January to September total trade stands at $59.12 billion

Total external trade in goods for January to September 2004 amounted to $59.12 billion representing an increase of 8.2 percent from $54.623 billion during the same period of the previous year. Total foreign-made merchandise as well gained by 8.0 percent to $30.231 billion from $27.993 billion. Similarly, exports registered a year-on-year growth rate of 8.5 percent to aggregate dollar revenue of $28.892 billion from $26.631 billion last year. Balance of trade in goods (BOT-G) deficit for the Philippines reached $1.339 billion, a little bit lower compared to last year's deficit of $1.362 billion.

Figure 1A. Philippine Trade Performance in January - September :2003 and 2004
(F.O.B. Value in Million US Dollar)
 
 

Figure 1B. Philippine Trade Performance in September :2003 - 2004
(F.O.B. Value in Million US Dollar)
 
 

September imports up by 14.8 percent

Total merchandise trade for September 2004 grew by 11.5 percent to $7.134 billion from $6.399 billion during the same period a year earlier. Dollar-inflow generated by exports amounted to $3.637 billion, or 8.4 percent higher than last year's $3.354 billion. Likewise, expenditures for imported goods went up 14.8 percent to $3.497 billion from $3.045 billion. The Balance of Trade in goods (BOT-G) registered a surplus for the Philippines at $140 million, lower compared to last year's growth of $309 million.

Electronic products account for 44.4 percent of import bill

Accounting for 44.4 percent of the total aggregate import bill, payments for electronic products amounted to $1.553 billion or 8.2 percent increment than last year's reported figure at $1.435 billion. Compared to the previous month's level, purchases moved up by 7.9 percent from $1.439 billion.

Imports of mineral fuels, lubricants and related materials ranked second with 11.6 percent share. Expenditures at $407.35 million, posted a 37.0 percent growth over the previous year's level which stood at $297.23 million.

Industrial machinery and equipment, the third top import was worth $145.22 million, or an increase of 6.5 percent from $136.38 million in the previous year.

Transport equipment, accounting for 3.2 percent of the total imports, ranked fourth as foreign bill amounted to $111.02 million, lower by 4.5 percent from last year's figure at $116.29 million.

Textile yarn, fabrics, made-up articles and related products, contributing 2.6 percent to the total bill, was RP's fifth top import for the month with payments placed at $92.24 million or an increment of 34.0 percent from last year's $68.80 million.

Expenditures for iron and steel, with a 2.6 percent share to the aggregate bill, picked up by 24.7 percent to $92.11 million from $73.86 million in September 2003.

Rounding up the list of the top imports for September 2004 were: telecommunication equipment and electrical machinery, $91.11 million; plastics in primary and non-primary forms, $82.32 million; organic and inorganic chemical, $61.00 million; and non-ferous metal, $44.19 million.

Aggregate payment for the country's top ten imports for September 2004 reached to $2.679 billion or 76.6 percent of the total bill.

Figure 2. Philippine Top Imports in September 2003 and 2004
(F.O.B. Value in Million US Dollar)
 

Capital goods account for 38.6 percent of the total imports

Capital goods comprising 38.6 percent of the total imports advanced by 3.9 percent year-on-year to $1.348 billion from $1.298 billion. The biggest share went to telecommunication equipment and electrical machinery with a 22.1 percent share of the total imports and billed at $774.06 million.

Payments for raw materials and intermediate goods accounted for 37.3 percent as importation rose by 16.1 percent to $1.303 billion from last year's reported figure of $1.122 billion. Semi-processed raw materials got the major share with a 34.1 percent and valued at $1.193 billion.

Expenditures for mineral fuels, lubricants and related materials gained by 37.0 percent to $407.35 million from $297.23 million during the same period of 2003.

Purchases of consumer goods priced at $255.24 million picked up by 15.5 percent from $220.91 million in September 2003, while special transactions improved by as much as 71.3 percent to $183.15 million from $106.94 million.

Figure 3. Philippine Imports by Major Type of Goods in September: 2003 and 2004
 

Japan corners 18.5 percent of september import bill

Imports from Japan accounting for 18.5 percent of the total import bill, increased by 2.8 percent to $672.97 million from $654.82 million during the same period of 2003. On the other hand, exports to Japan, amounted to $774.51 million yielding a two-way trade value of $1.447 billion and a trade surplus for RP placed at $101.53 million.

United States, the country's second biggest source of imports with a 15.6 percent share, reported shipments billed at $543.86 million against exports earnings of $610.28 million. Total trade amounted to $1.154 billion, with a trade surplus for the Philippines registered at $66.42 million.

Taiwan, followed as RP's third biggest source of imports. With payments worth $302.67 million, imports climbed by 106.9 percent from $146.31 million, while revenue from RP's exports reached $165.74 million resulting to a total trade value of $468.41 million and a $136.93 million deficit for Philippines.

Other major sources of imports for the month of September were: Singapore, $268.14 million; People's Republic of China, $242.21 million; Republic of Korea, $208.94 million; Hong Kong, $163.14 million; Malaysia, $148.05 million; Thailand, $109.16 million; and Indonesia, $94.26 million.

Payments for imports from the top ten sources for the month amounted to $2.753 billion or 78.7 percent of the total.

Figure 4. Philippine Imports by Country in September: 2004
 

As of press time 35 out of 58,606 export documents and 52 out of 81,448 import documents are still expected from the ports.

Source:   National Statistics Office
                Manila, Philippines