Date Released: May 25, 2007
EXTERNAL TRADE PERFORMANCE
March 2007
(Preliminary)
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p - preliminary
r - revised
Top 10 Philippine Imports from All Countries:
March
2007 |
|||
| Gainers | Losers | ||
| Transport Equipment | 32.6 | Cereal and Cereal Preparations |
-55.8 |
| Organic and Inorganic Chemicals | 26.4 |
Telecommunication Equipment and Electrical Machinery |
-11.9 |
| Electronic Products | 22.0 |
Textile Yarn, Fabrics, Made-Up Articles and Related Products |
-3.2 |
|
Industrial Machinery and Equipment |
12.8 |
Plastics in Primary and Non-Primary Forms |
-3.0 |
|
Mineral Fuels, Lubricants and Related Materials |
2.5 | ||
| Iron and Steel | 0.7 | ||
JANUARY TO MARCH 2007 TOTAL TRADE STANDS AT $24.123 BILLION
Total external trade in goods for January to March 2007 reached $24.123 billion, representing a 9.6 percent increment from $22.019 billion during the same 3-month period in 2006. Similarly, total imports grew by 7.1 percent to $11.971 billion from $11.172 billion. Exports, on the other hand, registered an increase of 12.0 percent to aggregate dollar revenue of $12.152 billion from $10.847 billion during the same 3-month period in 2006. Interestingly, balance of trade in goods (BOT-G) for the Philippines registered a surplus of $181.00 million during the same 3-month period in 2007.
Figure 1A Philippine Trade Performance in January -
March : 2006 and
2007
(F.O.B. Value in Million US Dollar)
Figure 1B Philippine Trade Performance in
March : 2006 and 2007
(F.O.B. Value in Million US Dollar)
MARCH 2007 IMPORTS UP BY 10.4 PERCENT
Total merchandise trade for March 2007 inched-up by 9.1 percent to $9.014 billion from $8.265 billion in March 2006. Dollar-inflow generated by exports reached $4.448 billion, or 7.8 percent higher from last year’s $4.127 billion. Expenditures for imported goods likewise, increased by 10.4 percent to $4.567 billion from $4.138 billion in March 2006. The balance of trade in goods (BOT-G) in March 2007 recorded a deficit of $119.00 million, higher than the last year’s recorded deficit of $10.00 million.
ELECTRONIC PRODUCTS ACCOUNT FOR 50.2 PERCENT OF IMPORT BILL
Accounting for 50.2 percent of the aggregate import bill, payments for Electronic Products amounted to $2.291 billion or 22.0 percent growth over last year's figure of $1.878 billion. Compared to the previous month’s level, purchases went up by 33.7 percent from $1.713 billion. Except for Consumer Electronics and Telecommunication, all major groups of electronic products recorded increases ranging from a low of 18.6 percent to a high of 159.0 percent from their year ago level.
Imports of Mineral Fuels, Lubricants and Related Materials in March 2007 ranked second with a 13.8 percent share and posted a positive growth of 2.5 percent to $630.55 million over the previous year’s level of $615.04 million.
Transport Equipment,
contributing 3.9 percent to the total bill, was the RP’s third top import for the month with payments placed at $177.84 million from last year’s $134.11 million or an increase of 32.6 percent.Industrial Machinery and Equipment,
accounting for a 3.9 percent of the total imports, ranked fourth as foreign bill amounted to $176.96 million or a year-on-year growth of 12.8 percent from $157.0 million last year.Organic and Inorganic Chemicals,
ranked fifth, recorded a share of 2.2 percent at $101.55 million worth of imports, which grew by 26.4 percent from its year ago level of $80.38 million.Textile Yarn, Fabrics, Made-Up Articles and Related Products,
ranked sixth comprising 1.9 percent of the total imports; registered $87.70 million worth of imports or a decrease of 3.2 percent from its year ago level of $90.59 million.Rounding up the list of the top imports for March 2007 were Plastics in Primary and Non-Primary Forms, $83.27 million; Cereals and Cereal Preparations with $74.12 million worth of imports; Iron and Steel, $72.20 million; and Telecommunication Equipment and Electrical Machinery, $61.03 million.
Aggregate payment for the country’s top ten imports for March 2007 reached $3.756 billion or 82.3 percent of the total import bill.
Figure 2 Philippine Top Imports in March : 2006 and 2007
(F.O.B. Value in Million US Dollar)
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 46.9 PERCENT OF THE TOTAL IMPORTS
Accounting for 46.9 percent of the total imports, payments in March 2007 for Raw Materials and Intermediate Goods amounted to $2.139 billion or 22.0 percent increase over last year's figure of $1.754 billion. Compared to the previous month’s level, purchases went up by 24.3 percent from $1.722 billion. Semi-Processed Raw Materials valued at $1.993 billion had the biggest share of 43.6 percent.
Capital Goods,
which comprised 30.9 percent of the total imports, went up by 5.8 percent year-on-year, to $1.409 billion from $1.331 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 16.5 percent share of the total imports in March 2007 and billed at $752.32 million.Mineral Fuels, Lubricants and Related Materials
with a 13.8 percent share, inched-up by 2.5 percent to $630.55 million from $615.04 million in March 2006.Purchases of Consumer Goods amounted to $326.63 million, down by 7.6 percent from $353.51 million in March 2006, while Special Transactions likewise decreased by 27.2 percent to $61.49 million from $84.50 million.
Figure 3 Philippine Imports by Major Type of Goods in March: 2006 and 2007
UNITED STATES CORNERS 17.7 PERCENT OF MARCH 2007 IMPORT BILL
United States of America (USA) remained to be the country’s biggest source of imports for March 2007 with a 17.7 percent share of the total import bill or an increase of 20.5 percent to $805.77 million from $668.66 million in March 2006. Exports to
USA amounted to $675.78 million, yielding a two-way trade value of $1.482 billion and a trade deficit for RP at $130.00 million.Japan followed as the second biggest source of imports with a 12.3 percent share, recording payments worth $560.68 million. However, its total bill declined by 5.8 percent from $595.28 million in March 2006. Revenue from RP’s exports to Japan, on the other hand, reached $598.43 million, which generated a total trade value of $1.159 billion and a $37.75 million trade surplus for the Philippines.
Singapore, came third, accounting for an 11.7 percent share of the total import bill, up by 19.3 percent to $535.57 million from $448.78 million during the same month in 2006. Exports to Singapore amounted to $228.33 million resulting to a total trade value of $763.90 million and a trade deficit of $307.25 million.
Other major sources of imports for the month of March 2007 were People’s Republic of
China, $315.60 million; Republic of Korea, $299.53 million; Taiwan, $291.08 million; United Arab Emirates, $197.18 million; Ireland, $173.09 million; Thailand, $165.95 million; and Germany, $156.79 million.Payments for imports from the top ten sources for the month amounted to $3.501 billion or 76.7 percent of the total.
Figure 4 Philippine Imports by Country in
March: 2007
Technical Notes:
1. Adjustments on electronic import statistics are based on the transactions that pass through Automated Cargo Operating System (ACOS) of the Bureau of Customs (BOC).
2. Starting with the January 2007 Press Release, analysis and tables are based on 2004 Philippine Standard Commodity Classification (PSCC) groupings. This is in compliance with NSCB Resolution No. 03, Series of 2005 entitled “Approving and Adopting the 2004 Philippine Standard Commodity Classification” by all concerned government agencies and instrumentalities.
| (Sgd.) CARMELITA N. ERICTA Administrator |
Source: Foreign Trade Statistics Section
Industry and Trade Statistics Department
National Statistics Office
Manila, Philippines
Page last revised: May 25, 2007