Merchandise exports declined by 2.2 percent

Registered earnings for August 2003 dropped by 2.2 percent to $2.966 billion from $3.032 billion during the same month last year.

Receipts from merchandise exports for January to August 2003 rose by 0.2 percent to $23.002 billion from $22.967 billion during the same period last year.

Electronic products decreased by 7.2 percent

Electronic products, accounting for 64.3 percent of the aggregate export revenue for the month, went down by 7.2 percent to $1.907 billion from $2.054 billion last year. Among the major groups of electronic products,components/devices (Semiconductors) dominate the groupings with 45.9 percent share to total exports. However, it fell by 4.6 percent to $1.361 billion from $1.426 billion during the same period a year earlier.

Articles of apparel and clothing accessories remained as the second top earner with a combined share of 7.0 percent and an aggregate receipt of $206.77 million or 5.0 percent lower than $217.71 million a year ago.

Petroleum products ranked third with a total revenue of $62.30 million reflecting a 101.2 percent increase from $30.97 million during the same period of 2002.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (consists only of electrical wiring harness for motor vehicles) ranked fourth with sales amounting to $46.94 million or a year-on-year increase of 19.1 percent from $39.41 million.

Revenue from coconut oil increased by 40.8 percent to $42.07 million from $29.87 million during the same month of 2002.

Rounding-up the list of the top exports for the month of August 2003 were:other products manufactured from materials imported on consignment basis, $41.41 million; woodcrafts and furniture, $40.91million; bananas (fresh), $32.02 million; cathodes & sections of cathodes, of refined copper, $23.80 million; and metal components, $22.23 million.

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

 Manufactured goods dropped by 4.0 percent

Accounting for 87.8 percent of the total receipts, exports of manufactured goods continued to decelerate at 4.0 percent as sales amounted to $2.604 billion from $2.713 billion during the same month a year earlier.

Income from all agro-based products, combined for $153.75 million or 5.2 percent of the total export revenue. Compared to last year, aggregate receipts for this commodity group rose by 22.1 percent from $125.93 million.

Receipts from special transactions fell by 9.0 percent to $95.64 million from $105.06 million, while receipts from exports of mineral products went down by 9.4 percent to $49.31 million from $54.39 million.

Petroleum products registered $62.30 million, while forest products contributed $2.02 million dollars.

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

Exports to U.S. account for 20.8 percent

Accounting for 20.8 percent of the aggregate receipts for the month, exports to the United States valued at $618.01 million, dropped by 19.9 percent from the reported figure of $771.92 million last year.

Japan followed with a 15.5 percent share. Valued at $460.36 million, exports to Japan went up by 9.6 percent from $420.24 million.

Netherlands accounted for 8.6 percent of the total receipts, with $255.49 million reflecting a 2.1 percent increase from $250.27 million during the same month a year ago.

Hong Kong, emerged as the fourth biggest market for the month as shipments of local goods amounted to $249.45 million or 8.4 percent of the total. Compared to the same period last year, receipts increased by 9.9 percent from $226.99 million. Other top markets for August 2003 were:Malaysia, $218.56 million; Singapore, $203.48 million; People�s Republic of China, $200.27 million; Taiwan, $167.28 million; Republic of Korea, $98.13 million; and Thailand, $97.81 million.

Total export receipts from the top ten markets for the month of August amounted to $2.569 billion or 87.0 percent of the total.

Fig. 3. Philippine Top Exports by Country: August 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

Page last revised:  October 3, 2003