Home » Customs & Trade » Aug exports, imports register double-digit increases

TOTAL external trade in goods for January to August in 2006 reached $64.816 billion, up 13.3% from $57.224 billion during the same period a year earlier. Total foreign-made merchandise grew 10.2% to $33.858 billion from $30.737 billion. Exports, on the other hand, rose 16.9% to $30.958 billion from $26.487 billion of the previous year.

Aug imports up 15.3%

Total merchandise trade for August 2006 went up 18% to $9.15 billion from $7.752 billion during the same period last year. Dollar-inflow generated by exports reached $4.265 billion, or 21.4% higher than last year’s $3.513 billion. Expenditures for imported goods also gained 15.3% to $4.886 billion from $4.239 billion.

Electronics rule

Accounting for 44.6% of the aggregate import bill, payments for electronic products amounted to $2.179 billion or a 12.9% growth over last year’s figure of $1.930 billion. Compared to the previous month’s level, purchases grew 11.6% from $1.953 billion. Among the major groups of electronic products. components/devices (semiconductors) got the biggest share at 36.1% and recorded an increase of 16.7% to $1.765 billion from $1.512 billion during the same month in 2005.

Imports of mineral fuels, lubricants and related materials in August ranked second with 19.3% share and posted an increase of 41.8% to $944.16 million over the previous year’s level of $665.72 million. The growth was due to the increase in the expenditures on petroleum, gas and diesel oils.

Industrial machinery and equipment, accounting for a 3.6% of the total imports, ranked third as foreign bill amounted to $176.75 million, or a decline of 1.8% from $179.92 million last year.

Transport equipment, contributing 3.5% to the total bill, was the country’s fourth top import for the month with payments placed at $172.1 million from last year’s $121.30 million or a year-on-year growth at 41.9%. The gain was mainly brought about by the acquisition of airplanes and other aircraft, and the rise in the value of imports on passenger cars, other public transport type passenger motor vehicles, components, parts and accessories of other motorcycles and airplanes/helicopters.

Iron and steel, comprising 2.2% of the total imports, registered a $106.64 million worth of imports while cereals and cereal preparations recorded a share of 2.1% or $103.99 million worth of imports.

Rounding up the list of the top imports for August 2006 were organic and inorganic chemicals, $95.79 million; textile yarn, fabrics, made-up articles and related products, $90.23 million; metalliferous ores and metal scraps, $85.91 million; and plastics in primary and non-primary forms, $85.16 million.

Aggregate payment for the country’s top ten imports for August 2006 reached $4.040 billion or 83% of the total bill.

Payments in August for raw materials and intermediate goods accounted for 40.2% as importation moved up 15% to $1.964 billion from last year’s figure of $1.708 billion. Semi-processed raw materials got the biggest share of 36.7% and valued at $1.793 billion.

Capital goods comprising 31.5% of the total imports, inched up 6.5% year-on-year to $1.538 billion from $1.443 billion. The major share went to telecommunication equipment and electrical machinery with a 18.1% share of the total imports and billed at $883.27 million.

Expenditures for mineral fuels, lubricants and related materials grew 41.8% to $944.16 million from $665.72 million during the same period of 2005.

Purchases of consumer goods amounted to $363.79 million, a growth of 12.8% from $322.67 million in August 2005, while special transactions dropped by 22.9% to $76.08 million from $98.69 million.

Key markets

Imports from the US accounting for 15.3% of the total import bill, dropped 5.2% to $747.71 million from $788.33 million during the same period of 2005. Exports to the US amounted to $808.54 million yielding a two-way trade value of $1.556 billion and a trade surplus for the Philippines placed at $60.82 million.

Japan, the country’s second biggest source of imports for August with a 12.1% share, reported shipments billed at $591.98 million against exports earnings of $632.04 million. Total trade amounted to $1.224 billion, with a trade surplus registered at $40.06 million.

Saudi Arabia followed as the third biggest source of imports with a 9.2% share, recorded payments worth $450.32 million or a year-on-year growth of 33.2%. The growth was due to the increase in the value of imports on petroleum oils. Revenue from Philippine exports, on the other hand, reached $3.75 million resulting in a total trade value of $454.07 million and a $446.57 million deficit for Philippines.

Other major sources of imports for the month of August were Taiwan, $417.34 million; Singapore, $377.95 million; Republic of Korea, $332.16 million; People’s Republic of China, $309.38 million; Thailand, $209.32 million; Malaysia, $197.02 million; and Hong Kong, $174.24 million.

Payments for imports from the top ten sources for the month amounted to $3.807 billion or 78% of the total.

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