January to May total trade stands at $29.657 billion

Total external trade in goods for January to May 2003 amounted to $29.657 billion or 7.3 percent higher than $27.649 billion during the same period in 2002. The bill for foreign-made merchandise grew by 12.8 percent to $15.649 billion from $13.874 billion. On the other hand, exports registered a year-on-year growth rate of 1.7 percent to an aggregate dollar revenue of $14.008 billion from $13.775 billion a year ago. Balance of trade deficit for the Philippines reached $1.641 billion compared to last years value which stood at $99 million.

Figure 1A. Philippine Trade Performance in January  May : 2002 and 2003
(F.O.B. Value in Million US Dollar)
  

Figure 1B. Philippine Trade Performance: May: 2002 and 2003
(F.O.B. Value in Million US Dollar)
  

May imports went up by 12.2 percent

Total merchandise trade for May 2003 rose by 4.2 percent to $6.108 billion from $5.864 billion during the same period last year. Dollar-inflow generated by exports amounted to $2.803 billion, or 4.0 percent lower than last years $2.918 billion. Likewise, expenditures for imported goods accelerated by 12.2 percent to $3.305 billion from $2.946 billion. The BOT-G deficit for the Philippines was registered at $503 million, compared to last years $28 million.

Electronic products account for 46.2 percent of import bill

Accounting for 46.2 percent of the total aggregate import bill, payments for electronic products amounted to $1.526 billion or 8.9 percent higher than last year's $1.401 billion. Compared to the previous month, dollar-outflow increased by 8.2 percent from $1.410 billion.

Purchases of mineral fuels, lubricants and related materials ranked second with 12.1 percent share. Payments made at $400.79 million, recorded a 40.6 percent increase over the previous level which stood at $285.03 million.

Industrial machinery and equipment, the third top import reported purchases worth $129.90 million, or a 10.7 percent increase from $117.36 million last year.

Transport equipment accounting for 3.3 percent of the total import bill, ranked fourth as payments amounted to $109.28 million, up by 48.7 percent from last year's $73.47 million.

Expenditures for textile yarn, fabrics, made-up articles and related products, with a 3.0 percent share to the aggregate bill, fell by 9.1 percent to $97.38 million from $107.10 million in May 2002.

Iron and steel, contributing 2.5 percent to the total bill, was RPs sixth top import for the month with payments placed at $83.92 million or 8.3 percent higher than last years $77.46 million.

Rounding up the list of the top imports for May 2003 were: telecommunication equipment and electrical machinery, $71.23 million; plastics in primary and non-primary forms, $63.08 million; organic and inorganic chemical, $61.93 million; andcereals and cereal preparation, $58.24 million.

Aggregate payment for the countrys top ten imports for May 2003 amounted to $2.602 billion or 78.7 percent of the total bill.

Figure 2. Philippine Top Imports in May 2002 and 2003
(F.O.B. Value in Million US Dollar)
  

Raw materials and intermediate goods account for 38.4 percent of the total import bill

Payments for raw materials and intermediate goods consisting of unprocessed raw materials and semi-processed raw materials accounted for 38.4 percent of the aggregate bill as importation dropped by 4.1 percent to $1.269 billion from last years figure at $1.323 billion.

Capital goods comprising 38.2 percent of the aggregate bill increased by 22.0 percent year-on-year to $1.261 billion from $1.034 billion. The group was led bytelecommunication equipment and electrical machinery valued at $731.93 million or a 22.1 percent share of the total.

Expenditures for mineral fuels, lubricants and related materials went up by 40.6 percent to $400.79 million from $285.02 million during the same period last year.

Purchases of consumer goods valued at $264.81 million, registered a 31.0 percent increase from $202.22 million in May 2002, while special transactions rose by 7.5 percent to $109.82 million from $102.20 million.

Figure 3. Philippine Imports by Major Type of Goods in May: 2002 and 2003
  

U.S. corners 20.6 percent of May import bill

Imports from United States accounting for 20.6 percent of the total import bill, went up by 5.0 percent to $679.56 million from $647.03 million during the same period last year. Similarly, exports to US, amounted to $561.78 million yielding a two-way trade value of $1.241 billion and a trade deficit for RP placed at $117.78 million.

Japan, the countrys second biggest source of imports with a 18.6 percent share, reported shipments valued at $613.37 million against exports amounting to $437.51 million. Total trade amounted to $1.051 billion while the trade deficit for the Philippines was registered at $175.86 million.

Singapore, followed as RPs third biggest source of imports. With payments worth $213.96 million, imports from Singapore increased by 6.9 percent from $200.18 million while revenue from RPs exports reached $184.71 million resulting to a total trade value of $398.67 million and a $29.25 million deficit for RP.

Other major sources of imports for the month of May were: Republic of Korea, $203.65 million; Saudi Arabia, $148.57 million; Taiwan, $145.67 million; People�s Republic of China, $139.83 million; Hong Kong, $135.39 million; Thailand, $126.32 million; andMalaysia, $111.77 million.

Payments for imports from the top ten sources for the month amounted to $2.518 billion or 76.2 percent of the total.

Figure 4. Philippine Imports by Country in May: 2003
  

As of press time 108 out of 63,356 export documents and 91 out of 74,172 import documents are still expected from the ports.

Source:   National Statistics Office
              Manila, Philippines