 5.3 percent increment from $91.315 billion during the same 11-month period in 2006. Similarly, total imports grew by 5.7 percent to $50.318 billion from $47.595 billion during the same 11-month period in 2006. The same is true for exports where a 4.8 percent increase is noted to aggregate dollar revenue of $45.798 billion from $43.720 billion during the same 11-month period in 2006. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $4.520 billion during the 11-month period in 2007.

Figure 1A  Philippine Trade Performance in January - November: 2006 and 2007
(F.O.B. Value in Million US Dollar)
  
 

Figure 1B  Philippine Trade Performance in November : 2006 and 2007
(F.O.B. Value in Million US Dollar)
  
 

NOVEMBER 2007 IMPORTS UP BY 12.7 PERCENT

Total merchandise trade for November 2007 increased by 5.8 percent to $9.032 billion from $8.541 billion in November 2006.  Revenue generated by exports decreased by 2.1 percent to $3.948 billion from last years $4.031 billion. However, imports grew by 12.7 percent to $5.084 billion from $4.510 billion in November 2006. The balance of trade in goods   (BOT-G) in November 2007 recorded a deficit of $1.137 billion, higher than the last years recorded deficit of $479.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 44.9 PERCENT OF IMPORT BILL

Accounting for 44.9 percent of the aggregate import bill, payments for Electronic Productsamounted to $2.281 billion or 5.2 percent growth over last year's figure of $2.168 billion.  Compared to the previous months level, purchases went down by 2.4 percent from $2.338 billion. Among the major groups of electronic products, Components/Devices(Semiconductors) had the biggest share of 35.1 percent, up by 3.2 percent to $1.785 billion from $1.730 billion during the same month in 2006. 

Imports of Mineral Fuels, Lubricants and Related Materials in November 2007 ranked second with a 19.0 percent share, posting a growth of 28.3 percent to $964.76 million over the previous years level of $752.17 million.   

Transport Equipment, contributing 3.8 percent to the total bill, was the RPs third top import for the month with payments placed at $194.75 million from last years $208.02 million or a decrease of 6.4 percent. 

Industrial Machinery and Equipment ranking fourth recorded a share of 3.6 percent at $184.99 million worth of imports; up by 23.0 percent from its year ago level of $150.35 million.

Cereals and Cereal Preparations accounting for a 2.5 percent of the total imports, ranked fifth as foreign bill amounted to $129.37 million or a year-on-year growth of 302.87 percent from $32.11 million in 2006.   This is due to the importation of wholly or semi-milled rice and meslin.

Iron and Steel ranked sixth, comprising 2.1 percent of the total imports; registered $108.09 million worth of imports or an increase of 44.8 percent from its year ago level of $74.64 million, which may be due to the importation of semi-finished products of iron or non-alloy steel containing by weight less than 0.10% carbon.

Rounding up the list of the top ten imports for November 2007 were Organic and Inorganic Chemicals, $86.88 million; Plastics in Primary and Non-Primary Forms with $84.80 million worth of imports; Textile Yarn, Fabrics, Made-Up Articles and Related Products, $82.69 million; and Telecommunication Equipment and Electrical Machinery, $75.52 million.

Aggregate payment for the countrys top ten imports for November 2007 reached $4.193 billion or 82.5 percent of the total import bill.

Figure 2  Philippine Top Six Imports in November : 2006 and 2007
(F.O.B. Value in Million US Dollar)
  

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 41.2 PERCENT OF THE TOTAL IMPORTS

Accounting for 41.2 percent of the total imports, payments in November 2007 for Raw Materials and Intermediate Goods amounted to $2.095 billion or a 10.7 percent increase over last year's figure of $1.893 billion.  Compared to the previous months level, purchases likewise went up by 1.6 percent from $2.062 billion. Semi-Processed Raw Materials mostly comprise imports of raw materials and intermediate goods valued at $1.919 billion or a growth of 10.2 percent from $1.742 billion in 2006.

Capital Goods comprised 29.0 percent of the total imports, up by 0.4 percent year-on-year, to $1.472 billion from $1.466 billion. The major share of Capital Goods went to Telecommunication Equipment and Electrical Machinery with a 16.0 percent share of the total imports in November 2007 and billed at $815.92 million or a decline of 2.5 percent from $836.49 million in 2006.

Mineral Fuels, Lubricants and Related Materials with a 19.0 percent share increased by 28.3 percent to $964.76 million from $752.17 million in November 2006.

Purchases of Consumer Goods amounted to $478.01 million, rose by 57.7 percent from $303.03 million in November 2006, while Special Transactions decreased by 22.0 percent to $74.08 million from $94.94 million.

Figure 3  Philippine Imports by Major Type of Goods in November: 2006 and 2007
 

UNITED STATES CORNERS 13.9 PERCENT OF NOVEMBER 2007 IMPORT BILL   

United States of America (USA) regained its position to be the top source of imports for November 2007 with a 13.9 percent share of the total import bill, up by 5.3 percent to $708.27 million from $672.84 million in November 2006.  Exports to United States amounted to $743.35 million, yielding a two-way trade value of $1.452 billion and a trade surplus for RP at $35.09 million.

Japan followed as the second biggest source of imports for November 2007 accounting for a 13.1 percent share of the total import bill, down by 0.1 percent to $664.71 million from $665.24 million during the same month in 2006. Exports to Japan amounted to $592.22 million resulting to a total trade value of $1.257 billion and a trade deficit of $72.50 million.

Singapore came third, with a 9.0 percent share, recording payments worth $459.72 million or a growth of 26.0 percent from $364.78 million in November 2006.  Revenue from RPs exports to Singapore reached $243.98 million, which generated a total trade value of $703.69 million and a $215.74 million trade deficit for the Philippines.

Other major sources of imports for the month of November 2007 were Saudi Arabia, $427.70 million; Peoples Republic of China, $367.30 million; Taiwan, $350.17 million; Republic of Korea, $305.65 million; Thailand, $242.64 million; Malaysia, $230.60 million; and Hong Kong, $216.70 million.

Payments for imports from the top ten sources for the month amounted to $3.973 billion or 78.2 percent of the total.

Figure 4  Philippine Imports by Country in November: 2007
  

Technical Notes:

1. Adjustments on import statistics are based on the transactions that pass through the Automated Cargo Operating System (ACOS) of the Bureau of Customs (BOC).

2. Starting with the January 2007 Press Release, analysis and tables are based on 2004 Philippine Standard Commodity Classification (PSCC) groupings.  This is in compliance with   NSCB   Resolution No. 03, Series of 2005 entitled Approving and Adopting the 2004 Philippine Standard Commodity Classification by all concerned government agencies and instrumentalities.

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