As reported by the National Statistics Office (NSO), the total merchandise imports for December 2007 went up by 19.7 percent, reaching US$5.0 billion from US$4.2 billion in the same month last year. Electronic products, which accounted for 42.2 percent of the total imports, ranked first in terms of value. Other top imports include:  (a) mineral fuels, lubricants and related materials; (b) transport equipment; (c) industrial machinery and equipment; (d) iron and steel; (e) organic and inorganic chemicals; (f) telecommunication equipment and electrical machinery; (g) textile yarn, fabrics, made-up articles and related products;  (h) plastics in primary and non-primary forms; and  (i) feeding stuff for animals, which comprised 40.6 percent of the total imports.

Mineral fuels, lubricants and related materials propelled the 19.7 percent growth rate in imports with a share of 11.6 percentage points. Other major contributors to the growth are industrial machinery and equipment, and organic and inorganic chemicals contributing 1.7 and 1.2 percentage points, respectively. 

The biggest sources of imports in December 2007 were the USA, supplying 13.7 percent of the total imports, Japan with 13.1, and Singapore with 9.9. Compared with December 2006 figures, the share of USA and Japan declined by 3.8 and 2.8 percentage points, respectively, while that of Singapore inched up by 1.3 percentage points.

The country’s total external trade in December 2007 rose to US$9.5 billion, posting a 20.4 percent increment compared to US$7.9 billion exhibited in the same month a year ago. However, the corresponding balance of trade for the month slipped to a US$528 million deficit compared to the US$488 million deficit registered in December 2006.

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.  The NSO released the December 2007 data on imports on February 26, 2007, delayed by 12 days from the target. It may be noted that the top 10 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/2008/tr0712tx.html