January to May total trade stands at $31.9 billion

Total external trade in goods for January to May 2004 amounted to $31.9 billion representing an increase of 6.8 percent from $29.883 billion during the same period last year. Total foreign-made merchandise also grew by 5.1 percent to $16.479 billion from $15.679 billion. Similarly, exports registered a year-on-year growth rate of 8.6 percent to aggregate dollar revenue of $15.421 billion from $14.204 billion a year earlier. Balance of trade in goods (BOT-G) deficit for the Philippines reached $1.058 billion, lower compared to last years deficit of $1.476 billion.

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

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

May imports down by 1.6 percent

Total merchandise trade for May 2004 went up by 6.1 percent to $6.536 billion from $6.160 billion during the same period a year ago. Dollar-inflow generated by exports amounted to $3.259 billion, or 15.3 percent higher than last years $2.828 billion. On the other hand, expenditures for imported goods declined by 1.6 percent to $3.277 billion from $3.332 billion. The Balance of Trade in goods (BOT-G) deficit for the Philippines was recorded at $18 million, a recovery from last years deficit at $504 million.

Electronic products account for 43.1 percent of import bill

Accounting for 43.1 percent of the total aggregate import bill, payments for electronic products amounted to $1.412 billion or 7.4 percent lower than last year's reported figure at $1.526 billion. Compared to the previous months level, purchases fell by 9.3 percent from $1.557 billion.

Imports of mineral fuels, lubricants and related materials ranked second with 11.1 percent share. Expenditures at $364.38 million, registered a 9.1 percent decrease over the previous level which stood at $400.77 million.

Industrial machinery and equipment, the third top import was worth $150.95 million, or a 16.2 percent higher from $129.87 million in the previous year.

Iron and steel accounting for 3.3 percent of the total imports, ranked fourth as foreign bill amounted to $108.17 million, higher by 28.8 percent from last year's figure at $84.0 million.

Transport equipment, contributing 2.8 percent to the total bill, was RPs fifth top import for the month with payments placed at $92.40 million or a 15.4 percent drop than last years $109.29 million.

Expenditures for textile yarn, fabrics, madep-up articles and related products, with a 2.7 percent share to the aggregate bill, decreased by 7.9 percent to $89.84 million from $97.50 million in May 2003.

Rounding up the list of the top imports for May 2004 were: plastics in primary and non-primary forms, $80.80 million; telecommunication equipment and electrical machinery, $69.74 million; cereals and cereal preparations, $56.04 million; and organic and inorganic chemical, $53.84 million.

Aggregate payment for the countrys top ten imports for May 2004 amounted to $2.478 billion or 75.6 percent of the total bill.

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

Raw materials and intermediate goods account for 38.8 percent of the total imports

Payments for raw materials and intermediate goods accounted for 38.8 percent as importation went down by 1.7 percent to $1.271 billion from last years reported figure of $1.293 billion. The biggest share, dominated by semi-processed raw materials with a 35.1 percent of the total was valued at $1.151 million.

Capital goods comprising 37.7 percent of the total imports fell by 2.0 percent year-on-year to $1.235 billion from $1.260 billion. The largest share within the group went to telecommunication equipment and electrical machinery with a 22.1 percent share of the total and valued at $723.64 million.

Expenditures for mineral fuels, lubricants and related materials dropped by 9.1 percent to $364.38 million from $400.77 million during the same period of 2003.

Purchases of consumer goods valued at $236.99 million decreased by 11.8 percent from $268.75 million in May 2003, while special transactions rose by 54.6 percent to $169.69 million from $109.78 million.

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

U.S. corners 16.9 percent of may import bill

Imports from United States accounting for 16.9 percent of the total import bill,declined by 20.0 percent to $552.70 million from $690.58 million during the same period last year. On the other hand, exports to United States, amounted to $596.29 million yielding a two-way trade value of $1.149 billion and a trade surplus for RP placed at $43.59 million.

Japan, the countrys second biggest source of imports with a 16.8 percent share, reported shipments valued at $549.17 million against exports amounting to $630.98 million. Total trade amounted to $1.180 billion, with a trade surplus for the Philippines placed at $81.82 million.

Singapore, followed as RPs third biggest source of imports. With payments worth $269.49 million, imports moved up by 25.9 percent from $213.99 million, while revenue from Rs exports reached $232.12 million resulting to a total trade value of $501.61 million and a $37.37 million deficit for Philippines.

Other major sources of imports for the month of May were: Peoples Republic of China, $221.67 million; Taiwan, $216.48 million; Republic of Korea, $204.63 million; Malaysia, $169.01 million; Thailand, $141.99 million; Hong Kong, $134.94 million; and Germany, $85.37 million.

Payments for imports from the top ten sources for the month amounted to $2.545 billion or 77.7 percent of the total.

Figure 4. Philippine Imports by Country in May: 2004
 

As of press time 32 out of 60,304 export documents and 48 out of 74,581 import documents are still expected from the ports.

Source:   National Statistics Office
                 Manila, Philippines