Merchandise exports registered 1.8 percent decrease

Registered earnings for April 2003 decreased by 1.8 percent to $2.698 billion from $2.749 billion during the same month last year.

Receipts from merchandise exports for January to April 2003 increased by 3.2 percent to $11.206 billion from $10.857 billion during the same period in 2002.

Electronic products went down by 2.2 percent

Electronic products, accounting for 68.8 percent of the aggregate export revenue for the month, dropped by 2.2 percent to $1.856 billion from $1.897 billion last year. Despite the growth of 2.6 percent ($1.321 billion from $1.288 billion.) in the components/devices(semiconductors), the drop was mainly due to the decline in four subgroups including electronics data processing products, telecommunication products, communication/radar and control and instrumentation.

Articles of apparel and clothing accessories remained as the second top earner with a share of 5.2 percent and an aggregate receipt of $140.42 million or 8.9 percent lower than $154.11 million a year ago.

Petroleum products ranked third with a total revenue of $37.95 million reflecting a 25.7-percent increase from $30.20 million last year.

Other products manufactured from materials imported on consignment basis ranked fourth with sales amounting to $37.82 million or a year-on-year increase of 5.6 percent from $35.82 million.

Revenue from ignition wiring set and other wiring sets used in vehicles, aircrafts and ships declined by 26.4 percent to $31.21 million from $42.39 million during the same month of 2002.

Rounding-up the list of the top exports for the month of April 2003 werewoodcrafts and furniture, $28.03 million; bananas (fresh), $26.51million; coconut oil, $22.63 million; metal components, $16.94 million; and tuna, $13.81 million.

Aggregate receipts for the top ten exports amounted to $2.211 billion, or 81.9 percent of the total exports.

Figure 1. Philippine Top Exports: April: 2002 and 2003
(F.O.B. Value in Million US Dollars)

Manufactured goods declined by 2.0 percent

Accounting for 88.9 percent of the total receipts, exports ofmanufactured goods decreased by 2.0 percent as sales reached $2.400 billion, from $2.447 billion during the same period last year.

Income from all agro-based products combined for $131.30 million or 4.9 percent of the total export revenue. Compared to last year, aggregate receipts for this commodity group rose by 0.3 percent from $130.86 million.

Special transactions decreased by 18.2 percent to $84.77 million from $103.59 million, while receipts from exports of mineral productsincreased by 25.5 percent to $43.02 million from $34.28 million.

Petroleum products contributed $37.95 million, while forest productsadded $1.71 million dollars.

Figure 2. Philippine Exports by Commodity Group: April 2002 and 2003
(F.O.B. Value in Million US Dollars)
 
 

Exports to U.S. account for 19.4 percent

Accounting for 19.4 percent of the aggregate receipts for the month, exports to the United States valued at $524.69 million decelerated by 25.1 percent from $700.25 million last year.

Japan followed with a 15.1 percent share. Valued at $407.30 million, exports to Japan further went down by 6.0 percent from $433.17 million.

Netherlands accounted for 9.9 percent of the total receipts, with $267.02 million reflecting a 33.6 percent increase from $199.81 million during the same month last year.

Hong Kong emerged as the fourth biggest market for the month as shipments of local goods amounted to $224.51 million or 8.3 percent of the total. Compared to the $153.93 million reported last year, receipts grew by 45.9 percent. Other top markets for April 2003 were Malaysia,$197.70 million; Singapore, $186.85 million; Taiwan, $162.52 million;Peoples Republic of China, $144.88 million; Germany, $121.81 million; and Thailand, $102.72 million.

Total export receipts from the top ten markets amounted to $2.340 billion or 86.7 percent of the total.

Figure 3. Philippine Top Exports by Country: April 2003
(F.O.B. Value in Million US Dollars)

Source:  Economic Indices and Indicators Division
               Industry and Trade Statistics Department
               National Statistics Office
               Manila, Philippines