External Trade Performance : June 1997

Reference Number: 1997-045
Release Date: 19 August 1997

 

TOTAL TRADE IN GOODS GROWS 15.2 PERCENT TO $29.031 BILLION

For the first six months of 1997 the two-way merchandise trade between the Philippines and the rest of the world expanded by 15.2 percent to $29.031 billion from $25.211 billion a year ago. Dollar outflows for purchases of foreign-made merchandise rose by 10.9 percent to $17.331 billion from $15.629 billion while revenue from exports grew by 22.1 percent to $11.7 billion from $9.582 billion. The balance of trade in goods (BOT-G) deficit dropped by 6.9 percent to $5.631 billion from $6.047 billion during the same period in 1996.

For June 1997 alone, imports valued at $3.035 billion increased by 10.4 percent from $2.750 billion while exports climbed 18.7 percent to $2.129 billion from $1.793 billion. Total trade value for the month went up by 13.7 percent to $5.164 billion from $4.543 billion last year. The BOT-G deficit on the other hand continued to decline for the fourth straight month as it settled at $906.0 million, down by 5.3 percent from the year-ago figure of $957.0 million.

BILL FOR ELECTRONICS AND COMPONENTS UP BY 55.8 PERCENT

With a 17.9 percent share of the aggregate June 1997 imports bill, purchases of Electronics and Components posted a 55.8 percent increase and remained as the most-bought foreign-made commodity with payments valued at $544.39 million, up from $349.36 million in 1996.

Payments for Mineral Fuels, Lubricants and Related Materials emerged as the second biggest import accounting for 11.0 percent of the aggregate bill and posting a 45.1 percent year-on-year growth to $333.0 million from $229.56 million.

Telecommunication Equipment and Electrical Machinery, with an 8.6 percent share, came out as the third top foreign-made merchandise imports despite posting a 17.3 percent drop as payments amounted to $261.69 million from $316.42 million last year.

Industrial Machinery and Equipment, accounting for 7.8 percent of the total imports bill, recorded purchases at $236.55 million or a 1.7 percent dip from $240.54 million last year.

Transport Equipment, accounting for 6.4 percent of the total, emerged as the fifth top import reporting purchases valued at $193.75 million or 1.8 percent higher than $190.33 million last year.

Materials and Accessories Imported on Consignment Basis for the Manufacture of Other Electrical and Electronic Machinery and Equipment accounted for 5.4 percent of the total bill as payments reached $163.67 million, down by 6.0 percent from $174.03 million in 1996.

Rounding up the list of the top imports for June 1997 were: Textile Yarn, Fabrics, Made-up Articles and Related Products, $113.13 million; Iron and Steel, $105.33 million; Office and EDP Machines, $102.77 million; andCereals and Cereal Preparations, $85.87 million.

Aggregate payment for the top ten imports for the month amounted to $2,140.15 million or 70.5 percent of the total bill.

VALUE OF RAW MATERIALS ACCOUNTS FOR 41.5 PERCENT

Accounting for 41.5 percent of aggregate imports, payments for Raw Materials and Intermediate Goods grew by 1.6 percent to $1.258 billion from $1.238 billion last year. Compared to last month, payments for this major import group dropped by 2.8 percent from $1.294 billion.

Led by Telecommunication Equipment and Power Generating and Specialized Machines, Capital Goods followed with payments amounting to $1.068 billion, which was 18.7 percent higher than $899.95 million in 1996.

Payments for Consumer Goods, accounting for 9.4 percent of the total, amounted to $286.85 million, up from $286.13 million in 1996.

US TOP SOURCE OF IMPORTS

Shipments from the United States amounted to $605.87 million or a 30.3 percent increase from $464.85 million the previous year. This accounted to 19.9 percent of the aggregate import bill. Exports to the US on the other hand amounted to $739.03 million for a total trade value of $1,344.90 million and a BOT-G surplus of $133.16 million.

Japan with a 19.7 percent share emerged as the second biggest source of foreign-made goods. Payments reached $600.15 million, an increase of 1.1 percent from $593.38 million last year, while receipts from exports amounted to $396.68 million for a two-way trade figure of $996.83 million. A BOT-G deficit was placed at $203.47 million.

The third biggest source was Singapore which sold $178.56 million worth of merchandise, 14.1 percent higher than $156.52 million last year. Receipts from exports amounted to $126.90 million for a total trade value of $305.46 million and a BOT-G deficit of $51.66 million.

Republic of Korea followed with import payments amounting to $164.34 million. Exports reached $46.04 million resulting in a total trade of $210.38 million and a BOT-G deficit of $118.30 million.

Imports from Taiwan amounting to $142.67 million followed with a 4.7 percent share of the aggregate bill. Exports valued at $90.30 million resulted in a total trade figure of $232.97 million and a BOT-G deficit amounting to $52.37 million.

Other major sources of foreign-made goods for June were: Saudi Arabia, $141.81 million; Hongkong, $126.42 million; Australia, $94.13 million; Republic of China, $90.29 million; and, Malaysia, $88.14 million.

Total payment to these ten countries amounted to $2,232.38 million, 73.5 percent of the total.

UNCOLLECTED DOCUMENTS

As of presstime 93 out of 44,503 export documents and 71 out of 54,326 import documents are still expected from the ports.

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