Philippine export trade first six months 90% with U. S.

Title

Creator

Hester, E. D.

Language

English

Source

The American Chamber of Commerce Journal Volume XIII (Issue No.9) September 1933

Year

1933

Rights

In Copyright - Educational Use Permitted

Fulltext

THE AMERICAN CHAMBER OF COMMERCE JOURNAL September, 1933 Philippine Export Trade First Six Months 90% With U. S. Data from E. D. Hester, Trade Commisioner The value of all exports was advanced by increased quanti ties, especially of sugar, copra and abaca (Manila hemp) sustained against lower price levels. The total value at about 1*122,000,000 was 22 per cent above that for the first half of last year. Sugars, valued at approximately 1*89,000,000, were up 25 per cent and composed 73 per cent of the value of all experts. The quantity of centrifugal was a third greater than a year ago while refined and molasses were down in both values and tonnage and mus covado (semi-raw brown) practically disappeared. The coconut group accounted for nearly 1*16,500,000, or 10 per cent up. Of the separate items: the tonnage of copra more than doubled to yield a 50 per cent gain in value; oil, cake and meal, all slightly up in tonnage were off in values; desiccated lost in both respects. Fibers and their manufactures held the same group value at near 1*7,100,000. Abaca and cordage, both decided ly forward in tonnage, suffered lower value. Gross fibers and hats each registered gains both in quantity and value. Except for improvement in the very minor item of cigarettes, all items in the tobacco group declined both in value and quantity. Leaf at less than 1*2,000,000 was 40 per cent under the cor responding period last year. Cigars, a fifth less in number, decreased nearly a third in value. Embroideries were down by one third of their value for the equal period in 1932. In wood, the value decline was in dexed at 17 per cent but was entirely due to lower prices. The ratio between rough timber and sawed lumber con tinued to increase in favor of the former resulting in considerably lessed sawmill activity. The details of the principal exports so far as available at present are appended. Our Comment Whoever studies this table of Trade Commissioner Hester’s on current Philippine export trade can’t escape the proof it Philippine Exports. January to June, 1932 and 1933 Centrifugal, pesos... Muscovado, pesos... Refined, pesos............ Molasses, pesos......... metric tons............. Coconut products, pesos. Oil, pesos.................... Desiccated, pesos.... metric tons............ Cake & meal, pesos. Abaca, pesos.............. Other raw fibers, Cloth, pesos............... Cordage, pesos.......... Hats, pesos................. _ thousands................ Knotted abaca, pesos metric tons............ Tobacco <k manufacCigarB. pesos.............. ^thousands................ Other tobacco............ metric tons............. Embroideries, pesos .... On cotton, pesos.. . . On Bilk, pesos............ Wood, pesos................... Timber 4 logs, pesos Sawed lumber............ contains of the vital importance of the American market to these islands. Total value of exports in the first half of this year was up Pl7,000,000 over the value of all exports during the same period a year, because of sugar sold wholly in fnfe United States. The Philippines, during the first half of this year, had consistent adverse visible trade balances with all countries save one, except with the United States where their visible trade balance was favorable by 1*67,000,000, materially more than the total tax revenue of the insular government. Invisible items tend of course to set this balance right with the United States. Effort has been made to indi cate some of these items in sums of money, but no capitulations could be reached. A few facts can be stated. Gold, for instance, mined in the Philip pines and sent to the United States practically offsets funds sent the Philip pines on account of the army and navy. There has been comparatively heavy investing (and much more speculation, buying and selling) in American secu rities. A leading broker estimates pur chases of these securities in excess of sales at $600,000, or Fl,200,000. Four banks at least are actively in the business of effecting such transactions for their patrons, and there are other brokers; it may be estimated that P7,000,000 or F8,000,000 from the Philippines were invested in American securities during the period under review. Re mittances of profits, as from the sugar industry, from banks and insurance companies, marine insurance premiums and freight charges are all invisible items of trade tending to offset the visible balance in favor of the Philip pines. The even tenor of exchange rates hints that they do so adequately enough. Yet it remains a fact that not only do the Philippines find in the United States customers buying 90% of their surplus products, but they find this trade advantageous above all other overseas trade they have. —W. R. January 88,864.067 83,659,543 731,536 60 5,015,206 32,828 189,258 40,931 1932 70,715.163 64.687,280 557,398 9,319 171 5,211,340 33.297 807,224 62,663 6,737,185 7,525j 65 62,824 831,958 36,093 1,318.378 6,919 14,861,311 4,239.579 52,354 8,167,065 59,178 1,007,094 35,675 1,448.083 7,584 441,933 5,320 626 158,957 132 7.103.352 5,339,686 52,519 327,437 4,858 4.852 1,593 681,791 1,904 491,532 310 258,054 154 4,151.659 1,824.473 7,173 2,158,255 65,555 44,048 14,329 124,883 390 1.98S.785 1,928,991 64,726 68 3,036.87,3 2,957,852 78,028 963 815,066 355.453 51,239 460,513 18,054 982.607 437.607 44.588 545.174 19.350 Other exports, pesos. .. . 2,478,411 1,638,362 Total Exports, pesos. . 121,811,422 104,786,531

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