JANUARY TO NOVEMBER 2008 TOTAL TRADE STANDS AT $99.695 BILLION

Total external trade in goods for January to November 2008 reached $99.695 billion, a 3.3 percent increment from $96.497 billion during the 11-month period in 2007. This is due to the 5.6 percent growth of the total imports to $53.345 billion from $50.513 billion during the 11-month period in 2007. On the other hand, total exports posted a growth of 0.8 percent for January to November 2008 to aggregate dollar revenue of $46.351 billion from $45.984 billion in the same period last year. Balance of trade in goods (BOT-G) during the 11-month period in 2008 registered a deficit of $6.994 billion from $4.529 billion deficit in the same period last year.  

Figure 1A  Philippine Trade Performance in January - November : 2007 and 2008
(F.O.B. Value in Million US Dollar)  
 

Figure 1B  Philippine Trade Performance in November : 2007 and 2008
(F.O.B. Value in Million US Dollar)

NOVEMBER 2008 IMPORTS FELL BY 31.5 PERCENT

Total merchandise trade for November 2008 declined by 22.7 percent to $6.995 billion from $9.049 billion in November 2007. Exports receipts in November 2008 totaled to $3.513 billion, a decrease of 11.4 percent from last year’s $3.965 billion. Similarly, the country’s merchandise imports decreased by 31.5 percent to $3.482 billion from $5.084 billion in November 2007. However, the balance of trade in goods   (BOT-G) in November 2008 recorded an increase of $31.37 million from $1.119 billion deficit in the same period last year.

ELECTRONIC PRODUCTS ACCOUNT FOR 37.4 PERCENT OF IMPORT BILL

Accounting for 37.4 percent of the aggregate import bill, payments for Electronic Products(including consigned and direct importation using the expanded coverage of electronic products) in November 2008 amounted to $1.303 billion. It fell by 41.9 percent over last year's figure of $2.240 billion.  Similarly, month-on-month, it reflected a decrease of 20.0 percent from $1.628 billion recorded in October 2008. Among the major groups of electronic products, Components/Devices(Semiconductors) having the biggest share of 28.4 percent, decelerated by 43.4 percent to $987.61 million from $1.746 billion in November 2007.

 Imports of Mineral Fuels, Lubricants and Related Materials in November 2008 ranked second with 15.5 percent share and posted a negative growth of 44.0 percent to $539.00 million over the previous year’s level of $961.91 million.

Transport Equipment, contributing 5.0 percent to the total import bill, was the RP’s third top import for the month with payments placed at $173.01 million from last year’s $244.90 million or a decrease of 29.4 percent.   

Fourth in rank and with 4.8 percent share to the total imports, Industrial Machinery and Equipment recording $166.06 million worth of imports went down  by 10.1 percent from its year ago level of $184.64 million. 

Iron and Steel, accounting for 2.4 percent of the total imports, ranked fifth as foreign bill amounted to $83.06 million, an annual decrease of 22.9 percent from $107.68 million last year.

Organic and Inorganic Chemicals ranked sixth, comprising 2.3 percent of the total imports registered $81.93 million worth of imports, declined by 3.8 percent from its year ago level of $85.13 million.

Rounding up the list of the top ten imports for November 2008 were Telecommunication Equipment and Electrical Machinery (including telecommunications and sound recording and reproducing apparatus and equipment) amounting to $77.23 million; Cereals and Cereal Preparations, $71.68 million; Plastics in Primary and Non-Primary Forms, $69.03 million;  andDairy Products, $66.09 million.

Aggregate payment for the country’s top ten imports for November 2008 reached $2.630 billion or 75.5 percent of the total import bill.

Figure 2  Philippine Top Six Imports in November : 2007 and 2008
(F.O.B. Value in Million US Dollar)
  

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 39.7 PERCENT OF THE TOTAL IMPORTS

Accounting for 39.7 percent of the total imports, payments in November 2008 for Raw Materials and Intermediate Goods amounted to $1.381 billion or a 32.8 percent decline over last year's figure of $2.055 billion.  Compared to the previous month's level, purchases also went down by 19.4 percent from $1.713 billion. Semi-Processed Raw Materials had the biggest share of 35.6 percent and valued at $1.241 billion.

Capital Goods, which comprised 30.8 percent of the total imports, went down by 29.3 percent year-on-year, to $1.073 billion from $1.518 billion.

Mineral Fuels, Lubricants and Related Materials with 15.5 percent share, decreased by 44.0 percent to $539.00 million from $961.91 million in November 2007.  

Purchases of Consumer Goods amounted to $444.00 million or a decrease of 6.7 percent from $476.09 million in November 2007, while Special Transactions dropped by 38.1 percent to $45.31 million from $73.14 million in November 2007.

Figure 3  Philippine Imports by Major Type of Goods in November: 2007 and 2008
 

IMPORTS FROM THE UNITED STATES OF AMERICA ACCOUNTS FOR 15.0 PERCENT

United States of America (USA) was the country’s biggest source of imports for November 2008 with 15.0 percent share of the total import bill, lower by 24.9 percent from $694.19 million in November 2007 to $521.56 million.  Exports to USA amounted to $608.73 million, yielding a two-way trade value of $1.130 billion and a trade surplus for RP of $87.16 million.

Japan, the second biggest source of imports with 13.9 percent share, recorded payments worth $484.51 million, a decline of 26.5 percent from $659.52 million in November 2007.  Revenue from RP’s exports to Japan, on the other hand, reached $581.84 million, generating a total trade value of $1.066 billion and $97.32 million trade surplus for the Philippines.

Singapore came third; accounting for 8.7 percent share of the total import bill in November 2008, a decrease of 33.1 percent to $302.49 million from $452.34 million during the same month in 2007. Exports to Singapore amounted to $134.19 million resulting to a total trade value of $436.69 million and a trade deficit of $168.30 million.

People’s Republic of China, settled fourth, accounting for 8.3 percent share of the total import bill in November 2008 which declined by 20.5 percent to $290.71 million from $365.45 million during the same month in 2007. Exports to People’s Republic of China amounted to $318.63 million resulting to a total trade value of $609.34 million and a trade surplus of $27.92 million for the Philippines.

Other major sources of imports for the month of November 2008 were Malaysia, $264.52 million;Taiwan, $213.57 million; Thailand, $181.39 million; Republic of Korea, $175.02 million; Hong Kong,  $140.59 million; and Indonesia, $139.30 million.

Payments for imports from the top ten sources for November 2008 amounted to $2.714 billion or 77.9 percent of the total.

Figure 4  Philippine Imports by Country in November: 2008
  

Technical Notes:

1. Adjustments on electronic 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 the 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