As reported by the National Statistics Office (NSO), the total merchandise imports for January 2007 went up by 1.0 percent to US$3,715 million from US$3,677 million in the same month last year. Electronic products, which accounted for 47.4 percent of total imports, posted a 9.0 percent growth. Other top imports include (a) mineral fuels, lubricants and related materials; (b) transport equipment; (c) industrial machinery and equipment; (d) plastics in primary and non-primary forms; (e) organic and inorganic chemicals; (f) textile yarn, fabrics, made-up articles and related products; (g) iron and steel; (h) telecommunication equipment and electrical machinery; and (i) metalliferous ores and metal scrap, which together, comprised 32.8 percent of the total imports.

Of the top ten imports, industrial machinery and equipment exhibited the highest growth at 65.8 percent compared to previous year’s figure. Other top gainers were plastic in primary and non-primary forms at 33.2 percent, transport equipment at 26.3 percent, and electronic products at 9.0 percent. On the other hand, minerals fuels, lubricants and related materials; textile yarn, fabrics, made-up articles and related products; iron and steel; telecommunication equipment and electrical machinery; and, metalliferous ores and metal scrap dropped by 29.6, 17.0, 4.5, 4.3 and 1.4 percent, respectively.    

The biggest sources of imports in January 2007 were the USA supplying 15.0 percent of the total imports, Singapore with 13.7 percent share, and Japan with 11.6 percent share.  Compared with January 2006 figures, the share of Singapore  increased by 4.2 percentage points while that of the USA and Japan declined by 1.4 and 1.8 percentage points, respectively. 

The country’s total external trade in January 2007 rose to US$7,702  million, a 10.8 increment compared to US$6,949 million posted in the same month last year.  Balance of trade registered a US$272 million surplus in contrast to US$405 million deficit in the same period last year. 

Monthly data on merchandise trade are generated from the compilation of foreign trade statistics which is one of the designated statistical activities of the NSO under Executive Order No. 352, Designation of Statistical Activities That Will Generate Critical Data for Decision-Making of the Government and the Private Sector, issued on July 1, 1996.  Per the EO, data on imports should be made available 45 days after the reference month.  It may be noted that the top ten imports listed in the NSO foreign trade statistics are different from the top merchandise imports in the national accounts which are based on the 1988 list of top imports to maintain the national accounts link series over a period of time.   For further inquiries, please contact Ms. Rosie B. Sta. Ana, Chief of the Economic Indicators and Indices Division of the NSO, at telefax numbered 716-39-35 and e-mail address r.staana@census.gov.ph.

Link to data source:  http://www.census.gov.ph/data/pressrelease/2007/tr0701tx.html