Total Trade at $38.669 Billion

The total trade for the first semester of the year 2004 amounted to $38.669 billion, an 8.5 percent increase from last year first semester’s $35.639 billion. Aggregate receipts from merchandise exports was posted at $18.734 billion or 9.8 percent higher than the first semester of previous year’s $17.068 billion. Imports, on the other hand, increased by 7.3 percent to $19.935 billion from 2003 first semester’s $18.571 billion. Balance of trade in goods (BOT-G) recorded a shortfall of $1.201 billion, an improvement from $1.502 billion deficit during the same period last year.

Receipts from Top 10 Exports Reach $15.271 Billion

Valued at $15.271 billion, the first semester of the current year’s receipts from the top 10 merchandise exports rose by 7.7 percent from the past year’s value of $14.180 billion. The top 10 exports accounted for 81.5 percent of the total revenue and these were:

1. Electronic Products, amounted to $12.554 billion, a 9.8 percent rise from previous year first semester’s value of $11.439 billion representing 67.0 percent of the total revenue for the period;
2. Articles of Apparel and Clothing Accessories, with earnings of $1.039 billion or 7.4 percent lower than 2003’s $1.122 billion;
3. Other Products Manufactured from Materials Imported on Consignment Basis, worth $284.59 million, up by 12.9 percent from $252.14 million;
4. Ignition Wiring Sets and Other Wiring Sets Used in Vehicles, climbed by 19.6 percent to $283.98 million from $237.40 million;
5. Coconut Oil, went up by 17.8 percent to $277.60 million from $235.62 million in 2003;
6. Woodcraft and Furniture, grossed $196.01 million, 6.5 percent lower than the previous year’s reported value of $209.71 million;
7. Cathodes and Sections of Cathodes, netted $186.46 million, a 42.7 percent increase from previous year’s value of $130.63.
8. Bananas (Fresh), worth $162.60 million, a gain of 0.4 percent from last year’s $162.03 million;
9. Metal Components, with reported receipts of $143.56 million or 21.5 percent higher than the previous year’s value of $118.12 million; and,
10. Petroleum Products, registered at $143.35 million, it dropped by 47.4 percent from $272.72 million last year.

Top 10 Imports Account for 77.2 Percent of Total Import Bill

Expenditures for the country’s top 10 imports accounted for 77.2 percent of the total imports. It recorded a growth of 5.7 percent to $15.396 billion from $14.563 billion last year. Top imports were:

1. Electronic Products, increased by 6.3 percent to $8.945 billion from $8.414 billion and a share of 44.9 percent of the total import bill;
2. Mineral Fuels, Lubricants and Related Materials, valued at $2.254 billion or 11.3 percent higher than the year-ago mark of $2.010 billion;
3. Industrial Machinery and Equipment, worth $895.73 million, 18.3 percent higher than 2003’s $756.97 million;
4. Transport Equipment, payments went down by 19.5 percent to $587.61 million from $729.75 million;
5. Iron and Steel, increased by 12.8 percent to $663.14 million compared to previous year’s $588.12 million;
6. Textile Yarn, Fabrics, Made-up Articles and Related Products, bills were 13.2 percent lower at $484.85 million from a year-ago value of $558.31 million;
7. Telecommunication Equipment and Electrical Machinery, posted a 6.9 percent increment to $447.08 million from previous year’s $418.36 million;
8. Plastics in Primary and Non-Primary Forms, worth $445.20 million, up by 17.5 percent from $379.00 million;
9. Organic and Inorganic Chemicals, registered a 9.8 percent decrease in value of purchases to $332.04 million from $367.98 million; and,
10. Cereals and Cereal Preparations, priced at $342.10 million.

Japan advanced as the country’s top trading partner in first semester of 2004 with an 18.6 percent share (see Table 4). Two-way trade between Japan and the Philippines amounted to $7.205 billion. Exports to Japan reached $3.532 billion while imports from Japan was recorded at $3.673 billion, yielding a BOT-G deficit of $140.05 million for the Philippines.

Electronic Products boosted up as the RP’s biggest export to this country. Valued at $2.393 billion or 67.7 percent of the country’s total exports to Japan. This was followed by Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consist only of electrical wiring harness for motor vehicles) with a share of 3.3 percent at $115.52 million.

Top imports from Japan, on the other hand, included Electronic Products ($2.185 billion or 59.5 percent of the total imports from Japan) and Industrial Machinery and Equipment ($264.44 million or 7.2 %).

RP’s second biggest trading partner was United States (US) with total trade worth $6.633 billion or 17.2 percent of the total. Exports earned $3.220 billion while payments for American goods stood at $3.412 billion yielding a $192.01 million trade deficit for RP.

Receipts from Electronic Products, accounting for 43.3 percent of RP’s exports to United States, amounted to $1.394 billion while Articles of Apparel and Clothing Accessories reached $775.06 million.

The bulk of imported goods bought from US consisted of Electronic Products with expenditure placed at $2.483 billion (72.8 %) and Industrial Machinery and Equipment, $140.80 million (4.1 %).

Two-way trade with Singapore amounting to $2.858 billion consisted of exports worth $1.327 billion and imports at $1.531 billion yielding a BOT-G deficit of $204.00 million for the Philippines. RP’s top exports to Singapore consisted mainly of Electronic Products with an aggregate receipt of $1.143 billion and Coconut Oil, $15.52 million. Main imports from Singapore consisted of Electronic Products valued at $722.66 million and Mineral Fuels, Lubricants and Related Materials billed at $317.03 million.

Total trade with Taiwan amounted to $2.600 billion or 6.7 percent of the total. Exports to Taiwan netted $1.250 billion while imports reached $1.350 billion. Top exports to Taiwan were Electronic Products and Cathodes & Sections of Cathodes, of Refined Copper with incomes of $1.021 billion and $56.11 million, respectively. Major imports from Taiwan, on the other hand, consisted of Electronic Products valued at $609.66 million and Mineral Fuels, Lubricants and Related Material, priced at $250.55 million.

Total trade with the country’s top 10 trading partners figured at $31.041 billion or 80.3 percent of the total. Value of exports grossed $16.181 billion, while imports payment was pegged at $14.860 billion with a surplus in BOT-G recorded at 1.321 million (see Table 4).

RP-EU Merchandise Trade Reaches $5.044 Billion

Trade transactions with the European Union (EU) in first semester of 2004 totaled to $5.044 billion, or 13.0 percent of RP’s world trade. Exports to EU reached $3.374 billion or 18.0 percent while bill for imports stood at $1.669 billion (8.4 %) for a BOT-G surplus for RP in the amount of $1.705 billion (see Table 7).

Electronic Products topped the exported items to EU amounting to $2.579 billion (76.4 %). Other top exports were: Articles of Apparel and Clothing Accessories, $132.44 million or 3.9 percent; Coconut Oil, $106.30 million or 3.2 percent; Other Products Manufactured from Materials Imported on Consignment Basis, valued at $65.54 million or 1.9 percent; and, Woodcraft and Furniture, worth $28.39 million or 0.8 percent (refer to Table 8).

On the same way, Electronic Products had the biggest share among the major Philippine imports from the EU at $783.80 million (47.0 %). Other top imports were Industrial Machinery and Equipment with payments valued at $136.45 million or 8.2 percent; Medicinal & Pharmaceutical Products, $94.67 million or 5.7 percent; Transport Equipment, $71.64 million or 4.3 percent; and Telecommunication Equipment and Electrical Machinery billed at $55.65 million or 3.3 percent (see Table 9 for details).

Netherlands remained as the top RP trading partner among EU member-countries, accounting for $2.020 billion or 5.2 percent of EU’s total trade. Exports to Netherlands amounted to $1.832 billion while import bill was $187.48 million resulting in a BOT-G surplus of $1.645 billion (refer to Figure 3 and Table 7).

Germany posted a total trade value of $1.332 billion, representing 3.4 percent share of the total trade with EU. Other leading EU nations were United Kingdom of Great Britain, $508.17 million; France, $268.72 million; and Belgium, $216.22 million (refer to Figure 3 and Table 7).

RP’s total trade with its ASEAN neighbors reached $6.977 billion or 18.0 percent of the country’s total world trade. Exports to ASEAN countries amounting to $3.199 billion was lower than the $3.778 billion import bill, registering a $579.57 million trade shortfall.

RP’s top exports to the ASEAN markets were Electronic Products with income reaching $2.290 billion during first semester of 2004. Other Philippine products that fared well in these markets were: Metal Components, worth $77.64 million; Coconut Oil, $50.05 million; Fertilizers, Manufactured, $26.82 million; and Petroleum Products, $25.14 million.

Among the imports, the Philippines’ biggest expenditures for ASEAN goods went to Electronic Products charged at $1.282 billion as well as to Mineral Fuels, Lubricants and Related Materials, $538.03 million. Other top import bills were for: Transport Equipment, $164.17 million; Plastics in Primary and None-Primary Forms, $153.73 million; and, Industrial Machinery and Equipment, $146.46 million.