This report presents the final monthly statistics on imports, exports and the resulting balance of trade in goods (BOT-G) for the years 2002 to 2004.

Revisions on export figures were based on export documents that were received after the cut-off dates and the inclusion of the electronic data-files from Automated Export Documentation System (AEDS) - Subic. The AEDS-Subic started last December 2003. Table 1 shows a comparison of the old and final series of exports for 2004 by month.

On the other hand, adjustments on the import data were based on the methodology approved by the NSCB Executive Board in a NSCB Resolution No. 8 Series of 2005 dated May 18, 2005 entitled "Approving the Interim Methodology for the Revision of Electronic Import Statistics". The methodology adopted the value added ratios of companies with consigned electronic imports. The derived value added ratios were consistent with the actual performance of the electronics industry. Table 2 shows the old and final series of imports from 2002-2004. The electronic industry is the dominant player in the Philippine’s foreign trade. Also considered were actual import documents received by the NSO after the cut-off dates.

In 2002, the total annual adjustment for imports was US$3,810 million. It ranged from a low of US$136 million in January to a high US$464 in August. The biggest negative Balance of Trade in Goods (BOT-G) was recorded in April with at US$ 1,132 million and the highest positive BOT-G at US$406 was registered in January.

During the three-year period, the lowest annual adjustment was in 2003 at US$2,974 million. During the year, the lowest adjustment at US$205 million was noted in February and the highest was recorded in May at US$278. BOT-G was highest in September with a surplus of US$389 million and lowest in May with a deficit of US$782 million.

Table 2 shows that for the period January to December 2004, the final value of total imports was adjusted upwards by US$3,739 million from US$40,301 million to US$44,039 million. As shown in Table 1, the final export figure was recorded at US$39,681 million from US$39,588 million. The resulting trade balance in goods amounted to a deficit of US$4,359 million, a decline from the old series of US$713 million deficit (Table 3). The highest monthly adjustment of imports was posted in July amounting to US$355 million and the lowest was in December at US$219 million. The biggest BOT-G surplus was seen in November and December at US$28 million and US$13 million respectively while the biggest deficit was in April at US$782 million.