January to December total trade stands at $73.198 billion
Total external trade in goods for January to December 2003 amounted to $73.198 billion representing an increment of 3.6 percent from $70.635 billion during the same period a year earlier. Total foreign-made merchandise also went up by 5.7 percent to $37.448 billion from $35.427 billion. Likewise, exports recorded a minimal year-on-year growth rate of 1.5 percent to an aggregate dollar revenue of $35.751 billion from $35.208 billion a year ago (excludes adjustments to exports from January to October 2003 using the AEDS system). Balance of trade in goods (BOT-G) deficit for the Philippines reached $1.697 billion, an improvement from last year’s deficit of $218 million.
Figure 1A. Philippine Trade Performance in January December: 2002 and 2003
(F.O.B. Value in Million US Dollar)
Figure 1B. Philippine Trade Performance: December 2002 and 2003
(F.O.B. Value in Million US Dollar)
December imports up by 14.8 percent
Total merchandise trade for December 2003 grew by 11.8 percent to $6.243 billion from $5.587 billion during the same period last year. Dollar-inflow generated by exports amounted to $3.176 billion, or 9.0 percent higher than last year’s $2.914 billion. On the other hand, expenditures for imported goods went up by 14.8 percent to $3.068 billion from $2.673 billion. The balance of trade in goods (BOT-G) surplus for the Philippines was registered at $108 million, compared to last year’s figure at $241 million.
Electronic products account for 48.8 percent of import bill
Accounting for 48.8 percent of the total aggregate import bill, payments for electronic products amounted to $1.497 billion or 24.7 percent higher than last year's $1.201 billion. Compared to the previous month, purchases dropped by 6.7 percent from $1.604 billion.
Imports of mineral fuels, lubricants and related materials ranked second with 9.3 percent share. Expenditures at $285.05 million, registered a 23.4 percent increase over the previous level which stood at $230.89 million.
Industrial machinery and equipment, the third top import was worth $149.71 million, or a 38.0 percent increase from $108.48 million last year.
Iron and steel accounting for 3.1 percent of the total imports, ranked fourth as foreign bill amounted to $94.57 million, an increment of 20.5 percent from last year's $78.46 million.
Transport equipment, contributing 2.9 percent to the total bill, was RPs fifth top import for the month with payments placed at $89.24 million or 32.4 percent lower than last year’s $132.06 million.
Expenditures for textile yarn. fabrics, made-up articles and related products, with a 2.5 percent share to the aggregate bill, fell by 9.0 percent to $75.33 million from $82.77 million in December 2002.
Rounding up the list of the top imports for December 2003 were: telecommunication equipment and electrical machinery, $66.08 million; plastics in primary and nonprimary forms, $52.73 million; feeding stuff for animals (not including unmilled cereals), $44.34 million; and cereals and cereal preparation, $42.56 million.
Aggregate payment for the countrys top ten imports for December 2003 amounted to $2.396 billion or 78.1 percent of the total bill.
Figure 2. Philippine Top Imports: December 2002 and 2003
(F.O.B. Value in Million US Dollar)
Capital goods account for 40.8 percent of the total import bill
Capital goods comprising 40.8 percent of the aggregate bill went up by 13.6 percent year-on-year to $1.253 billion from $1.103 billion. The biggest share went to telecommunication equipment and electrical machinery with a 22.2 percent share of the total and valued at $681.83 million.
Payments for raw materials and intermediate goods consisting of unprocessed raw materials and semiprocessed raw materials accounted for 39.1 percent of the aggregate bill, as importation rose by 14.8 percent to $1.198 billion from last years reported figure of $1.044 billion.
Expenditures for mineral fuels, lubricants and related materials accelerated by 23.4 percent to $285.05 million from $230.89 million during the same period of 2002.
Purchases of consumer goods valued at $198.21 million declined by 3.3 percent from $205.02 million in December 2002, while special transactions grew by 47.9 percent to $133.45 million from $90.23 million.
Figure 3. Philippine Imports by Major Type of Goods: December 2002 and 2003
Japan corners 21.5 percent of december import bill
Imports from Japan accounting for 21.5 percent of the total import bill, increased by 16.0 percent to $658.49 million from $567.51 million during the same period a year ago. Similarly, exports to Japan, amounted to $532.84 million yielding a two-way trade value of $1.191 billion and a trade deficit for RP placed at $125.66 million.
United States, the countrys second biggest source of imports with an 18.2 percent share, reported shipments valued at $557.41 million against exports amounting to $615.27 million. Total trade amounted to $1.173 billion, with a trade surplus for the Philippines placed at $57.87 million.
Singapore, followed as RPs third biggest source of imports. With payments worth $232.6 million, imports from Singapore increased by 30.1 percent from $178.72 million, while revenue from RPs exports reached $228.07 million resulting to a total trade value of $460.66 million and a $4.53 million deficit for RP.
Other major sources of imports for the month of December were: Republic of Korea, $207.49 million; Peoples Republic of China, $179.82 million; Taiwan, $178.91 million;Hong Kong, $125.16 million; Saudi Arabia, $113.25 million; Malaysia, $109.68 million; and Thailand, $98.95 million.
Payments for imports from the top ten sources for the month amounted to $2.462 billion or 80.2 percent of the total.
Figure 4. Philippine Imports by Country: December 2003
As of press time 73 out of 63,782 export documents and 59 out of 70,579 import documents are still expected from the ports.
Source: National Statistics Office
Manila, Philippines
