BOT-G SURPLUS GROWS TO $1.305 BILLION

Total merchandise trade for the period January to August 1999 went up by 7.6 percent to $42.425 billion from $39.412 billion a year ago. Payment for imported merchandise inched up by 1.0 percent to $20.560 billion from $20.353 billion last year while receipts from export of goods grew by 14.7 percent to $21.865 billion from $19.059 billion a year earlier. (See Fig. 1A)Compared to the same period in 1998, the balance of trade in goods (BOT-G) was a surplus of $1.305 billion posting a 200.9 percent reversal from the previous deficit of $1.294 billion.

For August 1999, the total trade amounted to $5.873 billion, up by 13.8 percent from $5.160 billion last year. Receipts from exports went up by 21.1 percent to $3.212 billion from $2.652 billion while total expenditures for foreign-made goods increased by 6.1 percent to $2.661 billion from $2.508 billion last year. (See Fig. 1B) The BOT-G surplus surged by 281.9 percent to $550.0 million from $144.0 million a year ago.

 
ELECTRONICS AND COMPONENTS UP BY 21.4 PERCENT

Payments for Electronics and Components, still the top import with a 25.6 percent share, rose by 21.4 percent to $680.97 million from $561.03 million last year. (See Fig. 2)

Mineral Fuels, Lubricants and Related Materials comprised the second top import, accounting for 8.2 percent of the total bill. Payments reached $219.35 million, up by 53.2 percent from $143.18 million in 1998.

Expenditures for Telecommunication Equipment and Electrical Machinery,with a 7.1 percent share and valued at $189.01 million fell by 8.2 percent from $205.79 million last year.

Fourth top import for the month consisted of Industrial Machinery and Equipment. Payments accounting for 6.3 percent of the total increased by 3.4 percent to $168.53 million from $163.02 million.

Materials/Accessories Imported on Consignment Basis for the Manufacture of Other Electrical and Electronic Machinery and Equipmentaccounted for 5.2 percent of the aggregate bill as purchases dropped by 37.4 percent to $137.40 million from $219.31 million a year ago.

Office and EDP Machines accounting for 4.9 percent of the total was the sixth top import with a value of $131.63 million, which was 25.6 percent higher than $104.81 million last year.

Other top imports for August 1999 were Textile Yarn, Fabrics, Made-up Articles and Related Products, $99.11 million; Transport Equipment,$93.16 million; Miscellaneous Manufactured Articles, $68.37 million; andIron and Steel, $62.67 million.

Payments for the top ten imports for the month in review amounted to $1.850 billion, or 69.5 percent of the total.

INDUSTRIAL INPUTS CORNER 41.9 PERCENT OF AGGREGATE BILL

Accounting for 41.9 percent of the import bill, Raw Materials and Intermediate Goods emerged as the top purchase for the month with aggregate payments reaching $1.116 billion, or 11.6 percent higher than $1.000 billion a year ago.

Close behind were Capital Goods which accounted for the second biggest slice of the import bill for the month placed at 37.4 percent. Actual payments amounted to $994.73 million, marginally up by 0.4 percent from $990.34 million last year.

Expenditures for Mineral Fuel and Lubricant increased 53.2 percent to $219.35 million while payments for Consumer Goods valued at $212.53 million, declined by 14.9 percent from $249.62 million in 1998. Payments forSpecial Transactions fell by 5.0 percent to $118.78 million from $125.03 million last year. (See Fig. 3)

PAYMENT FOR US GOODS UP BY 8.2 PERCENT

With a 23.1 percent share of the total import bill, purchases of US-made goods led all top imports for the month. Payments grew by 8.2 percent to $614.10 million, up from $567.33 million last year. Exports to the US, on the other hand, amounted to $1.025 billion yielding a two-way trade figure of $1.639 billion and a BOT-G surplus of $410.67 million.

Japan, the second biggest source of imports with an 18.4 percent share, reported shipments valued at $489.20 million against purchases amounting to $388.20 million. Total trade reached $877.40 million and a BOT-G deficit stood at $101.0 million.

The third biggest source of imports for the month was the Republic of Korea. Expenditures for imports amounted to $263.73 million while revenue for exports reached $77.74 million resulting in a two-way trade value of $341.47 million and a $185.99 million BOT-G deficit.

Other major sources of imports for August 1999 were Taiwan, $156.73 million; Singapore, $142.36 million; Hongkong, $94.98 million; Malaysia,$87.23 million; Saudi Arabia, $79.66 million; Thailand, $69.77 million; andPeople's Rep. Of China, $64.30 million.

Payments for imports from the top ten sources amounted to $2.062 billion or 77.5 percent of the total. (See Fig. 4)

UNCOLLECTED DOCUMENTS

As of press time 83 out of 52,461 export documents and 71 out of 58,042import documents were still expected from the ports.

Source: National Statistics Office
              Manila, Philippines