Eight-Month Export Revenue Expands by 22.8 Percent

Revenue earned from merchandise exports posted a 22.8 percent increase as January to August 1997 receipts reached $16.023 billion exceeding $13.050 billion in 1996 by $2.973 billion.

Value of exports for August alone grew by 27.2 percent to $2.256 billion, an increase of $482 million from $1.774 billion a year earlier. Compared to the previous month, exports gained by 9.1 percent from $2.067 billion.

Electronics and Components Remain Top August Exports

Aggregate export revenue from Electronics and Components, accounting for 43.9 percent of the total, rose by 48.5 percent to $989.45 million from $666.49 million the previous year.

The second biggest earner with a 10.7 percent share was Articles of Apparel and Clothing Accessories with a total export value of $240.61 million or 5.0 percent higher than $229.35 million a year ago.

Representing almost 7.0 percent of the total receipts was Input/Output/ Peripheral Units valued at $157.51 million, or an increase of 196.13 percent over $53.19 million last year.

Coconut Oil remained at number four position with total export receipts placed at $66.48 million which grew by 99.8 percent from $33.28 million in 1996.

At number five was Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships with total earnings of $50.46 million, or a 4.8 percent increase from $48.13 million the previous year.

Other major exports for the month were: Woodcraft and Furniture, $39.58 million; Metal Components, $29.66 million; Other Products Manufactured from Materials Imported on Consignment Basis, $26.82 million; Gold, $24.93 million; and Bananas (fresh), $20.00 million.

The top ten merchandise exports for August 1997 posted a combined revenue of $1,645.50 million, or almost 73.0 percent of the total.

Manufactured Goods Account for 87.4 Percent

Accounting for 87.4 percent of the total export revenue were manufactured goods led by electronics, garments, and machinery and transport equipment with dollar earnings of $1.971 billion or 30.2 percent increase over $1.514 billion last year..

Receipts from Agro-Based Products rose by 37.0 percent to $166.75 million compared to $121.66 million in 1996.

Mineral Products, notably copper metal and representing 2.6 percent of the total export value, dipped by 23.6 percent to $58.75 million from $76.88 million last year.

US Share of Exports at 36.8 Percent

The United States remained the biggest market for exports accounting for 36.8 percent of the total. Purchases by the US amounted to $829.38 million and rose by 35.7 percent from $611.09 million in 1996.

Exports to Japan, still the second biggest market with a 15.6 percent share, amounted to $351.29 million, which was an increase of 6.5 percent over $329.94 million last year.

The third biggest market was Singapore. Total exports was valued at $140.22 million, which was an increase of 64.6 percent over the 1996 level of $85.17 million and represented 6.2 percent of the total.

The Netherlands, accounting for almost 6.2 percent of the total exports value, bought $138.71 million worth of merchandise exports, which was 36.4 percent higher than $101.72 million a year ago.

Rounding up the list of the top ten markets for August 1997 were: Taiwan, $113.74 million; United Kingdom of Great Britain, $112.51 million; Hongkong, $105.21 million; Germany, $88.81 million; Thailand, $86.58 million; and Republic of Korea, $43.61 million.

Aggregate receipts from these top ten markets amounted to $2.010 billion or 89.1 percent of the total merchandise exports.