As reported by the National Statistics Office (NSO), the total merchandise imports for February 2008 went up by 21.7 percent, reaching US$4.5 billion from US$3.7 billion registered in the same month last year. Electronic products, which accounted for 41.9 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) cereals and cereal preparations; (e) iron and steel; (f) plastics in primary and non-primary forms; (g) organic and inorganic chemicals; (h) dairy products; and  (i) feeding stuff for animals, all of which comprised 40.8 percent of the total imports.

Mineral fuels, lubricants and related materials boosted the 21.7 percent growth rate in imports with a share of 8.2 percentage points. Other major contributors to the growth are electronic products, and cereals and cereal preparations contributing 4.5 and 3.4 percentage points, respectively. 

The biggest sources of imports in February 2008 were: the USA, supplying 14.5 percent of the total imports; Japan with 13.0 percent; and, Singapore with 10.7 percent. Compared to February 2007 figures, the shares of Japan and Singapore increased by 0.6 and 1.9 percentage points, respectively, while that of the USA weakened by 1.2 percentage points. 

The country’s total external trade in February 2008 rose to US$8.6 billion, posting a 16.1 percent increment compared to US$7.4 billion exhibited in the same month a year ago. However, the corresponding balance of trade for the month slipped to a US$379 million deficit compared to the US$27 million surplus registered in February 2007.

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 February 2008 data on imports on April 25, 2008, later than the target date of release by 12 days. 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/sectordata/2008/tr080201.htm