Total external trade in goods for January to December 2007 reached $105.587 billion, representing a 6.5 percent increment from $99.184 billion during the same 12-month period in 2006. Similarly, total imports grew by 6.8 percent to $55.317 billion from $51.774 billion during the same 12-month period in 2006. The same is true for exports where a 6.0 percent increase is noted to aggregate dollar revenue of $50.270 billion from $47.410 billion during the same 12-month period in 2006. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $5.047 billion or a 15.7 percent increase during the same 12-month period in 2006.

DECEMBER 2007 IMPORTS UP BY 19.7 PERCENT

Total merchandise trade in goods for December 2007 increased by 20.4 percent to $9.473 billion from $7.869 billion in December 2006.  This is due to the strong performance of both exports and imports for this month.  Revenue generated by exports grew by 21.2 percent to $4.472 billion from last year’s $3.690 billion. The same is true for imports as its growth reached 19.7 percent to $5.001 billion from $4.178 billion in December 2006. The balance of trade in goods   (BOT-G) in December 2007 recorded a deficit of $528.00 million, higher by 8.2 percent from last year’s recorded deficit of $488.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 42.2 PERCENT OF IMPORT BILL

Accounting for 42.2 percent of the aggregate import bill, payments for Electronic Products amounted to $2.110 billion or a measly 1.6 percent growth over last year's figure of $2.076 billion.  Compared to the previous month’s level, purchases went down by 7.6 percent from $2.283 billion. Among the major groups of electronic products, Components/Devices (Semiconductors) had the biggest share of 33.8 percent, up by 1.7 percent to $1.689 billion from $1.661 billion during the same month in 2006.

Imports of Mineral Fuels, Lubricants and Related Materials in December 2007 ranked second with a 20.5 percent share, posting a growth of 90.6 percent to $1.023 billion over the previous year’s level of $536.70 million.   

Transport Equipment, contributing 4.6 percent to the total bill, was the RP’s third top import for the month with payments placed at $228.10 million from last year’s $197.78 million or an increase of 15.3 percent.  This may be due to the importation of other aircraft of an unladen weight exceeding 15,000 kg.

Industrial Machinery and Equipment ranking fourth recorded a share of 4.5 percent at $226.91 million worth of imports; up by 44.5 percent from its year ago level of $157.08 million.

Iron and Steel accounting for a 2.5 percent of the total imports, ranked fifth as foreign bill amounted to $126.55 million or a year-on-year growth of 49.6 percent from $84.59 million in 2006.   

Organic and Inorganic Chemicals ranked sixth, comprising 2.2 percent of the total imports; registered $108.90 million worth of imports or an increase of 85.5 percent from its year ago level of $58.71 million.

Rounding up the list of the top ten imports for December 2007 were Telecommunication Equipment and Electrical Machinery, $83.26 million; Textile Yarn, Fabrics, Made-Up Articles and Related Products with $83.19 million worth of imports; Plastics in Primary and Non-Primary Forms, $80.89 million; and Feeding Stuff for Animals (not including unmilled cereals), $69.02 million.