External Trade Performance : September 2007

Reference Number: 2007-091
Release Date: November 27, 2007

External Trade Performance : September 2007

 

    2007

2006

September p

August  r

September

 Total imports

   FOB Value (in Million US Dollars)

4,742.19

4,985.62

4,355.48

  Year-on-Year Growth (Percent)

8.9

2.1

0.4

   Month-on-month Growth (Percent)

-4.9

-1.1

-10.8

 Electronic products

   FOB Value (in Million US Dollars)

2,347.84

2,299.61

2,271.03

   Year-on-Year Growth (Percent)

3.4

4.6

12.4

   Month-on-month Growth (Percent

2.1

6.8

3.3

 

 p - preliminary

 r - revised

Top 10 Philippine Imports from All Countries: September 2007
(Year-on-Year Growth in Percent)

Gainers

Losers

Mineral Fuels, Lubricants  and  Related Materials

40.2

Iron and Steel

-28.0

Organic and Inorganic Chemicals

22.4

Textile Yarn, Fabrics, Made-Up  Articles and Related Products

-23.4

Plastics in Primary and   Non-Primary Forms

4.2

Cereal and Cereal Preparations

-19.4

Electronic Products

3.4

Transport Equipment

-8.5

 

 

Industrial Machinery and Equipment

-1.9

 

 

Telecommunication Equipment and Electrical Machinery

-1.0

 

JANUARY TO SEPTEMBER 2007 TOTAL TRADE STANDS AT $77.284 BILLION

Total external trade in goods for January to September 2007 reached $77.284 billion, representing a 4.6 percent increment from $73.880 billion during the same 9-month period in 2006. Similarly, total imports grew by 4.4 percent to $40.082 billion from $38.399 billion during the same 9-month period in 2006. The same is true for exports where a 4.8 percent increase is noted to aggregate dollar revenue of $37.202 billion from $35.481 billion during the same 9-month period in 2006. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $2.880 billion during the 9-month period in 2007.

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

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

 

SEPTEMBER 2007 IMPORTS UP BY 8.9 PERCENT

Total merchandise trade for September 2007 increased by 6.8 percent to $9.115 billion from $8.534 billion in September 2006.  This is due to the improved performance of the imports posting an increase of 8.9 percent to $4.742 billion from $4.355 billion in September 2006. Receipts generated by exports likewise increased by 4.6 percent to $4.373 billion from last years $4.178 billion. The balance of trade in goods   (BOT-G) in September 2007 recorded a deficit of $370.00 million, higher than the last years recorded deficit of $177.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 49.5 PERCENT OF IMPORT BILL

Accounting for 49.5 percent of the aggregate import bill, payments for Electronic Productsamounted to $2.348 billion or 3.4 percent increase over last year's figure of $2.271 billion.  Compared to the previous months level, purchases likewise grew by 2.1 percent from $2.300 billion. Among the major groups of electronic products, Components/Devices(Semiconductors) had the biggest share of 39.3 percent, which recorded a growth of 3.9 percent to $1.864 billion from $1.794 billion during the same month in 2006.  However, it declined by 0.8 percent compared with the previous months level of $1.879 billion due to the decrease in the importation of materials on consignment basis for the manufacture of semiconductor devices like dice of any materials and frames.

Imports of Mineral Fuels, Lubricants and Related Materials in September 2007 ranked second with a 13.4 percent share, posting a growth of 40.2 percent to $636.87 million over the previous years level of $454.34 million.   This is due to the high volume of importation on crude petroleum oil, gas oils and unleaded motor spirit.

Transport Equipment, contributing 4.3 percent to the total bill, was the RPs third top import for the month with payments placed at $203.83 million from last years $222.67 million or a decline of 8.5 percent. 

Industrial Machinery and Equipment ranking fourth recorded a share of 3.7 percent at $175.52 million worth of imports; down by 1.9 percent from its year ago level of $178.91 million.

Organic and Inorganic Chemicals accounting for a 2.2 percent of the total imports, ranked fifth as foreign bill amounted to $104.11 million or a year-on-year growth of 22.4 percent from $85.06 million in 2006.

Plastics in Primary and Non-Primary Forms ranked sixth, comprising 1.9 percent of the total imports; registered $88.42 million worth of imports or an increase of 4.2 percent from its year ago level of $84.89 million. 

Rounding up the list of the top imports for September 2007 were Textile Yarn, Fabrics, Made-Up Articles and Related Products, $80.58 million; Telecommunication Equipment and Electrical Machinery with $79.71 million worth of imports; Cereals and Cereal Preparations, $67.56 million; and Iron and Steel, $66.20 million.

Aggregate payment for the countrys top ten imports for September 2007 reached $3.851 billion or 81.2 percent of the total import bill.

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

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 44.1 PERCENT OF THE TOTAL IMPORTS

Accounting for 44.1 percent of the total imports, payments in September 2007 for Raw Materials and Intermediate Goods amounted to $2.089 billion or a 6.0 percent increase over last year's figure of $1.970 billion.  Compared to the previous months level, purchases went down by 3.3 percent from $2.161 billion. Semi-Processed Raw Materials mostly comprise imports of raw materials and intermediate goods.  These are valued at $1.959 billion and recorded a growth of 6.9 percent from $1.833 billion in 2006.

Capital Goods comprised 32.3 percent of the total imports, shrunk by 2.5 percent year-on-year, to $1.532 billion from $1.572 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 18.0 percent share of the total imports in September 2007 and billed at $851.87 million or a decline of 2.3 percent from $872.20 million in 2006.

Mineral Fuels, Lubricants and Related Materials with a 13.4 percent share increased by 40.2 percent to $636.88 million from $454.34 million in September 2006.  However, compared with the previous months level, purchases went down by 34.4 percent from $971.03 million.

Purchases of Consumer Goods amounted to $411.61 million, rose by 32.9 percent from $309.75 million in September 2006, while Special Transactions increased by 47.6 percent to $73.20 million from $49.60 million.

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

UNITED STATES CORNERS 13.9 PERCENT OF SEPTEMBER 2007 IMPORT BILL   

Despite a decrease of 3.0 percent to $660.11 million from $680.83 million in September 2006,United States of America (USA) continued to be the top source of imports for September 2007 with a 13.9 percent share of the total import bill.  Exports to USA amounted to $741.05 million, yielding a two-way trade value of $1.401 billion and a trade surplus for RP at $80.94 million.

Singapore followed as the second biggest source of imports for September 2007 accounting for a 12.5 percent share of the total import bill, up by 70.0 percent to $592.85 million from $348.70 million during the same month in 2006. Exports to Singapore amounted to $242.37 million resulting to a total trade value of $835.21 million and a trade deficit of $350.48 million.

Japan came third, with a 12.2 percent share, recording payments worth $580.60 million or a decline of 19.9 percent from $724.40 million in September 2006.  Revenue from RP�s exports to Japan reached $625.30 million, which generated a total trade value of $1.206 billion and a $44.70 million trade surplus for the Philippines.

Other major sources of imports for the month of September 2007 were Taiwan, $386.23 million; Peoples Republic of China, $325.11 million; Republic of Korea, $288.06 million;Saudi Arabia, $252.24 million; Malaysia, $229.93 million; Thailand, $215.44 million; andHong Kong, $205.83 million.

Payments for imports from the top ten sources for the month amounted to $3.736 billion or 78.8 percent of the total.

Figure 4  Philippine Imports by Country in September: 2007
  Figure 4

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.

(Sgd.) CARMELITA N. ERICTA
Administrator

 


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

 

 

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