Total Trade Amounts to $73.728 Billion

The country's total trade rose by 4.4 percent at $73.728 billion from $70.635 billion a year ago. Receipts from exports amounted to $36.231 billion, higher by 2.9 percent compared to previous year's $35.208 billion. Expenditure on imported goods also increased by 5.8 percent at $37.497 billion from $35.427 billion reported last year. An unfavorable balance of trade in goods (BOT-G) was recorded with a $1.265 billion deficit in 2003, compared to the previous year's deficit of only $218 million.

Top Ten Exports is 82.3 Perscent of Total Receipts

Receipts from top ten exports amounted to $29.834 billion, higher by 0.9 percent from $29.572 billion last year. It registered an 82.3 percent share to total revenue. The top ten exports were:

1. Electronic Products, representing 66.7 percent of the total revenue, amounted to $24.168 billion, lower by 0.6 percent from 2002's $24.322 billion;
2. Articles of Apparel and Clothing Accessories, worth $2.265 billion, decreased by 5.3 percent from last year's $2.391 billion;
3. Other Products Manufactured from Materials Imported on Consignment Basis, valued at $579.23 million, advanced by 32.4 percent from $437.65 million a year ago;
4. Petroleum Products, increased by 52.0 percent to $536.14 million from previous year's $352.68 million;
5. Ignition Wiring Sets and Other Wiring Sets Used in Vehicles, down by 2.4 percent, registered at $507.25 million from $519.72 million reported in 2002;
6. Coconut Oil, amounting to $504.86 million, up by 43.2 percent from $352.63 million noted last year;
7. Woodcraft and Furniture, fell by 4.5 percent, at $409.35 million from $428.45 million a year ago;
8. Bananas (Fresh), grossed $333.00 million, a 7.8 percent increment from $308.89 million in 2002;
9. Cathodes and Sections of Cathodes, of Refined Copper, worth $268.90 million, a jump of 24.6 percent from $215.80 million valued last year; and
10. Metal Components, higher by 7.9 percent to $261.55 million from previous year's $242.44 million.

Top Ten Imports Account for 78.0 Percent of Total Payments

Expenditures on top ten imports amounted to $29.243 billion, higher by 5.3 percent from previous year's $27.772 billion. This recorded a 78.0 percent share of the total imports. The top ten imports were:

1. Electronic Products, posted at $17.459 billion, inched up by 3.5 percent from $16.873 billion in 2002 with a share of 46.6 percent;
2. Mineral Fuels, Lubricants and Related Materials, increased by 15.0 percent to $3.766 billion from previous year's $3.273 billion;
3. Industrial Machinery and Equipment, up by 7.8 percent to $1.601 billion from $1.485 billion a year ago;
4. Transport Equipment, at $1.359 billion, it advanced by 10.8 percent from the 2002's $1.227 billion;
5. Iron and Steel, worth $1.062 billion, an 9.0 percent increment from last year's $975.05 million;
6. Textile Yarn, Fabrics, Made-up Articles and Related Products, down by 8.1 percent to $1.013 billion from $1.103 billion in 2002;
7. Telecommunication Equipment and Electrical Machinery, valued at $887.11 million, higher by 17.9 percent compared to previous year's $752.67 million;
8. Plastics in Primary and Non-Primary Forms, rose by 17.4 percent to $762.14 million from $649.29 million last year;
9. Organic and Inorganic Chemicals, amounted to $669.37 million from $627.74 million, a 6.6 percent increase from 2002 figure; and
10. Cereals and Cereal Preparations, decreased by 17.8 percent to $662.86 million from $806.05 million a year ago.

The country's top ten trading partners recorded a total trade of $59.396 billion or 80.6 percent share to total trade. Receipts from exports amounted to $31.125 billion or 85.9 percent of the total income while imports totaled $28.271 billion or 75.4 percent of the total expenditure.

As the country's top trading partner, United States cornered 19.9 percent of the country's total trade. Exports to the US recorded an income of $7.263 billion while imports from the US costed $7.400 billion, yielding a trade deficit of $136.94 million (see Table 4). Of the total exports to the United States, Electronic Products contributed the highest at $3.481 billion or 47.9 percent, followed by Articles of Apparel and Clothing Accessories at $1.696 billion or 23.3 percent. Majority of imported products from United States was Electronic Products billed at $5.708 billion or 77.1 percent of the total imports from US. Cereals and Cereal Preparations was next at $231.59 million or 3.1 percent (see Table 5 and 6).

The country's second largest trading partner was Japan with total trade amounting to $13.408 billion. Total exports stood at $5.768 billion while payments for imports were valued at $7.640 billion, resulting to a $1.872 billion trade deficit. The biggest receipt came from payments of Electronic Products at $3.641 billion or 63.1 percent of the country's exports to Japan. Ignition Wiring Sets and Other Wiring Sets used in Vehicles followed with total receipts of $203.40 million or 3.5 percent. Imported goods purchased consisted of Electronic Products worth $4.434 billion or 58.0 percent of the total imports from the country. Transport Equipment was next at $624.91 million or 8.2 percent (see Table 5 and 6).

Singapore's share to total trade reached $4.973 billion or 6.8 percent. Receipts from exports to Singapore was placed at $2.431 billion while payments to imports totaled $2.542 billion, showing a deficit of $110.87 million. The bulk of exports to Singapore were Electronic Products worth $2.021 billion or 83.1 percent of the total exports to that country and Petroleum Products at $142.00 million or 5.8 percent. The major imports from Singapore were Electronic Products with purchases of $1.205 billion or 47.4 percent and Mineral Fuels, Lubricants and Related Materials with expenditures of $441.84 million or 17.4 percent (see Table 5 and 6).

The total trade share of Hongkong to the country was worth $4.695 billion or 6.4 percent. Exports registered receipts of $3.094 billion while payments to imports totaled $1.601 billion, resulting to a surplus of $1.492 billion. Electronic Products was the country's major export to Hongkong with earnings of $2.677 billion or 86.5 percent. Gold was next at $70.61 million or 2.3 percent. Majority of imported items were Electronic Products which stood at $908.50 million or 56.7 percent followed by Textile Yarn, Fabrics, Made-up Articles and Related Products worth $224.63 million or 14.0 percent (see Table 5 and 6).

Total Trade with EU is Worth $8.896 Billion

This year's total trade with the European Union (EU) grossed $8.896 billion or 12.1 percent of the country's total trade. Exports to EU was valued at $5.880 billion or 16.2 percent while imports reached $3.016 billion or 8.0 percent, resulting to BOT-G surplus of $2.864 billion. Among the EU member-countries, Netherlands was RP's top trading partner with a total trade of $3.232 billion or 4.4 percent of EU's total trade. Receipts from exports to Netherlands was worth $2.922 billion while payments for imports was $309.87 million, resulting to a trade surplus of $2.612 billion (see Table 7).

The major export to EU was Electronic Products amounting to $4.315 billion or 73.4 percent. The other top exports were Articles of Apparel and Clothing Accessories ($274.51 million), Coconut Oil ($214.26 million), Other Products Manufactured from Materials Imported on Consignment Basis ($160.84 million), and Woodcraft and Furniture ($51.78 million) (see Table 8).

Among the country's imports from the EU, Electronic Products was highest at $1.326 billion or 44.0 percent. Other top imports were Industrial Machinery and Equipment ($296.96 million), Medicinal and Pharmaceutical Products ($187.75 million), Transport Equipment ($90.77 million), and Metal Products ($89.13 million) (see Table 9).

Total trade with countries of the ASEAN reached $12.980 billion or 17.6 percent of the country's total trade. Exports to ASEAN countries was worth $6.582 billion while imports accounted $6.398 billion, resulting to a surplus of BOT-G at $183.54 million. Singapore emerged as the country's top trading partner among the ASEAN countries with total trade valued at $4.973 billion or 6.8 percent of the total trade with ASEAN. Exports to Singapore recorded earnings of $2.431 billion while imports payment was $2.542 billion, resulting to a trade deficit of $110.87 million (see Table 7).

The bulk of export to the ASEAN countries was Electronic Products with receipts placed at $4.809 billion or 73.1 percent. The other top exports were Petroleum Products ($191.26 million), Metal Components ($143.05 million), Coconut Oil ($60.20 million), and Fertilizers, Manufactured ($42.97 million) (see Table 8).

Leading the imports from the ASEAN countries was Electronic Products with purchases charged at $2.254 billion. Other top imports were Mineral Fuels, Lubricants and Related Materials ($765.97 million), Transport Equipment ($296.11 million), Plastics in Primary and Non-Primary Forms ($262.47 million), and Industrial Machinery and Equipment ($232.03 million) (see Table 9).

Total Trade with APEC Reaches $60.119 Billion

The total trade with APEC member-countries stood at $60.119 billion or 81.5 percent. Export receipts added up to $29.548 billion or 81.6 percent while imports totaled $30.571 billion or 81.5 percent. The country's top trading partner among APEC member-countries was the United States with $14.663 billion worth of total trade. Exports to the US earned $7.263 billion or 24.6 percent of the total income from APEC member-countries. (see Table 10).

Electronic Products emerged as the top export to APEC member-countries with receipts of $19.560 billion or 66.2 percent. The other top exports were Articles of Apparel and Clothing Accessories ($1.923 billion), Petroleum Products ($517.66 million), Ignition Wiring Sets and other Wiring Sets used in Vehicles ($482.01 million), and Other Products Manufactured from Materials Imported on Consignment Basis ($402.73 million) (see Table 11).