Glossary of Terms
Foreign Trade

Balance of Trade - the difference between the export earnings and import payments of all goods or merchandise trade transacted by a country. (National Statistics Office)

Domestic Export - export for goods grown, mined, cultured or manufactured in the Philippines. (Bangko Sentral ng Pilipinas)

Export - all goods leaving the country which are properly cleared through the Customs. (National Statistics Office)

Free on Board (F.O.B.) Value - the value of the goods free on board the carrier at the frontier of the exporting country. It includes inland freight, export duty and other expenses. Ocean freight, insurance and consular fee are, however, excluded. (National Statistics Office)

Import - all goods entering any of the seaports or airports of entry of the Philippines properly cleared through the Customs or remaining under Customs control, whether the goods are for direct consumption, for merchanting, for warehousing or for further processing. (National Statistics Office)

Non-Traditional Exports - export goods whose value did not exceed US$5 million in 1968 and which have undergone a significant degree of processing. (National Statistics Office)

Re-Exports - exports of imported goods which do not undergo physical and/or chemical transformation in the Philippines. (National Statistics Office)

Traditional Exports - export goods whose value exceed US$5 million in 1968 and which have undergone a significant degree of processing. (Bangko Sentral ng Pilipinas)