TOTAL TRADE UP BY 6.7 PERCENT TO $36.552 BILLION

Total merchandise trade for the first seven months of 1999 grew by 6.7 percent to $36.552 billion from $34.252 billion last year. Payments for imports increased by less than 1.0 percent to $17.899 billion from $17.845 billion a year ago. Revenues from exports posted a 13.7 percent increase to $18.654 billion this year from $16.407 billion in 1998. There was a positive balance of trade in goods (BOT-G) of $755 million.

For July 1999, total trade reached $5.642 billion, increasing by 13.6 percent over $4.967 billion last year. Aggregate receipts from exports amounted to $2.851 billion, up by 14.0 percent from $2.501 billion a year earlier while import bills reached $2.791 billion, which was 13.2 percent higher than $2.466 billion a year ago. The BOT-G surplus stood at $60 million.

 
ELECTRONICS TOPS JULY IMPORTS

Payments for Electronics and Components, still the top import with a 23.5 percent share, grew by 40.1 percent to $655.37 million in July 1999 from $467.66 million a year earlier.

Mineral Fuels, Lubricants and Related Materials was in second place with 9.7 percent share reached $271.38 million or up by 56.4 percent from $173.53 million in July 1998.

The third biggest import consisted of Telecommunication Equipment and Electrical Machinery which accounted for 8.6 percent of the aggregate bill increased by 22.7 percent to $239.48 million over $195.17 million last year.

Industrial Machinery and Equipment, the fourth top import with a 6.0 percent share dropped by 16.3 to $167.60 million from $200.14 million a year ago.

Accounting for 4.7 percent of the total, payments forMaterials/Accessories Imported on Consignment Basis for the Manufacture of Other Electrical and Electronic Machinery and Equipmentdropped by 21.4 percent to $131.94 million from $167.85 million last year.

The sixth top import for July 1999 was the Office and EDP Machines group with a value of $118.37 million, 2.2 percent lower than $121.05 million last year.

Rounding-up the list of top ten imports for July 1999 were: Textile Yarn, Fabrics, Made-Up Articles and Related Products, $102.97 million; Iron and Steel, $98.40 million; Transport Equipment, $82.24 million; andMiscellaneous Manufactured Articles, $75.86 million.

Aggregate payment for the top ten imports for the month amounted to $1.944 billion, which accounted for 69.6 percent of the total.

 
RAW MATERIALS ACCOUNT FOR 42.4 PERCENT

Raw Materials and Intermediate Goods accounted for 42.4 percent of the total imports for July 1999 grew by 23.9 percent to $1.183 billion from $954.85 million last year.

Expenditures for Capital Goods increased by 1.3 percent to $1.010 billion from $996.44 million a year-ago.

Import bills for Mineral Fuel and Lubricant amounted to $271.38 million, grew by 56.4 percent from $173.53 million in 1998.

Payments for Consumer Goods stood at $232.88 million while import bills for Special Transactions reached $94.61 million which posted a 13.3 percent drop from $109.09 million last year.

 
US TOP SOURCE OF JULY IMPORTS

The United States remained as the top source of Philippine imports for the month with a share of 20.6 percent. Payments grew by 13.1 percent to $574.18 million from $507.70 million a year-ago. Exports to the US market reached $992.80 million yielding a two-way trade value of $1.567 billion and the BOT-G was in surplus at $418.62 million.

Japan was the second biggest source of imports for July with a 19.0 percent share, posted sales valued at $531.55 million against purchases amounting to $381.64 million. Total trade amounted to $913.19 million and a BOT-G deficit of $149.91 million.

Republic of Korea was RP�s third biggest supplier of imported goods valued at $237.61 million. Imports from the Republic of Korea increased by 34.6 percent from $176.52 million last year. Receipts from exports to theRepublic of Korea reached $60.64 million resulting to a $298.25 million total value and a $176.97 million BOT-G deficit.

Other sources of imports for the month of July 1999 were Taiwan, $142.60 million; Singapore, $134.29 million; Hongkong, $115.53 million; Australia,$87.62 million; Malaysia, $85.88 million; Saudi Arabia, $74.09 million; andPeople�s Republic of China, $70.26 million.

Payments for imports from the top ten sources amounted to $2.054 billion or 73.6 percent of the total.

 
UNCOLLECTED DOCUMENTS

As of presstime 89 out of 54,555 export documents and 76 out of 61,383import documents are still expected from the ports.

Source: National Statistics Office
              Manila, Philippines