Date Released: December 28, 2007
EXTERNAL TRADE PERFORMANCE
October 2007
(Preliminary)
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p - preliminary
r - revised
Top 10 Philippine Imports from All Countries:
October
2007 |
|||
| Gainers | Losers | ||
| Cereal and Cereal Preparations | 151.5 | Textile Yarn, Fabrics, Made-Up Articles and Related Products |
-15.8 |
| Mineral Fuels, Lubricants and Related Materials | 68.4 |
Electronic Products |
-4.8 |
| Transport Equipment | 36.2 | Industrial Machinery and Equipment | -0.4 |
|
Telecommunication Equipment and Electrical Machinery |
6.5 |
|
|
| Plastics in Primary and Non-Primary Forms |
5.7 |
||
| Iron and Steel |
5.3 |
||
| Organic and Inorganic Chemicals | 4.7 | ||
JANUARY TO OCTOBER 2007 TOTAL TRADE STANDS AT $87.071 BILLION
Total external trade in goods for January to October 2007 reached $87.071 billion, representing a 5.2 percent increment from $82.774 billion during the same 10-month period in 2006. Similarly, total imports grew by 5.0 percent to $45.221 billion from $43.086 billion during the same 10-month period in 2006. The same is true for exports where a 5.4 percent increase is noted to aggregate dollar revenue of $41.850 billion from $39.689 billion during the same 10-month period in 2006. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $3.371 billion during the 10-month period in 2007.
Figure 1A Philippine Trade Performance in January -
October: 2006 and
2007
(F.O.B. Value in Million US Dollar)
Figure 1B Philippine Trade Performance in
October : 2006 and 2007
(F.O.B. Value in Million US Dollar)
OCTOBER 2007 IMPORTS UP BY 9.6 PERCENT
Total merchandise trade for October 2007 increased by 10.0 percent to $9.786 billion from $8.894 billion in October 2006. Revenue generated by exports increased by 10.5 percent to $4.648 billion from last year’s $4.207 billion. The same is true for imports posting an increase of 9.6 percent to $5.138 billion from $4.686 billion in October 2006. The balance of trade in goods (BOT-G) in October 2007 recorded a deficit of $489.00 million, higher than the last year’s recorded deficit of $479.00 million.
ELECTRONIC PRODUCTS ACCOUNT FOR 45.5 PERCENT OF IMPORT BILL
Accounting for 45.5 percent of the aggregate import bill, payments for Electronic Products amounted to $2.337 billion or 4.8 percent decline over last year's figure of $2.455 billion. Compared to the previous month’s level, purchases likewise went down by 0.5 percent from $2.348 billion. Among the major groups of electronic products, Components/Devices (Semiconductors) had the biggest share of 35.5 percent, recording a decline of 9.0 percent to $1.826 billion from $2.007 billion during the same month in 2006. This is due to the decrease in the importation of other monolithic digital integrated circuits; parts of electronic integrated circuits and microassemblies; frames and other materials for the manufacture of semiconductor devices on consignment basis.
Imports of Mineral Fuels, Lubricants and Related Materials in October 2007 ranked second with an 18.5 percent share, posting a growth of 68.4 percent to $952.26 million over the previous year’s level of $565.47 million. This is due to the high volume of importation on crude petroleum oil, gas oils, other fuel oils, unleaded motor spirit, lubricating oil base stock, butane, aviation spirit, and liquefied petroleum gas.
Transport Equipment,
contributing 4.5 percent to the total bill, was the RP’s third top import for the month with payments placed at $230.26 million from last year’s $169.05 million or an increase of 36.2 percent. This is due to the importation of aeroplanes, tankers and completely built-up (CBU) motor buses and motor cars.Industrial Machinery and Equipment
ranking fourth recorded a share of 3.6 percent at $185.21 million worth of imports; down by 0.4 percent from its year ago level of $185.89 million.Cereals and Cereal Preparations accounting for a 2.5 percent of the total imports, ranked fifth as foreign bill amounted to $129.94 million or a year-on-year growth of 151.5 percent from $51.66 million in 2006. This is due to the importation of semi-milled or wholly-milled rice.
Iron and Steel
ranked sixth, comprising 1.9 percent of the total imports; registered $99.24 million worth of imports or an increase of 5.3 percent from its year ago level of $94.29 million.Rounding up the list of the top imports for October 2007 were Organic and Inorganic Chemicals, $91.51 million; Plastics in Primary and Non-Primary Forms with $85.88 million worth of imports; Textile Yarn, Fabrics, Made-Up Articles and Related Products, $83.79 million; and Telecommunication Equipment and Electrical Machinery, $75.86 million.
Aggregate payment for the country’s top ten imports for October 2007 reached $4.271 billion or 83.1 percent of the total import bill.
Figure 2 Philippine Top Imports in October : 2006 and 2007
(F.O.B. Value in Million US Dollar)
RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 39.9 PERCENT OF THE TOTAL IMPORTS
Accounting for 39.9 percent of the total imports, payments in October 2007 for Raw Materials and Intermediate Goods amounted to $2.048 billion or a 5.6 percent decrease over last year's figure of $2.171 billion. Compared to the previous month’s level, purchases likewise went down by 2.0 percent from $2.089 billion. Semi-Processed Raw Materials mostly comprise imports of raw materials and intermediate goods valued at $1.913 billion or a decline of 5.8 percent from $2.031 billion in 2006.
Capital Goods
comprised 31.4 percent of the total imports, up by 4.1 percent year-on-year, to $1.613 billion from $1.549 billion, which is due to the importation of airoplanes and tankers. The major share of Capital Goods went to Telecommunication Equipment and Electrical Machinery with a 16.9 percent share of the total imports in October 2007 and billed at $870.15 million or a decline of 4.1 percent from $906.86 million in 2006.Mineral Fuels, Lubricants and Related Materials
with an 18.5 percent share increased by 68.4 percent to $952.26 million from $565.47 million in October 2006.Purchases of Consumer Goods amounted to $449.16 million, rose by 49.1 percent from $301.25 million in October 2006, while Special Transactions decreased by 25.4 percent to $74.53 million from $99.91 million.
Figure 3 Philippine Imports by Major Type of Goods in October: 2006 and 2007
JAPAN CORNERS 13.4 PERCENT OF OCTOBER 2007 IMPORT BILL
Japan toppled United States of America (USA) as the top source of imports for October 2007 with a 13.4 percent share of the total import bill. Exports to Japan amounted to $648.80 million, yielding a two-way trade value of $1.336 billion and a trade deficit for RP at $38.77 million.
United States of America (USA)
followed as the second biggest source of imports for October 2007 accounting for a 13.2 percent share of the total import bill, down by 13.9 percent to $678.80 million from $787.94 million during the same month in 2006. Exports to USA amounted to $820.48 million resulting to a total trade value of $1.499 billion and a trade surplus of $141.68 million.Singapore came third, with an 11.2 percent share, recording payments worth $574.46 million or a growth of 61.1 percent from $356.70 million in October 2006. Revenue from RP’s exports to Singapore reached $267.35 million, which generated a total trade value of $841.81 million and a $307.10 million trade deficit for the Philippines.
Other major sources of imports for the month of October 2007 were
Taiwan, $429.28 million; People’s Republic of China, $396.48 million; Saudi Arabia, $353.68 million; Republic of Korea, $288.51 million; Thailand, $226.55 million; Hong Kong, $205.59 million; and Malaysia, $176.32 million.Payments for imports from the top ten sources for the month amounted to $4.017 billion or 78.2 percent of the total.
Figure 4 Philippine Imports by Country in
October: 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: December 28, 2007