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Release Date :
Reference Number :
1998-057

 

YEAR-TO-DATE DEFICIT SHRINKS BY 88.6 PERCENT

For the first three quarters of 1998, the balance-of-trade in goods (BOT-G) deficit shrank by 88.6 percent to $962.00 million from $8.419 billion a year earlier. Total trade slipped by 1.1 percent to $44.653 billion from $45.145 billion. Payments for imported merchandise dropped by 14.8 percent to $22.807 billion from $26.782 billion while receipts from export of goods grew by 19.0 percent to $21.845 billion from $18.363 billion in 1997.

For September 1998, the BOT-G surged by 153.6 percent to a surplus value of $332.0 million from a deficit level of $619.0 million last year. Receipts from exports went up by 19.0 percent to $2.786 billion from $2.337 billion while total expenditures for imported merchandise dropped by 17.0 percent to $2.454 billion from $2.956 billion last year. Total trade fell by 1.0 percent to $5.241 billion from $5.294 billion last year.

ELECTRONICS AND COMPONENTS TOP SEPTEMBER IMPORTS

Payments for Electronics and Components, still the top import with a 21.7 percent share, rose by 6.3 percent to $531.76 million from $500.38 million last year.

Expenditures for Telecommunication Equipment and Electrical Machinery with a 9.6 percent share and a value of $235.52 million fell by 20.2 percent from $295.28 million last year.

Materials/Accessories Imported on Consignment Basis for the Manufacture of Other Electrical and Electronic Machinery and Equipment accounted for 7.3 percent of the aggregate bill as purchases dropped by 20.4 percent to $179.84 million from $226.07 million a year ago.

Fourth top import for the month consisted of Industrial Machinery and Equipment. Payments, accounting for 6.9 percent of the total, dropped by 30.8 percent to $170.29 million from $245.92 million last year.

Mineral Fuels, Lubricants and Related Materials comprised the fifth top import. Accounting for 6.9 percent of the total bill, payments reached $170.03 million, down by 7.1 percent from $182.92 million in 1997.

Office and EDP Machines, accounting for 5.3 percent of the total, came in as the sixth top import with a value of $129.28 million, 7.5 percent lower than $139.81 million last year.

Other top imports for the month in review were Transport Equipment, $96.67 million; Textile Yarn, Fabrics, Made-up Articles and Related Products, $89.43 million; Iron and Steel, $75.20 million; and Miscellaneous Manufactured Articles, $68.63 million.

Payments for the top ten imports for September 1998 amounted to $1.747 billion, or 71.2 percent of the total.

IMPORTS OF CAPITAL GOODS $1.081 BILLION

Accounting for 44.1 percent of the import bill, Capital Goods were the top purchase for the month with aggregate payments reaching $1.081 billion, which was 10.9 percent lower than $1.213 billion a year ago.

Second top import was the Raw Materials and Intermediate Goods which accounted for the second biggest slice of the import bill for the month at 35.6 percent. Actual payments amounted to $873.60 million, down by 28.9 percent from $1.229 billion last year.

Purchases of Consumer Goods valued at $239.06 million declined by 1.4 percent from $242.33 million in 1997.

Expenditures for Mineral Fuel and Lubricant fell by 7.1 percent to $170.00 million while payments for Special Transactions increased by 1.4 percent to $90.54 million.

21.8 PERCENT OF AGGREGATE FROM JAPAN

Japan emerged as the biggest source of imports with a 21.8 percent share. Total payment for Japanese-made goods amounted to $535.92 million while receipt from exports to Japan reached $336.17 million. Total trade stood at $872.09 million and the BOT-G deficit was placed at $199.75 million.

With a 20.1 percent share of the total bill, the US came out as the second top source of imported merchandise. Payments declined by 18.3 percent to $493.41 million, down from $603.80 million last year. Exports to the US, on the other hand, amounted to $929.83 million yielding a two-way trade figure of $1.423 billion and a BOT-G surplus of $436.42 million.

The third biggest source of imports for the month was the Republic of Korea. Expenditures for imports amounted to $172.55 million while revenues from exports reached $54.50 million resulting in a two-way trade value of $227.05 million and a $118.05 million BOT-G deficit.

Other major sources of imports for September 1998 were Singapore, $139.06 million; Hongkong, $117.21 million; Taiwan, $107.44 million; Thailand, $102.41 million; China, $94.77 million; Malaysia, $78.54 million; and Germany,$70.27 million.

Payments for imports from the top ten sources amounted to $1.912 billion or 77.9 percent of the total.

UNCOLLECTED DOCUMENTS

As of press time 102 out of 46,370 export documents and 87 out of 52,314 import documents are still expected from the ports.

 

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