Date Released: September 7, 2007
FOREIGN TRADE STATISTICS
OF THE PHILIPPINES
2006
2006 TOTAL TRADE STANDS AT $99.184 BILLION
Total external trade in goods for 2006 reached $99.184 billion, representing an 11.9 percent increase from $88.673 billion in 2005. Total export receipts grew by 14.9 percent to $47.410 billion from $41.255 billion in 2005. Similarly, total imports rose by 9.2 percent to aggregate dollar expenditure of $51.774 billion from $47.418 billion in 2005. The balance of trade in goods (BOT-G) for the Philippines registered a $4.364 billion deficit in 2006, narrower than the previous year’s deficit of $6.163 billion.
Figure 1 Philippine Trade Performance: 2005 and 2006
2006 TOP 10 EXPORTS ACCOUNT 80.9 PERCENT OF EXPORT RECEIPTS
Accounting for 80.9 percent of the aggregate export revenue in 2006, receipts from the top ten exports totaled to $38.367 billion, posting a 13.8 percent growth from $33.721 billion in 2005. (see Table 2)
Electronic Products continued to be the top earner with a 62.6 percent of the total exports or an increase of 8.7 percent to $29.683 billion from $27.299 billion in 2005.
Articles of Apparel and Clothing Accessories followed with a combined share of 5.6 percent and an aggregate receipt of $2.646 billion or 14.6 percent higher than the $2.309 billion in 2005.
Cathodes and Sections of Cathodes of Refined Copper ranked third with a share of 2.6 percent, posting a strong year-on-year growth of 240.9 percent to $1.231 billion from $361.12 million in 2005.
Woodcrafts and Furniture, accounting for 2.0 percent share, ranked fourth with export receipts of $926.17 million or a growth of 109.6 percent from $441.80 million in 2005.
Petroleum Products, contributing 1.9 percent of the total export receipts, were the RP’s fifth top export in 2006 with sales amounting to $918.29 million, reflecting an increase of 56.8 percent from $585.75 million in 2005.
Rounding up the list of top exports for 2006 were Other Products Manufactured from Materials Imported on Consignment Basis, $790.11 million or an annual growth of 36.6 percent; Ignition Wiring Sets and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, worth $787.55 million, up by 9.8 percent; Coconut Oil with an export value of $578.77 million, down by 11.9 percent; Bananas (Fresh) with proceeds billed at $405.44 million, gained by 11.8 percent; and Metal Components, worth $400.08 million or a decrease of 2.2 percent from $409.13 million in 2005.
Figure 2 Philippine Top Exports: 2006 & 2005
2006 TOP 10 IMPORTS ACCOUNT
82.2 PERCENT OF IMPORT BILL
Electronic Products, accounting for 47.2 percent of the total import bill, posted an increase of 6.9 percent to $24.457 billion from $22.882 billion in 2005.
Mineral Fuels, Lubricants and Related Materials ranked second with a 15.4 percent share and posted a growth of 27.4 percent to $7.999 billion from last year’s $6.280 billion.
Transport Equipment ranked third, comprising 3.9 percent of the total imports and grew by 19.7 percent to $2.018 billion from $1.685 billion in 2005.
Industrial Machinery and Equipment, ranking fourth, recorded a share of 3.8 percent or $1.984 billion worth of imports, up by 9.2 percent from $1.818 billion a year ago.
Iron and Steel ranked fifth with a 2.3 percent share of the total imports, worth $1.195 billion which was lower by 13.5 percent from $1.381 billion in 2005.
Textile Yarn, Fabrics, Made-up Articles and Related Products, accounting for 2.2 percent of total imports, ranked sixth as foreign bill amounted to $1.146 billion or an annual growth of 10.1 percent from $1.041 billion in 2005.
Rounding up the list for the top imports for 2006 were Cereals and Cereal Preparations, $1.048 billion; Plastics in Primary and Non-Primary Forms, $943.49 million; Organic and Inorganic Chemical, $899.48 million; and Telecommunication Equipment and Electrical Machinery, $843.10 million.
Figure 3 Philippine Top Imports: 2006 & 2005
UNITED STATES OF AMERICA ACCOUNTS FOR 17.3 PERCENT OF RP’s TOTAL
TRADE
The country’s top ten trading partners posted a total trade value of $78.355 billion or 79.0 percent of the total; comprising total export receipts of $40.594 billion or 85.6 percent of the total exports; and total import bill of $37.761 billion or 72.9 percent of the total imports.
United States of America (USA) remained the country’s top trading partner in 2006, cornering 17.3 percent of the country’s total trade. Exports to USA totaled $8.690 billion while imports were valued at $8.437 billion, posting a trade surplus of $252.57 million (see Table 4) Electronic Products contributed the biggest share at $4.130 billion or 47.5 percent of the total exports to the country, followed by Articles of Apparel and Clothing Accessories at $2.086 billion or 24.0 percent share of the total exports. Majority of the imported products from USA were Electronic Products billed at $6.448 billion or 76.4 percent of the total imports and Cereals and Cereal Preparations at $333.94 million or a 4.0 percent share of the total imports. (see Tables 5 and 6)
Japan followed as the country’s second largest trading partner in 2006 with a total trade worth $15.188 billion or 15.3 percent of the total trade. Export receipts stood at $7.918 billion while payments for imports were valued at $7.270 billion, resulting to a $647.59 million trade surplus. The biggest receipt came from Electronic Products at $4.451 billion or 56.2 percent of the country’s exports to Japan. Woodcrafts and Furniture followed with total receipts of $624.14 million or 7.9 percent of the total exports to the country. Imported goods purchased from Japan consisted of Electronic Products worth $4.120 billion or 56.7 percent of the total imports from the country. Industrial Machinery and Equipment was next at $652.10 million or a share of 9.0 percent of the total imports. (see Tables 5 and 6)
People’s Republic of China came third, accounting for an 8.3 percent of the total trade in 2006. Receipts from exports to China were valued at $4.628 billion while payment for imports totaled to $3.647 billion, reflecting a trade surplus of $980.31 million. The bulk of exports came from Electronic Products worth $3.814 billion or 82.4 percent of the total exports to the country and Cathodes and Sections of Cathodes of Refined Copper at $178.71 million or 3.9 percent share. Electronic Products and Iron and Steel were the major imports from China with purchases worth $1.586 billion or 43.5 percent of the total and $308.13 million or 8.4 percent of the total, respectively. (see Tables 5 and 6)
Singapore emerged as the fourth largest trading partner of the country with a total trade amounting to $7.884 billion or a share of 7.9 percent to total trade. Registered export receipts were valued at $3.505 billion while import bill reached $4.379 billion, resulting to a trade deficit of $873.71 million. Electronic Products and Petroleum Products were the country’s major exports to Singapore with earnings of $2.469 billion or 70.4 percent share and $406.44 million or 11.6 percent of the total exports, respectively. Similarly, Electronic Products with import bill of $2.063 billion or 47.1 percent share, and Mineral Fuels, Lubricants and Related Materials worth $1.300 billion or 29.7 percent of the total imports were the major imports from Singapore. (see Tables 5 and 6)
Figure 4 Major Trading Partners of the Philippines: 2006
EUROPEAN UNION
CORNERS 13.3 PERCENT OF RP’s TOTAL TRADE
Total external
trade in goods with the European Union (EU) grossed $13.165
billion or 13.3 percent of the country’s total trade. Exports to EU
reached $8.722 billion or 18.4 percent of the total export receipts,
while imports were valued at $4.443 billion with a share of 8.6
percent, resulting to a balance of trade in goods (BOT-G) surplus of
$4.279 billion. Among the EU member-countries,
Netherlands
was RP’s top trading partner with a total trade of $5.179 billion or
39.3 percent of EU’s total trade. Receipts from exports to
Netherlands
totaled to
$4.769 billion while payment for imports was $409.47 million or a
trade surplus of $4.360 billion (see Table 7)
Figure 5 Philippine
Trade with EU and ASEAN: 2006
ASEAN TOTAL TRADE
STANDS AT $18.411 BILLION
Total external trade in goods with ASEAN member-countries for 2006 amounted to $18.411 billion or 18.6 percent of the country’s entire trade. Exports to ASEAN member-countries were valued at $8.192 billion while imports were worth $10.218 billion, generating a trade deficit of $2.026 billion. Singapore emerged as the country’s top trading partner among the ASEAN member-countries with a total trade accounting for $7.884 billion or 42.8 percent share of the ASEAN total trade. Exports to Singapore registered earnings of $3.505 billion while imports payment was $4.379 billion, which resulted to an $873.71million trade deficit. (see Table 7)
Leading exports for the ASEAN member-countries were Electronic Products, $5.175 billion; Cathodes and Sections of Cathodes of Refined Copper, $523.27 million; Petroleum Products, $440.38 million; Metal Components, $128.18 million; and Fertilizers Manufactured, $77.64 million. (see Table 8)
Top imports from the ASEAN member-countries were Electronic Products, $3.643 billion; Mineral Fuels, Lubricants and Related Materials, $2.082 billion; Transport Equipment, $729.12 million; Cereals and Cereal Preparations, $443.75 million; and Industrial Machinery and Equipment, $326.38 million. (see Table 9)
APEC TOTAL TRADE TO RP REACHES $78.183 BILLION
Total external trade with APEC member-countries for 2006 amounted to $78.183 billion or 78.8 percent of the entire trade. Export receipts totaled to $37.577 billion or 79.3 percent of the total exports while import payments summed up to $40.606 billion or a 78.4 percent share of the total imports. Topping the list were USA, $17.126 billion or 21.9 percent share; Japan, $15.188 or 19.4 percent share; People’s Republic of China, $8.275 billion or 10.6 percent share; and Singapore, $7.884 billion or 10.1 percent share of the APEC total trade. (see Table 10)
Electronic Products were still the major export to APEC member-countries with receipts valued at $23.212 billion or 61.8 percent share of the total APEC exports. The other top exports were Articles of Apparel and Clothing Accessories, $2.310 billion; Cathodes and Section of Cathodes of Refined Copper, $1.185 billion; Petroleum Products, $872.92 million; and Woodcrafts and Furniture, $848.88 million. (see Table 11)
Figure 6 RP's
Major APEC Trading Partners: 2006
Technical Notes:
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The figures reported in this Special Release are final and higher than the reported figures on the monthly press releases, as it includes data from the documents that arrived late for inclusion in their respective months.
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The commodity groupings in this Special Release are in accordance with the amended 1993 Philippine Standard Commodity Classification (PSCC).
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All transactions that pass through the Automated Export Documentation System (AEDS) are included in the compilation of export statistics.
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Starting with 2006 series, import statistics are adjusted based on the transactions that pass through the Automated Cargo Operating System (ACOS).
Source: National Statistics Office
Manila,
Philippines
Page last revised: October 1, 2008