January to February total trade stands at $12.016 billion

Total external trade in goods for January to February 2004 amounted to $12.016 billion representing an increment of 6.8 percent from $11.254 billion during the same period a year earlier. Total foreign-made merchandise also increased by 7.7 percent to $6.173 billion from $5.734 billion. Likewise, exports recorded a year-on-year growth rate of 5.8 percent to an aggregate dollar revenue of $5.843 billion from $5.521 billion a year ago. Balance of trade in goods (BOT-G) deficit for the Philippines reached $330 million, compared to last years deficit of $213 million.

Figure 1A. Philippine Trade Performance in January - February: 2003 and 2004
(F.O.B. Value in Million US Dollar)
 
 

Figure 1B. Philippine Trade Performance in February: 2003 - 2004
(F.O.B. Value in Million US Dollar)
 
 

February imports up by 6.3 percent

Total merchandise trade for February 2004 grew by 6.9 percent to $5.993 billion from $5.604 billion during the same period last year. Dollar-inflow generated by exports amounted to $2.999 billion, or 7.6 percent higher than last years $2.788 billion. On the other hand, expenditures for imported goods went up by 6.3 percent to $2.994 billion from $2.816 billion. The Balance of Trade in goods (BOT-G) surplus for the Philippines was registered at $5 million, compared to last years deficit at $28 million.

Electronic products account for 49.9 percent of import bill

Accounting for 49.9 percent of the total aggregate import bill, payments for electronic products amounted to $1.495 billion or 17.0 percent higher than last year's reported figure at $1.278 billion. Compared to the previous month's level, purchases also picked up by 5.2 percent from $1.421 billion.

Imports of mineral fuels, lubricants and related materials ranked second with 8.6 percent share. Expenditures at $256.5 million, recorded a 29.7 percent decrease over the previous level which stood at $364.68 million.

Industrial machinery and equipment, the third top import was worth $125.23 million, or a 12.6 percent advantage from $111.27 million last year.

Iron and steel accounting for 3.5 percent of the total imports, ranked fourth as foreign bill amounted to $105.65 million, lower by 1.7 percent from last year's figure at $107.5 million.

Transport equipment, contributing 2.8 percent to the total bill, was RPs fifth top import for the month with payments placed at $83.36 million or a 28.3 percent drop than last years $116.23 million.

Expenditures for plastics in primary and nonprimary forms, with a 2.6 percent share to the aggregate bill, accelerated by 36.5 percent to $77.54 million from $56.8 million in February 2003.

Rounding up the list of the top imports for February 2004 were: telecommunication equipment and electrical machinery, $73.5 million; textile yarn. fabrics, made-up articles and related products, $54.97 million; organic and inorganic chemical, $50.68 million; and cereals and cereal preparation, $41.98 million.

Aggregate payment for the countrys top ten imports for February 2004 amounted to $2.364 billion or 79.0 percent of the total bill.

Figure 2. Philippine Top Imports in February 2004
(F.O.B. Value in Million US Dollar)
 

Capital goods account for 41.4 percent of the total import bill

Capital goods comprising 41.4 percent of the aggregate bill grew by 7.5 percent year-on-year to $1.238 billion from $1.152 billion. The biggest share went to telecommunication equipment and electrical machinery with a 23.6 percent share of the total and valued at $707.72 million.

Payments for raw materials and intermediate goods consisting of unprocessed raw materials and semiprocessed raw materials accounted for 39.0 percent of the aggregate bill, as importation climbed by 11.8 percent to $1.166 billion from last years reported figure of $1.043 billion.

Expenditures for mineral fuels, lubricants and related materials dropped by 29.7 percent to $256.50 million from $364.68 million during the same period of 2003.

Purchases of consumer goods valued at $213.59 million moved up by as much as 34.4 percent from $158.87 million in February 2003, while special transactions increased by 22.3 percent to $119.71 million from $97.89 million.

Figure 3. Philippine Imports by Major Type of Goods in February: 2004
 

Japan corners 20.5 percent of february import bill

Imports from Japan accounting for 20.5 percent of the total import bill, went up by 4.1 percent to $614.15 million from $590.02 million during the same period a year earlier. Likewise, exports to Japan, amounted to $523.20 million yielding a two-way trade value of $1.137 billion and a trade deficit for RP placed at $90.95 million.

United States, the countrys second biggest source of imports with an 18.5 percent share, reported shipments valued at $553.45 million against exports amounting to $517.01 million. Total trade amounted to $1.070 billion, with a trade deficit for the Philippines at $36.45 million.

Singapore, followed as RPs third biggest source of imports. With payments worth $246.85 million, imports went up by 28.7 percent from $191.79 million, while revenue from Rs exports reached $203.87 million resulting to a total trade value of $450.73 million and a $42.98 million deficit for Philippines.

Other major sources of imports for the month of February were: Taiwan, $210.67 million; Republic of Korea, $198.71 million; Peoples Republic of China, $145.91 million; Hong Kong, $122.34 million; Malaysia, $121.24 million; Thailand , $115.65 million; and Germany, $74.73 million.

Payments for imports from the top ten sources for the month amounted to $2.404 billion or 80.3 percent of the total.

Figure 4. Philippine Imports by Country in February: 2004
 

As of press time 75 out of 59,933 export documents and 83 out of 71,243 import documents are still expected from the ports.

Source:   National Statistics Office
                  Manila, Philippines