FIRST SEMESTER 2008 TOTAL TRADE STANDS AT $55.130 BILLION

Total external trade in goods for the first semester of 2008 reached $55.130 billion, representing a 10.0 percent increase from $50.106 billion during the first semester of 2007. This was due to the 15.8 percent growth of the total imports to $29.532 billion from $25.506 billion during the first semester of 2007. Meanwhile, total export receipts grew by 4.1 percent to $25.598 billion from $24.600 billion during the first semester of 2007. The balance of trade in goods (BOT-G) for the Philippines registered a $3.934 billion deficit in the first semester of 2008 from $906.00 million deficit in the same period last year.

2008 FIRST SEMESTER'S TOP 10 EXPORTS ACCOUNT 77.8 PERCENT

Accounting for 77.8 percent of the aggregate export revenue in the first semester of 2008, receipts from the top ten exports totaled to $19.928 billion, posting a 2.0 percent growth from $19.532 billion during the first semester in 2007. (see Table 2)

Electronic Products continued to be the top earner for the first semester of 2008 with 59.1 percent of the total exports or a decline of 2.2 percent to $15.138 billion from $15.471 billion in the first semester of 2007.

Articles of Apparel and Clothing Accessories followed with a combined share of 3.9 percent and an aggregate receipt of $991.56 million or 11.6 percent lower than the 2007 first semester's value of $1.121 billion.

Cathodes and Sections of Cathodes of Refined Copper ranked third with a share of 2.5 percent, posting a growth of 8.2 percent to $646.39 million from $597.67 million in the first semester of 2007.

Petroleum Products, accounting for 2.5 percent share, ranked fourth with export receipts of $639.97 million or 36.4 percent higher from the 2007 first semester value of $469.04 million.

Coconut Oil contributing 2.4 percent of the total export receipts was the RP's fifth top export in the first semester of 2008 with sales amounting to $618.53 million, reflecting a robust growth of 137.3 percent from $260.69 million during the first semester of 2007.

Rounding up the list of top ten exports for the first semester in 2008 were Woodcrafts and Furniture with an export value of $569.32 million, rose by 13.3 percent; Ignition Wiring Sets and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consisted only of electrical wiring harness for motor vehicles), worth $467.20 million, up by 15.2 percent; Other Products Manufactured from Materials Imported on Consignment Basis, $340.81 million, shrank by 6.3 percent; Metal Components, worth $283.95 million or an increase of 26.3 percent; and Gold (extracted from copper ores and concentrates) with proceeds billed at $232.09 million, gained by 100.6 percent from $115.68 million in the first semester of 2007.

2008 FIRST SEMESTER'S TOP 10 IMPORTS ACCOUNT 81.5 PERCENT

Aggregate payment for the country's top ten imports for the first semester of 2008 reached $24.079 billion or 81.5 percent of the total import bill, registering a significant growth of 16.2 percent from $20.724 billion during the first semester of 2007. (see Table 3)

Electronic Products, accounting for 36.9 percent of the total import bill posted a decline of 5.8 percent to $10.898 billion from $11.569 billion during the first semester of 2007.

Mineral Fuels, Lubricants and Related Materials ranked second with 21.9 percent share, rose by 60.6 percent to $6.475 billion from last year first semester's $4.031 billion.

Transport Equipment ranked third, comprising 4.5 percent of the total imports and grew by 22.1 percent to $1.333 billion from $1.092 billion during the first semester of 2007.

Cereals and Cereal Preparations, ranking fourth, recorded a share of 4.4 percent or $1.305 billion worth of imports and posted a hefty growth of 179.8 percent from $466.40 million during the first semester of 2007.

Industrial Machinery and Equipment ranked fifth with 3.7 percent share of the total imports, worth $1.091 billion which was higher by 12.0 percent from $974.45 million during the first semester of 2007.

Iron and Steel, accounting for 3.0 percent of total imports, ranked sixth as foreign bill amounted to $880.78 million, up by 42.3 percent from $618.76 million during the first semester of 2007.

Rounding up the list for the top ten imports for the first semester of 2008 were Organic and Inorganic Chemical, $634.29 million; Plastics in Primary and Non-Primary Forms, $586.14 million; Telecommunication Equipment and Electrical Machinery, $449.89 million; and Textile Yarn, Fabrics, Made-up Articles and Related Products, $425.68 million.

UNITED STATES OF AMERICA CORNERS 14.5 PERCENT OF RP's TOTAL TRADE

The country's top ten trading partners for the first semester of 2008 posted a total trade value of $41.749 billion or 75.7 percent of the total. This comprised of total export receipts of $20.435 billion or 79.8 percent of the total exports and total import bill of $21.314 billion or 72.2 percent of the total imports.

United States of America (USA) was still the country's top trading partner in the first semester of 2008, accounting for a total trade worth $7.971 billion or 14.5 percent of the country's total trade. Exports to USA totaled $4.159 billion while imports were valued at $3.812 billion, posting a trade surplus of $346.48 million. (see Table 4) Electronic Products got a large share of $1.991 billion or 47.9 percent of the total exports to the country, followed by Articles of Apparel and Clothing Accessories at $730.34 million or 17.6 percent share of the total exports. Majority of the imported products from USA were Electronic Products billed at $2.606 billion or 68.3 percent of the total imports and Cereals and Cereal Preparations at $301.72 million or 7.9 percent share of the total imports. (see Tables 5 and 6)

Japan followed as the country's second largest trading partner in the first semester of 2008 with total trade worth $7.341 billion or 13.3 percent of the total trade. Export receipts from Japan stood at $3.981 billion while payments for imports were valued at $3.360 billion, resulting to $621.72 million trade surplus. (see Table 4) The biggest receipt came from Electronic Products at $1.803 billion or 45.3 percent of the country's exports to Japan. Woodcrafts and Furniture followed with total receipts of $429.19 million or 10.8 percent of the total exports to the country. Imported goods purchased from Japan consisted of Electronic Products worth $1.839 billion or 54.7 percent of the total imports from the country. Industrial Machinery and Equipment was next at $281.61 million or a share of 8.4 percent of the total imports from the country. (see Tables 5 and 6)

People's Republic of China came third accounting for $5.117 billion or 9.3 percent of the total trade in the first semester of 2008. Receipts from exports to China were valued at $2.975 billion while payment for imports totaled to $2.143 billion, reflecting a trade surplus of $832.25 million. (see Table 4) The bulk of exports came from Electronic Products worth $2.479 billion or 83.3 percent of the total exports to the country and Cathodes and Sections of Cathodes of Refined Copper at $62.81 million or 2.1 percent share. Major imports from China were Electronic Products with purchases worth $730.06 million or 34.1 percent of the total; Iron and Steel valued at $221.13 million or 10.3 percent of the total; and Manufactured Fertilizers with payments of $153.33 million or 7.2 percent of the total. (see Tables 5 and 6)

Singapore emerged as the fourth largest trading partner of the country for the first semester of 2008 with a total trade amounting to $4.749 billion or a share of 8.6 percent to total trade. Registered export receipts were valued at $1.379 billion while import bill reached $3.370 billion, resulting to a trade deficit of $1.991 billion (see Table 4). Electronic Products and Petroleum Products were the country's major exports to Singapore with earnings of $909.11 million or 65.9 percent share and $253.83 million or 18.4 percent of the total exports, respectively. Similarly, Electronic Products with import bill of $1.597 billion or 47.4 percent share, and Mineral Fuels, Lubricants and Related Materials worth $1.141 billion or 33.9 percent share were the major imports from Singapore. (see Tables 5 and 6)

EUROPEAN UNION CORNERS 12.5 PERCENT OF RP's TOTAL TRADE

Total external trade in goods with the European Union (EU) for the first semester of 2008 grossed $6.879 billion or 12.5 percent of the country's total trade. Exports to EU reached $4.534 billion or 17.7 percent of the total export receipts, while imports were valued at $2.345 billion with a share of 7.9 percent, resulting to a balance of trade in goods (BOT-G) surplus of $2.189 billion. Among the EU member-countries, Netherlands was RP's top trading partner with a total trade of $2.160 billion or 31.4 percent of EU's total trade. Receipts from exports to Netherlands totaled to $1.925 billion while payment for imports was $234.56 million or a trade surplus of $1.691 billion (see Table 7)

ASEAN TOTAL TRADE STANDS AT $11.071 BILLION

Total external trade in goods with ASEAN member-countries for the first semester of 2008 amounted to $11.071 billion or 20.1 percent of the country’s entire trade. Exports to ASEAN member-countries were valued at $3.736 billion while imports were worth $7.335 billion, generating a trade deficit of $3.599 billion. Singapore emerged as the country’s top trading partner among the ASEAN member-countries with a total trade accounting for $4.749 billion or 42.9 percent share of the ASEAN total trade. Exports to Singapore registered a total of $1.379 billion while imports payment was $3.370 billion, which resulted to a trade deficit of $1.991 billion. (see Table 7)

Leading exports for the ASEAN member-countries for the first semester in 2008 were Electronic Products, $1.931 billion; Petroleum Products, $278.18 million; Cathodes and Sections of Cathodes of Refined Copper, $147.41 million; Metal Components, $97.87 million; and Fertilizers Manufactured, $27.93 million. (see Table 8)

Top imports from the ASEAN member-countries for the first semester in 2008 were Electronic Products, $2.278 billion; Mineral Fuels, Lubricants and Related Materials, $1.731 billion; Cereals and Cereal Preparations, $836.00 million; Transport Equipment, $572.06 million; and Plastics in Primary and Non-Primary Forms, $210.76 million. (see Table 9)

APEC TOTAL TRADE TO RP REACHES $42.624 BILLION

Total external trade with APEC member-countries for the first semester of 2008 amounted to $42.624 billion or 77.3 percent of the entire trade. Export receipts totaled to $20.263 billion or 79.2 percent of the total exports while import payments summed up to $22.362 billion or 75.7 percent share of the total imports. Topping the list were USA, $7.971 billion or 18.7 percent share; Japan, $7.341 or 17.2 percent share; People's Republic of China, $5.117 billion or 12.0 percent share; and Singapore, $4.749 billion or 11.1 percent share of the APEC total trade. (see Table 10)

Electronic Products were still the major export to APEC member-countries for the first semester of 2008 with receipts valued at $11.824 billion or 58.4 percent share of the total APEC exports. Other top exports were Articles of Apparel and Clothing Accessories, $827.90 million; Cathodes and Section of Cathodes of Refined Copper, $609.84 million; Petroleum Products, $560.38 million; and Woodcrafts and Furniture, $529.52 million. (see Table 11)

Topping the list of imported goods from APEC countries were Electronic Products, $9.680 billion; Mineral Fuels, Lubricants and Related Materials, $2.878 billion; Cereals and Cereals Preparations, $1.262 billion; Transport Equipment, $1.011 billion; and Industrial Machinery and Equipment, $846.31 million. (see Table 12)