Accounting for 31.4 percent of the aggregate import bill, payments for Electronic Products (including consigned and direct importation using the expanded coverage of electronic products) in January 2010 amounted to $1.337 billion. It went up by 2.2 percent over last year's figure of $1.308 billion.  On a monthly basis, it grew by 8.6 percent from $1.231 billion recorded in December 2009. Among the major groups of electronic products, Components/Devices (Semiconductors) having the biggest share of 23.0 percent, decelerated by 6.5 percent from $1.049 billion to $980.81 million.

Imports of Mineral Fuels, Lubricants and Related Materials in January 2010 ranked second with 19.4 percent share and posted a positive growth of 96.2 percent to $827.92 million over the previous year’s level of $421.93 million.

Transport Equipment, was the RP’s third top import for the month with 8.9 percent share to total imports valued at $380.22 million. The report was up by 91.7 percent from previous year level of $198.34 million.   

Cereals and Cereals Preparation, contributing 4.2 percent to the total import bill, was the RP’s fourth top import for the month with payments placed at $180.69 million from last year’s $80.72 million. It accelerated by 123.9 percent, the highest increase among the top ten imports. 

Fifth in rank and with 4.1 percent share to the total imports, Industrial Machinery and Equipment recorded $174.51 million worth of imports, higher by 5.6 percent from its year ago level of $165.33 million.

Organic and Inorganic Chemicals ranked sixth, comprising 2.4 percent of the total imports registered $101.61 million worth of imports, rose by 25.6 percent from its year ago level of $80.92 million.

Rounding up the list of the top ten imports for January 2010 were Plastics in Primary and Non-Primary Forms accounting for $86.54 million;  Iron and Steel amounting to $83.57 million; Telecommunication Equipment and Electrical Machinery, $76.25 million; and Metalliferous Ores and Metal Scrap, $70.80 million.

Accounting for 34.0 percent of the total imports, payments in January 2010 for Raw Materials and Intermediate Goods amounted to $1.448 billion or 8.4 percent decline over last year's figure of $1.582 billion.  Compared to the previous month’s level, purchases went up by 6.0 percent from $1.367 billion. Semi-Processed Raw Materials had the biggest share of 30.5 percent and valued at $1.299 billion.

Capital Goods, which comprised 32.5 percent of the total imports, went up by 51.4 percent year-on-year to $1.383 billion from $913.89 million.

Mineral Fuels, Lubricants and Related Materials with 19.4 percent share, increased by 96.2 percent to $827.92 million from $421.94 million in January 2009.

Purchases of Consumer Goods amounted to $545.30 million or an increase of 70.6 percent from $319.57 million in January 2009, while Special Transactions went up by 71.9 percent to $56.72 million from $33.00 million in January 2009.  

IMPORTS FROM THE UNITED STATES OF AMERICA ACCOUNTS FOR 13.4 PERCENT

People’s Republic of China settled fourth; accounting for 8.6 percent share of the total import bill in January 2010 or an increase of 3.3 percent to $365.98 million from $354.35 million during the same month in 2009.  Exports to People’s Republic of China amounted to $296.69 million resulting to a total trade value of $662.66 million and a trade deficit of $69.29 million.

Fifth in rank is Taiwan, representing 7.3 percent of the total import bill in January 2010, amounted to $309.59 million. Meanwhile, export receipts from Taiwan in January 2010 reached $100.86 million yielding a total trade value of $410.45 million and a trade deficit of $208.73 million.

Other major sources of imports for the month of January 2010 were Republic of Korea, $294.53 million; Malaysia (including Sabah and Sarawak) $256.12 million; Thailand, $238.01 million; Saudi Arabia, $156.17 million; and Indonesia $149.65 million.

Payments for imports from the top ten sources for January 2010 amounted to $3.373 billion or 79.1 percent of the total.

Figure 4  Philippine Imports by Country: January 2010
 

IMPORTS FROM EASTERN ASIA WORTH $1.600 BILLION

Philippines total imports in January 2010 with Eastern Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 37.6 percent of the county’s total imports with total payments of $1.600 billion or a positive annual growth of 24.2 percent  from January 2009 level of $1.288 billion.  Total exports to member-countries of Eastern Asia was valued at $1.404 billion, resulting to a total trade of $3.004 billion and a balance of trade in goods (BOT-G) deficit of $196.62 million.

Imports from ASEAN member-countries in January 2010 ($1.314 billion) contributed   30.8 percent share, higher by 74.0 percent from $755.09 million registered in January 2009. Exports to ASEAN member-countries worth $651.95 million resulted to a total trade of $1.966 billion and a trade deficit of $661.66 million.

January 2010 imports from European Union were valued at $277.90 million while exports to member-countries of European Union were worth $715.46 million.  This aggregated to total trade of $993.35 million and a trade surplus of $437.56 million.

Figure 5  Philippine Imports by Selected Economic Bloc: January  2009 and 2010
(F.O.B. Value in Million US Dollars)

Technical Notes:

1. Adjustments on electronic 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 the 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.