2005 Total Trade Amounts to $88.67 Billion

Total trade of the country increased by 5.9 percent at $88.67 billion from $83.72 billion a year ago. Exports receipts amounted to $41.26 billion, a 4.0 percent increment compared to the last year's level of $39.68 billion. Expenditures on imported goods rose by 7.7 percent at $47.42 billion from $44.04 billion reported a year earlier. The current year's $6.16 billion deficit was higher compared to the previous year's deficit of $4.36 billion.

Top 10 Exports is 81.7 Percent of Total Receipts

Receipts from top 10 exports amounted to $33.72 billion, posting an 81.7 percent share of the total revenue. It registered a 3.3 percent growth from $32.66 billion last year. The top 10 exports were:

1. Electronic Products, contributing 66.2 percent of the total income, amounted to $27.30 billion, a 2.1 percent increment from previous year's $26.73 billion;
2. Articles of Apparel and Clothing Accessories, valued at $2.31 billion, increased by 6.3 percent compared to that of last year's $2.17 billion;
3. Ignition Wiring Sets and Other Wiring Sets Used in Vehicles, Aircrafts and Ships worth $717.46 million, dropped by 4.0 percent from $746.99 million a year earlier;
4. Coconut Oil, , went up by 13.7 percent to $657.22 million from last year's $577.79 million;
5. Petroleum Products, grossed $585.75 million, advanced by 54.0 percent from $380.44 million a year ago;
6. Other Products Manufactured from Materials Imported on Consignment Basis, grew by 3.4 percent, registered at $578.32 million from $559.17 million in 2004;
7. Woodcrafts and Furniture, amounting to $441.80 million, higher by 6.0 percent from $416.80 million noted in the previous year;
8. Metal Components, worth $409.13 million, jumped by 20.0 percent from $340.89 million valued a year earlier;
9. Bananas (Fresh), gained 11.1 percent to $362.58 million from previous year's $326.42 million; and
10. Cathodes and Sections of Cathodes, decreased by 12.2 percent, at $361.12 million from $411.35 million a year ago.

Top 10 Imports Account for 81.3 Percent of Total Payments

Expenditures on top ten imports amounted to $38.56 billion, 9.3 percent higher from last year's $35.28 billion. The bill had 81.3 percent share of the total imports for the year 2005. The top ten imports were:

1. Electronic Products, posted at $22.88 billion, increased by 2.9 percent from $22.24 billion a year earlier with a share of 48.3 percent;
2. Mineral Fuels, Lubricants and Related Materials, advanced by 33.2 percent to $6.28 billion from last year's $4.71 billion;
3. Industrial Machinery and Equipment, grew by 5.6 percent to $1.82 billion from $1.72 billion in the previous year;
4. Transport Equipment, at $1.69 billion, went up by 36.1 percent from the $1.24 billion a year ago;
5. Iron and Steel, worth $1.38 billion, higher by 13.3 percent from $1.22 billion in 2004;
6. Textile Yarn, Fabrics, Made-up Articles and Related Products, rose by 6.4 percent to $1.04 billion from $978.33 million a year earlier;
7. Cereals and Cereal Preparations,, a 39.3 percent jump to $918.53 million from $659.19 million in the previous year;
8. Telecommunication Equipment and Electrical Machinery, valued at $873.73 million, declined by 3.3 percent compared to last year's $903.68 million;
9. Plastics in Primary and Non-Primary Forms, down by 2.4 percent to $857.34 million from $877.99 million in 2004; and
10. Organic and Inorganic Chemicals, amounted to $824.23 million from $724.41 million, a 13.8 percent increment from previous year's figure.

The country's top 10 trading partners posted a total trade value of $71.10 billion, an 80.2 percent of the total trade. Exports receipts amounted to $35.69 billion or 86.5 percent of the total income while imports registered $35.41 billion or 74.7 percent of the total expenditures.

As the country's top trading partner in 2005, USA cornered 18.6 percent of the country's total trade. Exports to USA recorded an income of $7.42 billion while imports from USA was posted at $9.10 billion, yielding a trade deficit of $1.68 billion (see Table 4). Of the total exports to USA, Electronic Products contributed the biggest share at $3.36 billion or 45.3 percent of the total exports to the country, followed by Articles of Apparel and Clothing Accessories at $1.79 billion with a share of 24.1 percent. Majority of imported products from USA were Electronic Products billed at $7.26 billion or 79.8 percent of the total imports from the country, followed by Cereals and Cereal Preparations at $264.57 million with a share of 2.9 percent (see Tables 5 and 6).

Japan was the country's second largest trading partner with total trade worth $15.28 billion. Exports receipts stood at $7.21 billion while payment for imports were valued at $8.07 billion, resulting to a $865.01 million trade deficit. The biggest receipt came from payments of Electronic Products at $4.846 billion or 67.2 percent of the country's exports to Japan. Ignition Wiring Sets and Other Wiring Sets Used in Vehicles, Aircrafts and Ships followed with total receipts of $283.98 million or 3.9 percent of total exports to the country. Imported goods purchased consisted of Electronic Products worth $4.98 billion or 61.7 percent of the total imports from the country. Industrial Machinery and Equipment was next at $676.36 million with a share of 8.4 percent (see Tables 5 and 6).

The total trade with China reached $7.05 billion or 8.0 percent of the total trade for the year. Receipts from exports to China were placed at $4.08 billion while payment for imports totaled $2.97 billion, presenting a trade surplus of $1.10 billion. The bulk of exports were Electronic Products worth $3.50 billion or 85.9 percent of the total exports to the country and Cathodes and Sections of Cathodes, of Refined Copper at $121.21 million or 3.0 percent. The major imports were Electronic Products with purchases worth $1.27 billion or 42.7 percent of the total bill from China and Iron and Steel with expenditures at $218.16 million or 7.3 percent of the total imports (see Tables 5 and 6).

Total trade with Singapore amounted to $6.43 billion or a share of 7.3 percent to total trade. Exports registered receipts at $2.71 billion while payments for imports reached $3.73 billion, resulting to a deficit of $1.02 billion. Electronic Products was the country's major export to Singapore with earnings of $2.14 billion or 79.2 percent share of the total exports to the country. Petroleum Products was next at $181.00 million or 6.7 percent of the total exports. Majority of imported items were Electronic Products which stood at $1.71 billion with a 45.9 percent share, followed by Mineral Fuels, Lubricants and Related Materials worth $929.50 million or 24.9 percent of the total imports from Singapore (see Tables 5 and 6).

Total Trade with European Union is Worth $10.73 Billion

Total trade with the European Union (EU) grossed $10.73 billion or 12.1 percent of the country's total trade. Exports to EU was worth $7.00 billion or 17.0 percent of the total receipts, while imports was valued at $3.73 billion with a share of 7.9 percent, resulting to a Balance of Trade in Goods (BOT-G) surplus of $3.27 billion. Among the EU member-countries, Netherlands was RP's top trading partner with a total trade of $4.44 billion or 5.0 percent of EU's total trade. Receipt from exports to Netherlands was worth $4.03 billion while payment for imports was $407.38 million, resulting to a trade surplus of $3.62 billion (see Table 7).

Products, $207.13 million; and Telecommunication Equipment and Electrical Machinery, $92.55 million (see Table 9).

Total Trade with ASEAN Stands at $16.02 Billion

Total trade with APEC member-countries amounted to $71.74 billion or 80.9 percent of the entire trade. Receipts summed up to $33.40 billion or 81.0 percent of the total exports while expenditures added up to $38.34 billion with a share of 80.9 percent of the total imports. Among APEC member-countries, USA was the country's top trading partner with $16.51 billion worth of total trade. Exports to US earned $7.42 billion or 18.0 percent of the total income from APEC member-countries (see Table 10).

Electronic Products appeared as the major export to APEC member-countries with receipts valued at $21.95 billion with a 65.7 percent share. The other top exports were Articles of Apparel and Clothing Accessories, $2.01 billion; Ignition Wiring Sets and other Wiring Sets used in Vehicles, Aircrafts and Ships, $697.50 million; Petroleum Products, $525.40 million; and Other Products Manufactured from Materials Imported on Consignment Basis, $423.26 million (see Table 11).