Merchandise imports grows 5.3% in dollar terms, drops 1.9% in peso equivalent

25 April 2007 – Merchandise imports growth accelerated by 5.3% in January to February from 4.8% a year ago as the average peso-dollar rate appreciated 6.8% to P48.65/US$ from P52.22/US$ a year ago. Imports of goods reached US$7.4 billion in the same period from US$7.0 billion the previous year, but at current pesos, the amount of imports actually dropped 1.9% to P360.2 billion from P367.4 billion due to the continued strength of the peso. For the same period, customs revenue collections dropped 1.5% to P25.2 billion from P25.6 billion.

Electronics products, which accounts for close to half of the country’s imports, grew 9.1% to US$3.5 billion from US$3.2 billion. Imports of transport equipment expanded 16.7% to US$303.3 million from US$259.9 million, while iron and steel likewise increased 33.7% to US$176.1 million from US$131.7 million. On the other hand, fuel imports shrunk 14.6% to US$1.0 billion from US$1.2 billion, and industrial machinery and equipment contracted 1.3% to US$274.1 million from US$277.6 million.

Meanwhile, the National Statistics Office revised upwards the amount of merchandise exports in the first two months to US$7.70 billion from its previous estimate of US$7.68 billion, as well as the year-on-year growth rate of exports to 14.7% from 14.2%. The balance of trade in goods reversed to a surplus of US$300 million from a deficit of US$315 million.

Imports up 9.6% in January–November

25 January 2007 – In January to November last year, merchandise imports rose 9.6% to US$47.4 billion from US$43.2 billion in 2005. For November alone, imports amounted to US$4.5 billion, up 13.4% from US$4.0 billion in November 2005.

In terms of goods imported in January to November, electronics lead the import bill, growing 7.4% to US$22.3 billion, followed by mineral fuels, lubricants, and related materials at US$7.6 billion. Industrial machinery and equipment and transport equipment posted US$1.8 billion each. Iron and steel, meanwhile, came in fifth with US$1.1 billion. This, however, is 18.1% lower than in 2005 and is the biggest drop in the import bill. Office and EDP machines, on the other hand, enjoyed the highest growth rate at 140.8%.

In terms of import sources, the U.S. and Japan continue to lead, accounting for US$7.6 billion and US$6.4 billion worth of the Philippines’ imports, respectively. However, the country’s dependence on these two countries has been dwindling, as manifested by their consistent negative growth rates. Instead, the country has been more actively trading with Taiwan, Singapore, China, Korea, Malaysia, and Thailand.

ASEAN, EU to begin FTA talks in April

24 January 2007 — The Association of Southeast Asian Nations and the European Union will begin discussions to work out a free-trade agreement at the ASEAN Ministerial Meeting in Brunei Darussalam this April.

The EU will present its FTA proposal to 10 ASEAN members in the said meeting and hopes to have the agreement finalized and signed in two years’ time. The pact is expected to increase trade and investments between member countries of the two blocs. However, human rights issues in Myanmar and certain legal roadblocks may impede negotiations.

Meanwhile, the EU expressed its desire to sign the ASEAN Treaty of Amity and Cooperation endorsed in the ASEAN Summit in Cebu last January. So far, signatories of this treaty with ASEAN include China, Japan, South Korea, India, Timor Leste, Australia, New Zealand, France, and Russia.

PEZA exports rise 12.6% to
US$36.1B in 2006

24 January 2007 – Companies located in the country’s economic zones logged a 12.6% growth in exports in 2006, with exports amounting to US$36.1 billion. Of the total, merchandise shipments accounted for US$35.1 billion.

Public economic zones in Baguio, Bataan, Mactan, and Cavite, which together cover over 400 firms, contributed US$8.1 billion in exports. On the other hand, the 41 private economic zones, which host 529 companies, pitched in US$26.9 billion. Meanwhile, services exports from 161 IT service providers amounted to US$1.0 billion, more than double the figure in 2005.

EO 592 seen to increase
exporters’ costs

17 January 2007 - At the start of the year, President Gloria Macapagal-Arroyo signed Executive Order 592, implementing the Non-intrusive Container Inspection System (NCIS) project. The EO authorizes the Bureau of Customs to levy security fees on all import and export cargo, landed or stored in piers, airports, terminal facilities including container yards, and freight stations under its jurisdiction.

The NCIS project charges a US$20 fee for each 20-foot container and US$50 for every 40-foot container. The fees, however, will only be imposed once all scanning units are installed in identified ports.

Sea and air forwarders groups welcome the new security strategy if it will mean the efficient facilitation of Customs clearance and not just a burdensome addition to existing procedures. However, the additional expense is to be passed on to exporters, who are already hurting from the continued appreciation of the peso.

Renewal of vows for ASEAN integration marks end of ASEAN Summit

15 January 2007 – The 12th ASEAN Summit, held in Cebu City, ends today with leaders of member countries renewing their vows for ASEAN integration and political, economic, and social cooperation in the region.

Five agreements were signed in the summit, the first being the Cebu Declaration Towards a Caring and Sharing Community, which makes a call for the uplifting of the quality of life of the region’s citizens. Member nations openly voiced their support for debt-for-equity arrangements to help them meet the United Nations’ Millennium Development Goals. Another agreement produced was the Cebu Declaration on the Blueprint for the ASEAN Charter, which provides for the drafting of the ASEAN Charter by a task force.

Meanwhile, the Cebu Declaration on the Acceleration of the Establishment of an ASEAN Community by 2015 seeks to expedite the region’s integration five years ahead of the original plan, while the ASEAN Declaration on the Protection and Promotion of the Rights of Migrant Workers is pushing for fair and appropriate employment protection of the region’s migrant workers. Finally, the ASEAN Convention on Counter Terrorism focuses on the promotion of regional cooperation to counter terrorism.

Aside from these accords, ASEAN also signed an agreement with China for a five-year action plan for the implementation of the Beijing Declaration on ASEAN-China Information and Communications Technology Cooperative Partnership for Common Development.

Export growth slows to 10.8%
in November

11 January 2007 - Exports in November amounted to US$4.0 billion, 10.8% higher than the year-ago figure of US$3.6 billion. The growth, however, is disappointing when compared to growth rates in the previous eight months.

Analysts attributed the slowdown to the meager 2.6% growth of electronics exports. Electronics, which account for 63% of the total export bill, suffered from the lower sales of semiconductors. Analysts cited the reduction of excess inventories in the global manufacturing sector, the appreciation of the peso, and seasonality as possible explanations for the lower sales.

On a cumulative basis, however, exports rose 15.8% to US$43.3 billion in January to November from only US$37.4 billion in the same period last year. Electronics posted a 10.5% growth at US$27.3 billion, leading all export commodities. Articles of apparel and clothing accessories came in second with US$2.4 billion, up 15.8% from a year ago. Exports of cathodes and sections of cathodes jumped 213.6% to US$1.1 billion. The biggest growth rate, however, belonged to gold, rising 378% to US$212 million.

In terms of export markets, exports to the U.S. rose 19.1% to US$7.9 billion. The performance of the other markets are as follows: Japan, up 10.2% to US$7.2 billion; Netherlands, up 21% to US$4.4 billion; and China, up 12.7% to US$4.2 billion.

Exporters see 12% growth in 2007

4 January 2007 – The Philippine Exporters Confederation raised its expectations for export growth to 12% this year. In 2006, its growth projection was 10%, which translates to US$54.9 billion based on 2005 export data. So far, exports from January to October 2006 have amounted to US$39.3 billion. In the said 10-month period, exports averaged US$3.9 billion a month. Meanwhile, the government has opted to be conservative in its export growth forecast for 2007, pegging it at only 10.5%.

Imports up 9.2% in Jan-Oct 

2 January 2007 – According to the National Statistics Office, imports in January to October increased 9.2% to US$42.9 billion from US$39.2 billion in the same period last year. Meanwhile, year-on-year import growth in October alone was pegged at 12.5%, rising to US$4.7 billion.

In January to October, the top imports were electronics, which grew 7.3% to US$20.2 billion; mineral fuels, lubricants, and related materials, which jumped 29.3% to US$6.8 billion; and industrial machinery and equipment, rising 10.3% to US$1.7 billion. On the other hand, iron and steel imports fell 17.4% to US$994.0 million and telecommunication equipment and electrical machinery dropped 12.7% to US$630.9 million.

Imports from the U.S., although still the Philippine’s top import source, showed a 6.7% drop to US$7.0 billion in the 10-month period. Likewise, imports from Japan dove 14.4% to US$5.8 billion. Meanwhile, imports from Singapore went up 24.3% to US$3.6 billion, while Taiwan and China followed with US$3.5 billion and US$3.0 billion, respectively.

Exports rise 16.4% to US$39.3B
in Jan–Oct

12 December 2006 – Merchandise exports in January to October reached US$39.3 billion, up 16.4% from US$33.8 billion in the same period last year. In October alone, exports rose 15.5% to US$4.2 billion from US$3.6 billion a year ago.

Export growth was still led by electronics, which went up 11.5% to US$24.8 billion in the first ten months. Articles of apparel and clothing accessories, the second most exported item, accounted for US$2.2 billion, up 15.5% from a year ago. Meanwhile, cathodes exports soared by an astounding 193.7% to US$920.6 billion, while petroleum jumped 70% to US$767.7 billion.

The U.S. is still the country’s top export market, accounting for US$7.2 billion of Philippine exports, a 19.3% growth from the previous year. Japan followed with US$6.6 billion and the Netherlands came up third with US$4.1 billion.

Imports grow 8.9% in January–September

27 November 2006 – According to the National Statistics Office, merchandise imports rose 8.9% in January to September to US$38.2 billion from US$35.1 billion in the same period last year. However, in September alone, year-on-year import growth fell 0.3% to US$4.3 billion. The National Economic and Development Authority attributed the decline to the drop in the volume of imported mineral fuel.

In the first nine months, electronics imports, which amounted to US$17.7 billion, grew 6.3% and continued to lead other imports. Mineral fuels retained the second spot with imports worth US$6.2 billion, up 27.6%. Industrial machinery imports grew 10.3% to US$1.5 billion, while transport equipment increased 23.6% to US$1.4 billion.

In terms of import sources, the U.S. still topped the list with US$6.2 billion. This was a 6.9% drop, however, from US$6.7 billion a year ago. Japan dipped even further by16.3% to US$5.1 billion from US$6.1 billion. Singapore came in third with US$3.3 billion, followed by Taiwan at US$3.0 billion and China at US$2.7 billion. Meanwhile, imports from Iran recorded the highest growth at 75.3% to US$1.4 billion.

Ecozone exports earnings post 12.8% growth in January-September

17 November 2006 – According to the Philippine Economic Zone Authority, exports earnings of economic zones from January to September rose 12.8% to US$26.4 billion from US$23.4 billion in the same period last year. Privately owned economic zones contributed US$19.7 billion, up 10.8% from a year ago, while the government’s four economic zones contributed US$6.0 billion, up 13.0%.

Of the 40 privately owned economic zones, the Gateway Business Park had the highest exports earnings at US$4.6 billion, followed by the Laguna Technopark with US$4.3 billion, Amkor Technology with US$1.5 billion, Carmelray Industrial Park I with US$1.3 billion, and Leyte Industrial Development Estate with US$1.1 billion.

Meanwhile, of the four government economic zones, the Baguio City Economic Zone ranked first with US$2.7 billion in exports earnings, followed by the Cavite Economic Zone with US$1.8 billion, the Mactan Economic Zone with US$1.3 billion, and the Bataan Economic Zone with US$279.5 million.

Exports rise 16.4% in
January-September

15 November 2006 – According to the National Statistics Office, merchandise exports grew 16.4% to US$65.1 billion in January to September. In the same period last year, exports amounted to US$30.2 billion only. For September alone, year-on-year growth was pegged at 13.2% at US$4.2 billion.

Electronics exports, the country’s leading export commodity, rose 11.6% in the nine-month period to US$22.2 billion from US$19.8 billion a year ago. Articles of apparel and clothing accessories reached an estimated US$2.0 billion, up 16.0% from US$1.7 billion. Cathodes posted the highest growth at 179.7%, amounting to US$790.3 million. Petroleum products exports also rose dramatically by 90.6% to US$707.7 million, while woodcrafts and furniture soared 71.6% to US$600.0 million.

In terms of export destinations, the U.S. still topped the list in the said period with US$6.4 billion, up 20.0% from US$5.4 million a year ago. Following the U.S. was Japan, with a 9.7% growth to US$5.9 billion, while the Netherlands followed with a 29.6% rise to US$3.7 billion. China came in fourth with US$3.2 million and Hong Kong was fifth with US$2.7 million.

Imports up 10.2% to US$33.9B in January–August

27 October 2006 – Merchandise imports in January–August rose 10.2% to US$33.9 billion from US$30.7 billion in the same period last year. For August alone, imports increased 15.3% to US$4.9 billion from only US$4.2 billion a year ago.

Electronics imports in the first eight months comprised 45.8% of the total bill and rose 5.8% to US$15.5 billion from US$14.6 billion in the same period last year. Imports of mineral fuels, lubricants, and related materials, which accounted for 16.9% of the total, exhibited the highest growth at 39.6% to US$5.7 billion. Industrial machinery and equipment went up 13.8% to US$1.3 billion, transport equipment shot up 20.3% to US$1.2 billion, and cereals and cereal preparations increased to US$847.2 million.

Imports from the U.S. accounted for 16.4% of the total but declined 4.4% to US$5.5 billion, while those from Japan slid 19.1% to US$4.4 billion. Singapore came in third with US$2.9 billion, followed by Taiwan with US$2.7 billion and China with US$2.4 billion. Imports from Saudi Arabia grew 49.4% to US$2.1 billion.

Total trade in January–August rose 13.6% to US$64.8 billion from US$57.2 billion a year ago. Meanwhile, the latest trade balance showing a deficit of US$2.9 billion is 31.8% lower than last year’s $4.2 billion.

Exports rise 16.9% to US$31B in January-August

13 October 2006 – The National Statistics Office reported a 16.9% increase in the country’s merchandise exports in January to August to US$31.0 billion from US$26.5 billion in the same period last year. In August alone, exports grew 21.3% year-on-year to US$4.3 billion from last year’s US$3.5 billion.

Electronics products exports were mainly responsible for the export sector’s growth in the first eight months, rising 12.4% to US$19.5 billion and accounting for 63% of total exports. Exports of articles of apparel and clothing accessories were up 16.1% at US$1.8 billion, but these comprised only 5.7% of the total bill. On the other hand, cathodes and petroleum products exports enjoyed the highest growth rates. Cathodes exports climbed 160% to US$691.5 million, while petroleum products increased 103.0% to US$603.5 million.

The U.S. is still the top export destination with US$5.6 billion worth of goods shipped to the States, up 19.3% in the same period last year. Japan was a close second at US$5.3 billion from US$4.8 billion a year ago. Meanwhile, exports to the Netherlands and Singapore posted the highest growth rates at 33.0% to US$3.3 billion and 47.0% to US$2.4 billion, respectively. On the other hand, Korea posted a 2.6% decline to US$944 million.

Imports jump 9.6% to US$29B in January-July

27 September 2006 – According to the National Statistics Office, imports increased 9.6% in January to July to US$29 billion from US$26.5 billion in the same period last year. In July alone, imports grew 16.5% year-on-year to US$4.4 billion.

Imports of electronic products rose 4.7% to US$13.3 billion in the seven-month period, accounting for 45.8% of total cumulative imports. On the other hand, mineral fuels, lubricants, and related materials leaped 41% to US$4.8 billion, making up 16.7% of total imports. Other commonly imported commodities were industrial machinery and equipment, transport equipment, and cereals and preparations.

The U.S. was the country’s top import source for the period, accounting for US$4.8 billion worth of imports, followed by Japan at US$3.8 billion. However, imports from the U.S. and Japan have fallen 4.3% and 20.4%, respectively. On the other hand, the largest growth in imports came from Iran, rising 99.4% to US$1.1 billion from US$548.4 million a year ago.

PEZA exports up 11.2% in January–July

27 September 2006 – According to the Philippine Export Zone Authority, exports from PEZA-registered special economic zones rose 11.2% in January to July to US$19.6 billion from only $17.7 billion a year ago.

Privately owned ecozones, led by the Gateway Business Park in Cavite, contributed US$14.7 billion, up 8.7% from US$13.5 billion last year. Meanwhile, public ecozones pitched in US$4.5 billion, 13.0% higher than the US$4 billion recorded last year.

Exports from information technology parks and buildings generated revenues of US$487.8 million in the seven-month period, jumping 161.0% from US$186.8 million a year ago.

Exports up 16.2% to US$26.7B in January-July

12 September 2006 – Merchandise exports rose 16.2% to US$26.7 billion in the first seven months of the year. In the same period last year, exports only amounted to approximately US$23 billion. Meanwhile, year-on-year on exports growth for July alone rose 12.9% to US$4 billion from US$3.5 billion last year.

The export of electronic products rose 12% in January–--July to US$16.8 billion, accounting for 63% of total exports. The second most-exported goods were articles of apparel and clothing accessories, which grew 19% to US$1.5 billion from US$1.3 billion a year ago. Exports of cathodes and sections of cathodes grew 142.7% to US$576.0 million, while those of petroleum products rose 100.1% to US$525.4 million. Woodcrafts and furniture came in fifth, growing 72.1% to US$467.8 million from US$272.0 million.

The U.S. remained the Philippines’ top export market for the seven-month period, as indicated by the 20.1% growth, to US$4.8 billion, of exports to the U.S. Japan still ranked second, posting a 9.4% growth to US$4.6 billion, while exports to the Netherlands jumped 37.3% amounting to US$2.9 billion. On the other hand, exports to China slightly slowed, dropping 1.6% to US$2.4 billion from a year ago.

RP, Japan sign JPEPA

11 September 2006 – President Gloria Macapagal-Arroyo and Japanese Prime Minister Junichiro Koizumi signed the Japan-Philippines Economic Partnership Agreement on 9 September at the sidelines of the Asia-Europe Meeting in Helsinki, Finland. With the signing of the agreement, about 95% of all Philippine exports to Japan are expected to enjoy zero tariff duties within 10 years from the agreement’s effectivity in 2007.

The free-trade pact also specifically provides for a 90% cut on import tariffs on industrial goods, the Philippines’ removal of tariffs on at least 60% of steel imports from Japan, a 10% reduction in Philippine tariffs on completely built-up automobile units from Japan with engine sizes of three liters and below by 2009, and the abolition of tariffs on Japanese-made cars by 2010. Philippine banana and pineapple exports to Japan will enjoy lower tariffs, while duties on Japanese grapes and pear imports to the Philippines will be eliminated.

Nurses and caregivers will also get a chance to work in Japan once they pass Japanese qualification examinations. Japan, however, has yet to determine the number of health workers it will need. It reportedly needs 7.5 million health professionals by 2010.

Meanwhile, some environmental and trade activists are seeking the issuance of a temporary restraining order compelling the full disclosure of the pact’s text. They fear that the agreement could pave the way for the dumping of Japan’s toxic and hazardous wastes in Philippine waters.

Imports rise 8.4% to US$24.6B in H1

25 August 2006 – The National Statistics Office reported an 8.4% increase in the country’s imports expenditures in the first half of 2006 to US$24.6 billion. In the same period last year, total imports amounted to US$22.7 billion. The year-on-year growth of imports in June also rose 7.7% to US$4.5 billion from US$4.2 billion last year. Meanwhile, the trade deficit in the first half fell 42.6% to US$1.8 billion from US$3.2 billion a year ago.

Electronics imports, which make up 46.2% of total imports, rose 4.9% to US$11.4 billion from US$10.8 billion last year. Meanwhile, mineral fuels, lubricants, and related materials went up 34.4% to US$4 billion from US$3 billion, garnering 16.5% of the total bill. Other leading imports include industrial machinery and equipment, transport equipment, and cereals and cereal preparations, which increased 16.5%, 12.1%, and 21.9%, respectively.

Regarding import sources, the U.S. still ranked first at US$4.1 billion, while Japan came second at US$3.3 billion. However, imports from these countries have fallen 2.6% (U.S.) and 22.2% (Japan). Singapore ranked third at US$2.1 billion. Taiwan posted the highest growth at 105.3% to approximately US$2 billion from only US$956 million last year.

Tariffs on electronic products in ASEAN to be scrapped in 2007

18 August 2006 – Six ASEAN nations have agreed to scrap tariffs on most electronic products traded between them starting January 2007. The six countries are Brunei, Indonesia, Malaysia, Singapore, Thailand, and the Philippines.

Each country will produce their list of electronic goods, 85% of which will enjoy zero tariffs. The same privilege will be accorded to goods not included in the list come 2010, the original deadline for the elimination of tariffs among these countries

Electronics, which make up about half of intra-ASEAN trade, is only one of the priority sectors planned for liberalization. The other sectors are automotives, garments and textiles, e-commerce, healthcare, air travel, hospitality and tourism, wood-based products, rubber and agro-based products, and logistics.

PEZA ecozone exports increase 11%
to US$16.7B

16 August 2006 – According to the Philippine Economic Zone Authority, exports from economic zones increased 11% in the first six months of 2006 to US$16.7 billion from US$15.1 billion in the same period last year. Exports from private special economic zones grew 8% to US$12.5 billion, while those from government-owned economic zones posted a 14.7% growth to US$3.8 billion.

The Gateway Business Park led all 42 private special economic zones with US$2.9 billion in export earnings. Close behind was the Laguna Technopark with US$2.7 billion, while the Amkor Technology Special Economic Zone followed with US$995.6 million.

Of the four government-owned economic zones in the country, the Baguio City Economic Zone had the highest export earnings at US$1.7 billion. Meanwhile, the economic zones in Cavite, Mactan, and Bataan posted US$1.1 billion, US$806.6 million, and US$197.5 million, respectively.

Exports up 16.7% in H1

10 August 2006 – According to the National Statistics Office, exports from January to June were 16.7% higher at US$22.7 billion than exports in the first half last year at US$19.5 billion. Also, exports in June grew year-on-year by 20.6% to US$4.0 billion from US$3.4 billion.

The first-half growth was primarily led by electronic products exports, which increased 12.5% to US$14.2 billion from US$12.7 billion last year. Meanwhile, articles of apparel and clothing accessories, the country’s second top export, rose 18.6% to US$1.2 billion from US$1.0 billion last year. This was followed by exports of cathodes, which went up 126.6% to US$480.6 million from US$212.1 million last year. Petroleum exports also surged 92.6% to US$420.4 million from US$218.3 million.

The United States’ share of Philippine exports increased 18.6% to US$4.02 billion, maintaining its place as the top export destination. Trailing closely behind was Japan, which went up 10.4% to US$4.01 billion. Netherlands also increased 41.1% to US$2.6 billion, while Singapore enjoyed the highest growth at 52.8% to US$1.8 billion. On the other hand, exports to Taiwan fell 5.5% to US$885.6 million from US$937.3 million in the same period last year.

May imports grow 15.2% year-on-year

26 July 2006 – Imports of electronics and mineral fuels caused the country’s imports in May to climb 15.2% year-on-year to US$4.4 billion. Cumulatively, imports from January to May also rose 8.2% to US$20.0 billion from US$18.4 billion in the same period last year.

Electronics, which accounted for 45.3% of imports in May, rose 9.1% to US$2.0 billion. The growth, however, was lower than April’s 16.9%. The slowdown was attributed to high inventory levels. Meanwhile, imports of mineral fuels, lubricants, and related materials jumped 82% in May to US$899.6 million, while cumulatively it grew by 37.7% to US$3.3 billion. Other top imports include industrial machinery and equipment, transport equipment, and iron and steel, which went up 30.9%, 5.7%, and 3.4%, respectively.

The U.S. remains the top imports source with imports worth US$722.5 million. It was followed by Japan with US$509.9 million and Taiwan with US$393.0 million. However, there is still a downward trend in imports from Japan, which fell 20.8%. Meanwhile, imports from Iran registered the highest growth at 289.6%, reaching US$282 million worth as a result of rising oil prices.

Exports up 17.3% in May

12 July 2006 – According to the National Statistics Office, exports in May rose 17.3% to US$3.9 billion from US$3.3 billion a year ago. Taken cumulatively from January to May, exports increased by 16% to US$18.7 billion from US$16.1 billion in the same period last year.

Electronics exports increased 9.9% to US$2.3 billion to lead the year-on-year export growth. Its share of total exports, however, went down to 59% from 63% last year, suggesting that other export commodities’ contribution to the growth also increased. Our second top export, articles of apparel and clothing accessories, rose 23.8% to US$238.6 million from US$192.7 million last year. The export of cathodes and sections of cathodes grew by a spectacular 207.3% to US$106.6 million, while woodcrafts and furniture exports also rose by an impressive 125.7% to US$84.4 million.

Regarding export markets, exports to the United States was 16.6% higher at US$703.4 million, accounting for 18.1% of the total. Japan was up 23.3% at US$672.2 million for a 17.3% share, while Singapore rose 49.3% at US$351.2 million for a 9.1% share.

Imports up 7.4% in April

27 June 2006 – The National Statistics Office reported a 7.4% rise in the country’s imports in April, amounting to US$4.4 billion from US$4.1 billion last year. Cumulatively, imports from January to April also rose 6.4% to US$15.6 billion from US$14.7 billion a year ago.

The increase was due to a 16.9% rise in electronics imports to US$2.2 billion from US$1.9 billion last year. Electronics now forms 50.5% of total imports. Meanwhile, mineral fuels, lubricants, and related materials, the country’s second top import, dropped 4.3%. Likewise, imports of iron and steel and cereal and cereal preparations fell 20.6% and 15%, respectively.

Goods from the U.S. rose 9.8% to US$801.1 million. On the other hand, imports from Japan fell 25.2% to US$594.4 million.

With the upward adjustment of export figures for April by 20.5% to US$3.9 billion, the April trade deficit now stands at US$505 million.

Exports from January to April up 15.2% to US$14.7B

13 June 2006 – For the first four months of 2006, exports rose by 15.2% to US$14.7 billion from US$12.8 billion in the same period last year. For April alone, exports increased by 18.7% to US$3.8 billion from US$3.2 billion a year ago.

By commodity groups, electronic products exports grew 14.4% in the first four months to US$9.6 billion, accounting for 65.2% of total exports, while articles of apparel and clothing accessories grew 15.7% to US$775 million. Petroleum products registered the highest growth at 134.1%, amounting to US$290.4 million from US$124 million a year ago, while the export of cathodes also jumped 82.2% to US$253.3 million. In comparison, ignition wiring sets for vehicles, aircrafts, and ships did not do as well, rising only 2% to US$239.9 million.

The Philippine’s top export markets for January to April were the U.S., Japan, and the Netherlands, with exports to these countries amounting to US$2.6 billion, US$2.4 billion, and US$2 billion, respectively. For April, the Netherlands displayed the highest growth at 118.5% to US$734 million from US$336.1 million last year, accounting for a dominant 19.1% share of our export market. On the other hand, exports to Taiwan suffered a year-on-year decline of 25.2% worth US$119.9 million and a cumulative loss of 15.9% to US$535 million.

Imports up 6% to US$11.1B in Q1

25 May 2006 – For the first quarter, the National Statistics Office reported a 6% increase in imports to US$11.1 billion from US$10.5 billion a year ago. For the month of March, imports grew 23.2% to US$4.1 billion from US$3.8 billion last year.

The top imports for the quarter were electronic products; mineral fuels, lubricants, and other related materials; industrial machinery and equipment; transport equipment; and cereals and cereal preparation. Despite leading the pack, electronic products imports slightly dwindled to US$5.1 billion, a 1.83% decrease from last year’s US$5.2 billion. Cereals and cereal preparations grew the most at 68.8%, climbing to US$326.9 million from US$193.7 million. On the other hand, iron and steel imports decreased the most, falling 44.3% to US$203.5 million from US$365.2 million.

Majority of imports came from the U.S., Japan, Singapore, Taiwan, and China. Goods from Japan decreased by 22% in the first quarter to US$1.6 billion from US$2.1 billion a year ago. On the other hand, imports from Saudi Arabia increased 72.6% to US$638.0 million from US$369.6 million.

March exports jump 25.8% to US$4.1B

10 May 2006 – According to the National Statistics Office, merchandise exports rose 25.8% to US$4.1 billion in March 2006, as compared to US$3.3 billion a year ago. Cumulatively, exports in the first quarter amounted to US$10.9 billion, a 12.7% rise from last year’s US$9.7 billion.

Top exports were electronics, articles of apparel and clothing accessories, petroleum products, other products manufactured from materials on consignment basis, and coconut oil. The most noticeable rise was in petroleum products, rising 163.3% to US$90.3 million from US$34.3 million in March 2005. Similarly, coconut oil exports rose 97.9% to US$ 66.9 million from US$33.8 million.

The U.S., Japan, and the Netherlands were still the top export destinations. However, Japan’s share of Philippine exports continued to dwindle, falling 2.5% to US$649.2 million in March from US$665.7 million a year ago. Meanwhile, exports to the Netherlands exhibited the most significant rise of 103.6% to US$547.4 million from US$268.9 million.

Economists unimpressed by
trade surplus

26 April 2006 – Revised trade figures from the National Statistics Office revealed a trade surplus of US$88 million in February with exports at US$3.44 billion overtaking imports at US$3.34 billion.

However, economists did not receive news of the surplus with much optimism, saying it is unlikely to be maintained because of the expected rise in oil imports given the impending fuel crisis. They argued that the 4.6% import increase was triggered mostly by rising oil prices, not economic activity. On the other hand, exports are only seen to modestly improve this year since the country continues to rely heavily on electronics as its export base and has failed to diversify to other exported commodities. The export sector is also suffering from the effects of a strong peso and fierce competition from China. Even National Economic and Development Authority director general Romulo Neri admitted the insignificance of the current trade surplus.

Imports up by 4.6% in February