Date Released: June 12, 2008
FOREIGN TRADE STATISTICS OF THE PHILIPPINES: 2007
2007 TOTAL TRADE STANDS AT $105.979 BILLION
Total external trade in goods for 2007 reached $105.979 billion, an increase of 6.9 percent from $99.184 billion in 2006. Total export receipts grew by 6.4 percent to $50.466 billion from $47.410 billion in 2006. Similarly, total imports rose by 7.2 percent to aggregate dollar expenditure of $55.514 billion from $51.774 billion in 2006. The balance of trade in goods (BOT-G) for the Philippines registered a $5.048 billion deficit in 2007, up by 15.7 percent from the previous year’s deficit of $4.364 billion.
2007 TOP 10 EXPORTS ACCOUNT 79.3 PERCENT OF EXPORT RECEIPTS
Accounting for 79.3 percent of the aggregate export revenue in 2007, receipts from the top ten exports totaled to $39.999 billion, posting a 4.3 percent growth from $38.367 billion in 2006. (see Table 2)
Electronic Products continued to be the top earner with a 61.6 percent of the total exports or an increase of 4.7 percent to $31.085 billion from $29.683 billion in 2006.
Articles of Apparel and Clothing Accessories followed with a combined share of 4.6 percent and an aggregate receipt of $2.300 billion or 13.1 percent lower than the $2.646 billion in 2006.
Cathodes and Sections of Cathodes of Refined Copper ranked third with a share of 2.6 percent, posting a year-on-year growth of 5.1 percent to $1.294 billion from $1.231 billion in 2006.
Petroleum Products, contributing 2.2 percent of the total export receipts, were the RP’s fourth top export in 2007 with sales amounting to $1.109 billion, reflecting an increase of 20.7 percent from $918.29 million in 2006.
Woodcrafts and Furniture, accounting for 2.0 percent share, ranked fifth with export receipts of $1.012 million or a growth of 9.2 percent from $926.17 million in 2006.
Rounding up the list of top ten exports for 2007 were Ignition Wiring Sets and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, worth $891.58 million, up by 13.2 percent; Coconut Oil with an export value of $733.81 million, a year-on-year growth of 26.8 percent; Other Products Manufactured from Materials Imported on Consignment Basis, $687.60 million or a decline of 13.0 percent; Metal Components with proceeds billed at $485.32 million, gained by 21.3 percent; and Bananas (Fresh), worth $400.85 million or a decrease of 1.1 percent from $405.44 million in 2006.
2007 TOP 10 IMPORTS ACCOUNT 82.0 PERCENT OF IMPORT BILL
Aggregate payment for the country’s top ten imports for 2007 reached $45.532 billion or 82.0 percent of the total import bill, registering a 7.1 percent increase from $42.533 billion in 2006. (see Table 3)
Electronic Products, accounting for 45.0 percent of the total import bill, posted an increase of 2.0 percent to $24.954 billion from $24.457 billion in 2006.
Mineral Fuels, Lubricants and Related Materials ranked second with a 17.3 percent share and posted a growth of 19.9 percent to $9.593 billion from last year’s $7.999 billion.
Transport Equipment ranked third, comprising 4.4 percent of the total imports and grew by 20.2 percent to $2.424 billion from $2.018 billion in 2006.
Industrial Machinery and Equipment, ranking fourth, recorded a share of 3.8 percent or $2.116 billion worth of imports, up by 6.6 percent from $1.984 billion a year ago.
Iron and Steel ranked fifth with a 2.2 percent share of the total imports, worth $1.221 billion, higher by 2.1 percent from $1.195 billion in 2006.
Cereals and Cereal Preparations, accounting for 2.1 percent of total imports, ranked sixth as foreign bill amounted to $1.139 billion or an annual growth of 8.6 percent from $1.048 billion in 2006.
Rounding up the list of top ten imports for 2007 were Organic and Inorganic Chemical, $1.111 billion; Textile Yarn, Fabrics, Made-up Articles and Related Products, $1.103 million; Plastics in Primary and Non-Primary Forms, $982.08 million; and Telecommunication Equipment and Electrical Machinery, $890.41 million. UNITED STATES OF AMERICA ACCOUNTS FOR 15.5 PERCENT OF RP’s TOTAL TRADE
The country’s top ten trading partners posted a total trade value of $81.887 billion or 77.3 percent of the total; comprising total export receipts of $42.407 billion or 84.0 percent of the total exports; and total import bill of $39.480 billion or 71.1 percent of the total imports.
United States of America (USA) continued to be the country’s top trading partner in 2007, cornering 15.5 percent of the country’s total trade. Exports to USA totaled to $8.594 billion while imports were valued at $7.835 billion, posting a trade surplus of $758.39 million (see Table 4) Electronic Products contributed the biggest share at $4.153 billion or 48.3 percent of the total exports to the country, followed by Articles of Apparel and Clothing Accessories at $1.782 billion or 20.7 percent share of the total exports. Majority of the imported products from USA were Electronic Products billed at $5.900 billion or 75.3 percent of the total imports and Industrial Machinery and Equipment at $288.84 million or a 3.7 percent share of the total imports. (see Tables 5 and 6)
Japan followed as the country’s second largest trading partner in 2007 with a total trade worth $14.146 billion or 13.3 percent of the total trade. Export receipts stood at $7.304 billion while payments for imports were valued at $6.842 billion, resulting to a $462.61 million trade surplus. The biggest receipt came from Electronic Products at $3.413 billion or 46.7 percent of the country’s exports to Japan. Woodcrafts and furniture followed with total receipts of $733.06 million or 10.0 percent of the total exports to the country. Imported goods purchased from Japan consisted of Electronic Products worth $3.956 billion or 57.8 percent of the total imports from the country. Industrial Machinery and Equipment was next at $591.17 million or a share of 8.6 percent of the total imports. (see Tables 5 and 6)
People’s Republic of China came third, accounting for a total trade of $9.751 billion or 9.2 percent of the total trade in 2007. Receipts from exports to this country were valued at $5.750 billion while payment for imports totaled to $4.001 billion, reflecting a trade surplus of $1.749 billion. The bulk of exports came from Electronic Products worth $4.509 billion or 78.4 percent of the total exports to the country and Cathodes and Sections of Cathodes of Refined Copper at $395.96 million or 6.9 percent share. Electronic Products and Iron and Steel were the major imports from People’s Republic of China with purchases worth $1.547 billion or 38.7 percent of the total and $336.79 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 $9.358 billion or a share of 8.8 percent to total trade. Registered export receipts were valued at $3.139 billion while import bill reached $6.219 billion, resulting to a trade deficit of $3.080 million. Electronic Products and Petroleum Products were the country’s major exports to Singapore with earnings of $2.195 billion or 69.9 percent share and $358.56 million or 11.4 percent of the total exports, respectively. Similarly, Electronic Products with import bill of $3.198 billion or 51.4 percent share, and Mineral Fuels, Lubricants and Related Materials worth $1.881 billion or 30.2 percent of the total imports were the major imports from Singapore. (see Tables 5 and 6) EUROPEAN UNION CORNERS 13.1 PERCENT OF RP’s TOTAL TRADE
Total external trade in goods with the European Union (EU) grossed $13.892 billion or 13.1 percent of the country’s total trade. Exports to EU reached $8.582 billion or 17.0 percent of the total export receipts, while imports were valued at $5.310 billion or a share of 9.6 percent, resulting to a balance of trade in goods (BOT-G) surplus of $3.273 billion. Among the EU member-countries, Netherlands was RP’s top trading partner with a total trade of $4.614 billion or 33.2 percent of EU’s total trade. Receipts from exports to Netherlands totaled to $4.150 billion while payment for imports was $464.16 million or a trade surplus of $3.685 billion (see Table 7)
Major exports to EU member-countries in 2007 were Electronic Products, $6.299 billion; Other Products Manufactured from Materials Imported on Consignment Basis, $332.61 million; Coconut Oil, $324.20 million; Articles of Apparel and Clothing Accessories, $197.26; and Tuna, $81.02 million. (see Table 8)
Meanwhile, top five imported goods from EU member-countries were Electronic Products, $2.891 billion; Transport Equipment, $520.34 million; Industrial Machinery and Equipment, $316.89 million; Medicinal and Pharmaceutical Products, $256.27; and Chemical Materials and Products n.e.s., $90.32 million. (see Table 9)
ASEAN TOTAL TRADE STANDS AT $20.907 BILLION
Total external trade in goods with ASEAN member-countries for 2007 amounted to $20.907 billion or 19.7 percent of the country’s entire trade. Exports to ASEAN member-countries were valued at $8.032 billion while imports were worth $12.875 billion, generating a trade deficit of $4.843 billion. Singapore emerged as the country’s top trading partner among the ASEAN member-countries with a total trade accounting for $9.358 billion or 44.8 percent share of the ASEAN total trade. Exports to Singapore registered earnings of $3.139 billion while imports payment was $6.219 billion, which resulted to a $3.080 billion trade deficit. (see Table 7)
Leading exports for the ASEAN member-countries were Electronic Products, $4.706 billion; Petroleum Products, $427.53 million; Cathodes and Sections of Cathodes of Refined Copper, $376.50 million; Metal Components, $152.98 million; and Fertilizers Manufactured, $40.00 million. (see Table 8)
Top imports from the ASEAN member-countries were Electronic Products, $4.925 billion; Mineral Fuels, Lubricants and Related Materials, $2.716 billion; Transport Equipment, $1.019 million; Cereals and Cereal Preparations, $608.09 million; and Industrial Machinery and Equipment, $381.57 million. (see Table 9)
APEC TOTAL TRADE TO RP REACHES $83.188 BILLION
Total external trade with APEC member-countries for 2007 amounted to $83.188 billion or 78.5 percent of the entire trade. Export receipts totaled to $40.366 billion or 80.0 percent of the total exports while import payments summed up to $42.822 billion or a 77.1 percent share of the total imports, resulting to a trade deficit of $2.456 billion. Topping the list were USA, $16.429 billion or 19.7 percent share; Japan, $14.146 or 17.0 percent share; People’s Republic of China, $9.751 billion or 11.7 percent share; and Singapore, $9.358 billion or 11.2 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 $24.513 billion or 60.7 percent share of the total APEC exports. The other top exports were Articles of Apparel and Clothing Accessories, $2.006 billion; Cathodes and Section of Cathodes of Refined Copper, $1.274 billion; Petroleum Products, $1.002 million; and Woodcrafts and Furniture, $937.03 million. (see Table 11)
Topping the list of imported goods from APEC countries were Electronic Products, $21.650 billion; Mineral Fuels, Lubricants and Related Materials, $4.339 billion; Transport Equipment, $1.828 billion; Industrial Machinery and Equipment, $1.750 billion; and Iron and Steel, $1.113 billion. (see Table 12)
TECHNICAL NOTES
The figures reported in this 2007 Annual Special Release are final and higher than the sum of the reported figures on the monthly press releases, as it includes data from the documents that arrived late for inclusion in their respective months. The commodity groupings included here are in accordance with the 2004 Philippine Standard Commodity Classification (PSCC), an integration of the ASEAN Harmonized Commodity description and Coding System (HS) issued by the World Customs Organization (WCO) and the 1993 PSCC (as amended in 1999) based on the Standard International Trade Commodity (SITC) Rev. 3 issued by the United Nations Statistical Office in 1986. 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. All transactions that pass through the Automated Export Documentation System (AEDS) are included in the compilation of export statistics. 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