Date Released: October 25, 2007
EXTERNAL TRADE PERFORMANCE
August 2007
(Preliminary)
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p - preliminary
r - revised
Top 10 Philippine Imports from All Countries:
August
2007 |
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| Gainers | Losers | ||
| Organic and Inorganic Chemicals | 24.0 | Iron and Steel |
-28.9 |
| Telecommunication Equipment and Electrical Machinery | 7.0 |
Transport Equipment |
-16.1 |
| Plastics in Primary and Non-Primary Forms | 6.1 | Textile Yarn, Fabrics, Made-Up Articles and Related Products | -12.9 |
|
Mineral Fuels, Lubricants and Related Materials |
5.9 |
||
| Electronic Products | 4.6 | ||
| Industrial Machinery and Equipment | 2.8 | ||
| Cereal and Cereal Preparations | 1.2 | ||
JANUARY TO AUGUST 2007 TOTAL TRADE STANDS AT $68.155 BILLION
Total external trade in goods for January to August 2007 reached $68.155 billion, representing a 4.3 percent increment from $65.347 billion during the same 8-month period in 2006. Similarly, total imports grew by 3.8 percent to $35.325 billion from $34.044 billion. Exports likewise registered an increase of 4.9 percent to aggregate dollar revenue of $32.829 billion from $31.303 billion during the same 8-month period in 2006. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $2.496 billion during the 8-month period in 2007.
Figure 1A Philippine Trade Performance in January -
August: 2006 and
2007
(F.O.B. Value in Million US Dollar)
Figure 1B Philippine Trade Performance in
August : 2006 and 2007
(F.O.B. Value in Million US Dollar)
AUGUST 2007 IMPORTS UP BY 1.8 PERCENT
Total merchandise trade for August 2007 decreased by 0.9 percent to $9.075 billion from $9.157 billion in August 2006. This is due to the lackluster performance of exports posting a decrease of 4.0 percent to $4.104 billion from $4.274 billion in August 2006. However, receipts generated by imports increased slightly by 1.8 percent to $4.971 billion from last year’s $4.884 billion. The balance of trade in goods (BOT-G) in August 2007 recorded a deficit of $867.00 million, higher than the last year’s recorded deficit of $610.00 million.
ELECTRONIC PRODUCTS ACCOUNT FOR 46.3 PERCENT OF IMPORT BILL
Accounting for 46.3 percent of the aggregate import bill, payments for Electronic Products amounted to $2.300 billion or 4.6 percent increase over last year's figure of $2.198 billion. Compared to the previous month’s level, purchases likewise grew by 6.8 percent from $2.154 billion.
Imports of Mineral Fuels, Lubricants and Related Materials in August 2007 ranked second with a 19.5 percent share, posting a growth of 5.9 percent to $970.72 million over the previous year’s level of $916.51 million. The increase on the FOB values of these commodities may possibly due to the increase in the average world price of Dubai crude.
Industrial Machinery and Equipment,
contributing 3.5 percent to the total bill, was the RP’s third top import for the month with payments placed at $176.20 million from last year’s $171.45 million or an increase of 2.8 percent.Transport Equipment
ranking fourth recorded a share of 3.3 percent at $166.14 million worth of imports; down by 16.1 percent from its year ago level of $198.11 million.Organic and Inorganic Chemicals
accounting for a 2.3 percent of the total imports, ranked fifth as foreign bill amounted to $114.88 million or a year-on-year growth of 24.0 percent from $92.67 million in 2006.Cereals and Cereal Preparations
ranked sixth, comprising 2.1 percent of the total imports; registered $103.18 million worth of imports or an increase of 1.2 percent from its year ago level of $101.98 million.Rounding up the list of the top imports for August 2007 were Plastics in Primary and Non-Primary Forms, $88.81 million; Textile Yarn, Fabrics, Made-Up Articles and Related Products, $79.56 million; Iron and Steel with $78.62 million worth of imports; and Telecommunication Equipment and Electrical Machinery, $76.97 million.
Aggregate payment for the country’s top ten imports for August 2007 reached $4.155 billion or 83.6 percent of the total import bill.
Figure 2 Philippine Top Imports in August : 2006 and 2007
(F.O.B. Value in Million US Dollar)
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 43.4 PERCENT OF THE TOTAL IMPORTS
Accounting for 43.4 percent of the total imports, payments in August 2007 for Raw Materials and Intermediate Goods amounted to $2.156 billion or a 7.7 percent increase over last year's figure of $2.003 billion. Compared to the previous month’s level, purchases likewise went up by 4.8 percent from $2.058 billion. Semi-Processed Raw Materials mostly comprise imports of raw materials and intermediate goods. These are valued at $2.010 billion and recorded a growth of 9.6 percent from $1.835 billion in 2006.
Capital Goods
comprised 28.1 percent of the total imports, shrunk by 9.3 percent year-on-year, to $1.396 billion from $1.539 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 15.9 percent share of the total imports in August 2007 and billed at $790.79 million or a decline of 9.0 percent from $869.10 million in 2006.Mineral Fuels, Lubricants and Related Materials
with a 19.5 percent share increased by 5.9 percent to $970.72 billion from $916.51 million in August 2006.Purchases of Consumer Goods amounted to $396.36 million, rose by 11.6 percent from $355.16 million in August 2006, while Special Transactions decreased by 25.3 percent to $52.06 million from $69.69 million.
Figure 3 Philippine Imports by Major Type of Goods in August: 2006 and 2007
UNITED STATES CORNERS 13.9 PERCENT OF AUGUST 2007 IMPORT BILL
Despite a decrease of 7.5 percent to $690.46 million from $746.12 million in August 2006, United States of America (USA) is still the top source of imports for August 2007 with a 13.9 percent share of the total import bill. Exports to USA amounted to $765.82 million, yielding a two-way trade value of $1.456 billion and a trade surplus for RP at $75.36 million.
Japan
followed as the second biggest source of imports for August 2007 accounting for an 11.9 percent share of the total import bill, down by 0.8 percent to $592.33 million from $597.11 million during the same month in 2006. Exports to Japan amounted to $623.89 million resulting to a total trade value of $1.216 billion and a trade surplus of $31.56 million.Singapore
came third, with an 11.9 percent share, recording payments worth $590.04 million or a growth of 57.2 percent from $375.35 million in August 2006. Revenue from RP’s exports to Singapore reached $237.95 million, which generated a total trade value of $827.98 million and a $352.09 million trade deficit for the Philippines.Other major sources of imports for the month of August 2007 were Taiwan, $427.45 million; Saudi Arabia, $396.58 million; Republic of Korea, $322.97 million; People’s Republic of China, $284.16 million; Hong Kong, $190.65 million; Malaysia, $190.46 million; and Thailand, $174.47 million.
Payments for imports from the top ten sources for the month amounted to $3.860 billion or 77.6 percent of the total.
Figure 4 Philippine Imports by Country in
August: 2007
Technical Notes:
1. Adjustments on import statistics are based on the transactions that pass through the 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: October 25, 2007