JANUARY TO SEPTEMBER 2008 TOTAL TRADE STANDS AT $84.152 BILLION

Total external trade in goods for January to September 2008 reached $84.152 billion, a 8.4 percent increment from $77.638 billion during the 9-month period in 2007. This is due to the 12.4 percent growth of the total imports to $45.286 billion from $40.278 billion during the 9-month period in 2007. On the other hand, total exports posted a growth of 4.0 percent for January to September 2008 to aggregate dollar revenue of $38.867 billion from $37.359 billion in the same period last year. Balance of trade in goods (BOT-G) during the 9-month period in 2008 registered a deficit of $6.419 billion from $2.919 billion deficit in the same period last year.  

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

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

SEPTEMBER 2008 IMPORTS UP BY 2.5 PERCENT

Total merchandise trade for September 2008 rose by 1.9 percent to $9.302 billion from $9.133 billion in September 2007. Exports receipts in September 2008 totaled to $4.439 billion, up by 1.1 percent from last year’s $4.389 billion. The country’s merchandise imports, on the other hand, increased by 2.5 percent to $4.864 billion from $4.744 billion in September 2007. The balance of trade in goods   (BOT-G) in September 2008 recorded a deficit of $425.00 million from $354.00 million deficit in the same period last year.

ELECTRONIC PRODUCTS ACCOUNT FOR 35.5 PERCENT OF IMPORT BILL

Accounting for 35.5 percent of the aggregate import bill, payments for Electronic Products in September 2008 amounted to $1.724 billion fell by 26.1 percent over last year's figure of $2.332 billion.  Month-on-month, however, it reflected an increase of 3.6 percent from $1.665 billion recorded in August 2008. Among the major groups of electronic products, Components/Devices (Semiconductors) had the biggest share of 27.2 percent, down by 28.4 percent to $1.324 billion from $1.848 billion in September 2007.

Imports of Mineral Fuels, Lubricants and Related Materials in September 2008 ranked second with 20.0 percent share and posted a growth of 52.1 percent to $970.32 million over the previous year’s level of $637.77 million.

Cereals and Cereal Preparations, contributing 5.7 percent to the total import bill, was the RP’s third top import for the month with payments placed at $277.53 million from last year’s $81.28 million or an increase of 241.5 percent.   This was due to the increase in the importation of rice and wheat.

Industrial Machinery and Equipment ranking fourth with a share of 4.8 percent at $231.20 million worth of imports, went up by 31.6 percent from its year ago level of $175.68 million.   

Transport Equipment, accounting for 4.6 percent of the total imports, ranked fifth as foreign bill amounted to $221.17 million, up by 8.5 percent from $203.86 million last year. 

Iron and Steel ranked sixth, comprising 2.3 percent of the total imports registered $109.23 million worth of imports; rose by 63.1 percent from its year ago level of $66.97 million.

Rounding up the list of the top ten imports for September 2008 were Organic and Inorganic Chemicals, $95.92 million; Plastics in Primary and Non-Primary Forms, $89.71 million;Telecommunication Equipment and Electrical Machinery, $76.29 million; and Non-Ferrous Metal, $69.87 million.

Aggregate payment for the country’s top ten imports for September 2008 reached $3.866 billion or 79.5 percent of the total import bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 36.7 PERCENT OF THE TOTAL IMPORTS

Accounting for 36.7 percent of the total imports, payments in September 2008 for Raw Materials and Intermediate Goods amounted to $1.786 billion or a 14.6 percent decline over last year's figure of $2.092 billion.  Compared to the previous month’s level, purchases went up by 2.0 percent from $1.751 billion. Semi-Processed Raw Materials had the biggest share of 33.0 percent and valued at $1.605 billion.

Capital Goods, which comprised 28.8 percent of the total imports, went down by 8.5 percent year-on-year, to $1.401 billion from $1.531 billion.

Mineral Fuels, Lubricants and Related Materials with 20.0 percent share, increased by 52.1 percent to $970.32 million from $637.77 million in September 2007.  This was due to the 61.3 percent increase in the importation of crude petroleum.  

Purchases of Consumer Goods amounted to $637.19 million or an increase of 55.1 percent from $410.93 million in September 2007, while Special Transactions dropped by 5.0 percent to $69.19 million from $72.84 million in September 2007.

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

UNITED STATES OF AMERICA CORNERS 12.6 PERCENT OF SEPTEMBER 2008 IMPORT BILL 

United States of America (USA) was the country’s biggest source of imports for September 2008 with 12.6 percent share of the total import bill down by 8.3 percent to $613.94 million from $669.29 million in September 2007.  Exports to USA amounted to $806.95 million, yielding a two-way trade value of $1.421 billion and a trade surplus for RP at $193.01 million.

Japan, the second biggest source of imports with 11.6 percent share, recorded payments worth $563.93 million and declined by 2.8 percent from $579.85 million in September 2007.  Revenue from RP’s exports to Japan, on the other hand, reached $640.65 million, generating a total trade value of $1.205 billion and $76.72 million trade surplus for the Philippines.

Saudi Arabia came third; accounting for 11.3 percent share of the total import bill in September 2008, up by 118.6 percent to $550.72 million from $251.93 million during the same month in 2007. Exports toSaudi Arabia amounted to $5.4 million resulting to a total trade value of $556.12 million and a trade deficit of $545.32 million.

Singapore settled fourth, accounting for 10.1 percent share of the total import bill in September 2008, declined by 16.9 percent to $489.23 million from $588.76 million during the same month in 2007. Exports to Singapore amounted to $259.00 million resulting to a total trade value of $748.22 million and a trade deficit of $230.23 million for the Philippines.

Other major sources of imports for the month of September 2008 were People’s Republic of China,$378.27 million; Taiwan, $303.83 million; Republic of Korea, $277.05 million; Thailand, $219.96 million; Vietnam, $211.92 million; and, Hong Kong $188.90 million.

Payments for imports from the top ten sources for September 2008 amounted to $3.798 billion or 78.1 percent of the total.

Figure 4  Philippine Imports by Country in September: 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 on 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