External Trade Performance : May 2007 (Preliminary)

r - revised

JANUARY TO MAY 2007 TOTAL TRADE STANDS AT $41.029 BILLION

Total external trade in goods for January to May 2007 reached $41.029 billion, representing a 4.7 percent increment from $39.171 billion during the same 5-month period in 2006. Similarly, total imports grew by 2.0 percent to $20.608 billion from $20.214 billion. Exports likewise registered an increase of 7.7 percent to aggregate dollar revenue of $20.421 billion from $18.958 billion during the same 5-month period in 2006. Balance of trade in goods (BOT-G) for the Philippines registered a deficit of $188.00 million during the 5-month period in 2007.

Figure 1A  Philippine Trade Performance in January - May : 2006 and 2007
(F.O.B. Value in Million US Dollar)
  

Figure 1B  Philippine Trade Performance in May : 2006 and 2007
(F.O.B. Value in Million US Dollar)
  
 

MAY 2007 IMPORTS DOWN BY 3.4 PERCENT

Total merchandise trade for May 2007 slightly inched-up by 1.0 percent to $8.417 billion from $8.333 billion in May 2006. Receipts generated by exports reached $4.122 billion, or 6.1 percent higher from last years $3.885 billion. However, expenditures for imported goods, decreased by 3.4 percent to $4.296 billion from $4.448 billion in May 2006. The balance of trade in goods   (BOT-G) in May 2007 recorded a deficit of $174.00 million, narrower than the last years recorded deficit of $563.00 million.

ELECTRONIC PRODUCTS ACCOUNT FOR 41.6 PERCENT OF IMPORT BILL

Accounting for 41.6 percent of the aggregate import bill, payments for Electronic Productsamounted to $1.786 billion or 10.9 percent decline over last year's figure of $2.006 billion.  Compared to the previous months level, purchases likewise went down by 3.6 percent from $1.852 billion. This is due to the sizeable decline in the import bill of semiconductors.

 Imports of Mineral Fuels, Lubricants and Related Materials in May 2007 ranked second with an 18.5 percent share, posting a negative growth of 10.9 percent to $796.07 million over the previous years level of $893.06 million.

Transport Equipment accounting for a 4.7 percent of the total imports, ranked third as foreign bill amounted to $200.34 million or a year-on-year growth of 63.9 percent from $122.23 million in 2006.

Industrial Machinery and Equipment, contributing 3.6 percent to the total bill, was the RPs fourth top import for the month with payments placed at $154.75 million from last years $170.52 million or a decline of 9.3 percent.   

Textile Yarn, Fabrics, Made-Up Articles and Related Products ranked fifth, recorded a combined share of 2.7 percent at $117.87 million worth of imports; up by 15.2 percent from its year ago level of $102.28 million.

Cereals and Cereal Preparations ranked sixth, comprising 2.7 percent of the total imports; registered $116.32 million worth of imports or an increase of 31.9 percent from its year ago level of $88.18 million. 

Rounding up the list of the top imports for May 2007 were Organic and Inorganic Chemicals,$83.83 million; Iron and Steel with $81.97 million worth of imports; Plastics in Primary and Non-Primary Forms, $69.45 million; and Dairy Products, $66.41 million.

Aggregate payment for the countrys top ten imports for May 2007 reached $3.473 billion or 80.9 percent of the total import bill.

Figure 2  Philippine Top Imports in May : 2006 and 2007
(F.O.B. Value in Million US Dollar)
  

RAW MATERIALS AND INTERMEDIATE GOODS ACCOUNT FOR 43.8 PERCENT OF THE TOTAL IMPORTS

Accounting for 43.8 percent of the total imports, payments in May 2007 for Raw Materials and Intermediate Goods amounted to $1.881 billion or a measly 1.4 percent increase over last year's figure of $1.885 billion.  Compared to the previous months level, purchases went down by 5.8 percent from $1.998 billion. Semi-Processed Raw Materials valued at $1.750 billion had the biggest share of 40.7 percent, recording a growth of only 0.2 percent from $1.746 billion in 2006.

Capital Goods comprised 26.8 percent of the total imports, shrunk by 11.9 percent year-on-year, to $1.151 billion from $1.306 billion. The major share went to Telecommunication Equipment and Electrical Machinery with a 14.1 percent share of the total imports in May 2007 and billed at $605.60 million or a decline of 23.6 percent from $792.38 million in 2006.

Mineral Fuels, Lubricants and Related Materials with an 18.5 percent share declined by 10.9 percent to $796.07 million from $893.06 million in May 2006. However, their import bills during January to May still recorded a positive growth of 3.4 percent to $3.386 billion from $3.274 billion during the same five-month period in 2006.

Purchases of Consumer Goods amounted to $412.78 million, rose by 39.9 percent from $295.02 million in May 2006, while Special Transactions decreased by 44.9 percent to $54.38 million from $98.76 million.

Figure 3  Philippine Imports by Major Type of Goods in May: 2006 and 2007

UNITED STATES CORNERS 13.9 PERCENT OF MAY 2007 IMPORT BILL  

United States of America (USA) remained to be the countrys biggest source of imports for May 2007 with a 13.9 percent share of the total import bill or a decrease of 18.7 percent to $595.82 million from $732.54 million in May 2006.  Exports to USA amounted to $656.04 million, yielding a two-way trade value of $1.252 billion and a trade surplus for RP at $60.22 million.

Singapore followed as the second biggest source of imports for May 2007 accounting for an 11.2 percent share of the total import bill, up by 44.5 percent to $482.46 million from $333.95 million during the same month in 2006. Exports to Singapore amounted to $261.19 million resulting to a total trade value of $743.65 million and a trade deficit of $221.26 million.

Japan came third, with a 9.8 percent share, recording payments worth $418.68 million or a decline of 25.3 percent from $560.23 million in May 2006.  Revenue from RPs exports toJapan reached $544.21 million, which generated a total trade value of $962.89 million and a $125.53 million trade surplus for the Philippines.

Other major sources of imports for the month of May 2007 were Peoples Republic ofChina, $325.43 million; Taiwan, $301.01 million; Saudi Arabia, $288.60 million;Ireland, $220.83 million; Republic of Korea, $206.76 million; Thailand, $180.29 million; andHong Kong, $175.90 million.

Payments for imports from the top ten sources for the month amounted to $3.196 billion or 74.4 percent of the total.

Figure 4  Philippine Imports by Country in May: 2007
  

Technical Notes:

1. Adjustments on electronic import statistics are based on the transactions that pass through the Automated Cargo Operating System (ACOS) of the Bureau of Customs (BOC).

2. Starting with the January 2007 Press Release, analysis and tables are based on 2004 Philippine Standard Commodity Classification (PSCC) groupings.  This is in compliance with   NSCB   Resolution No. 03, Series of 2005 entitled Approving and Adopting the 2004 Philippine Standard Commodity Classification by all concerned government agencies and instrumentalities.

Source:   Foreign Trade Statistics Section
               Industry and Trade Statistics Department
               National Statistics Office
               Manila, Philippines