January total trade stands at $6.024 billion
Total external trade in goods for January 2004 amounted to $6.024 billion representing an increase of 6.6 percent from $5.651 billion during the same period last year. Total foreign-made merchandise also moved up by 9.0 percent to $3.180 billion from $2.918 billion. On the other hand, exports recorded a year-on-year growth rate of 4.1 percent to an aggregate dollar revenue of $2.844 billion from $2.733 billion a year ago. Balance of trade in goods (BOT-G) deficit for the Philippines reached $336 million, compared to last years $185 million.
Figure 1A. Philippine Trade Performance in January :2004
(F.O.B. Value in Million US Dollar)
January imports up by 9.0 percent
Compared to last month, total merchandise trade for January 2004 was down by 3.6 percent to $6.024 billion from $6.248 billion in December 2003. Dollar-inflow generated by exports amounted to $2.844 billion, or 10.4 percent lower than last months $3.176 billion, while expenditures for imported goods rose by 3.5 percent to $3.180 billion from $3.072 billion.
Electronic products account for 44.5 percent of import bill
Accounting for 44.5 percent of the total aggregate import bill, payments for electronic products amounted to $1.416 billion or 11.9 percent higher than last year's $1.266 billion. Compared to the previous month, purchases fell by 5.6 percent from $1.501 billion.
Imports of mineral fuels, lubricants and related materials ranked second with 11.8 percent share. Expenditures at $375.99 million, recorded a 14.2 percent increment over the previous level which stood at $329.22 million.
Industrial machinery and equipment, the third top import was worth $145.36 million, or a 25.5 percent increase from $115.82 million last year.
Iron and steel accounting for 3.5 percent of the total imports, ranked fourth as foreign bill amounted to $111.36 million, higher by 25.3 percent from last year's reported figure at $88.84 million.
Transport equipment, contributing 3.2 percent to the total bill, was RPs fifth top import for the month with payments placed at $103.38 million or 14.8 percent lower than last years $121.33 million.
Expenditures for textile yarn. fabrics, made-up articles and related products, with a 2.2 percent share to the aggregate bill, dropped by 23.0 percent to $69.69 million from $90.46 million in January 2003.
Rounding up the list of the top imports for January 2004 were: telecommunication equipment and electrical machinery, $68.60 million; plastics in primary and non-primary forms, $65.55 million; cereals and cereal preparation , $59.05 million; and organic and inorganic chemical, $53.21 million.
Aggregate payment for the countrys top ten imports for January 2004 amounted to $2.469 billion or 77.6 percent of the total bill.
Figure 2. Philippine Top Imports in January 2004
(F.O.B. Value in Million US Dollar)
Raw materials and intermediate goods account for 39.0 percent of the total import bill
Payments for raw materials and intermediate goods consisting of unprocessed raw materials and semi-processed raw materials accounted for 39.0 percent of the aggregate bill, as importation went up by 3.1 percent to $1.239 billion from last years reported figure of $1.202 billion.
Capital goods comprising 37.7 percent of the aggregate bill accelerated by 11.6 percent year-on-year to $1.2 billion from $1.075 billion. The biggest share went to telecommunication equipment and electrical machinery with a 21.1 percent share of the total and valued at $670.06 million.
Expenditures for mineral fuels, lubricants and related materials climbed by 14.2 percent to $375.99 million from $329.22 million during the same period of 2003.
Purchases of consumer goods valued at $229.10 million edged up by 4.5 percent from $219.33 million in January 2003, while special transactions moved up by 47.5 percent to $135.69 million from $92.01 million.
Figure 3. Philippine Imports by Major Type of Goods in January: 2004
Japan corners 18.1 percent of january import bill
Imports from Japan accounting for 18.1 percent of the total import bill, went up by 12.3 percent to $576.04 million from $512.98 million during the same period a year earlier. Similarly, exports to Japan, amounted to $499.86 million yielding a two-way trade value of $1.076 billion and a trade deficit for RP placed at $76.19 million.
United States, the countrys second biggest source of imports with a 17.6 percent share, reported shipments valued at $559.15 million against exports amounting to $485.05 million. Total trade amounted to $1.044 billion, with a trade deficit for the Philippines at $74.10 million.
Singapore, followed as RPs third biggest source of imports. With payments worth $241.13 million, increased by 29.4 percent from $186.35 million, while revenue from RPs exports reached $202.08 million resulting to a total trade value of $443.21 million and a $39.05 million deficit for RP.
Other major sources of imports for the month of January were: Republic of Korea, $219.02 million; Taiwan, $168.09 million; Peoples Republic of China, $166.15 million; Malaysia, $160.32 million; Hong Kong, $139.91 million; Saudi Arabia , $137.02 million; and Thailand, $113.24 million.
Payments for imports from the top ten sources for the month amounted to $2.480 billion or 78.0 percent of the total.
Figure 4. Philippine Imports by Country in January: 2004
As of press time 66 out of 57,185 export documents and 104 out of 60,367 import documents are still expected from the ports.
Source: National Statistics Office
Manila, Philippines
