Merchandise exports up by 13.7 percent

Export earnings for August 2004 went up by 13.7 percent to $3.415 billion from $3.003 billion during the same month of the previous year. This is the second double-digit positive growth recorded since January of the current year.

Receipts from merchandise exports for January to August 2004 gained by 8.5 percent to $25.255 billion from $23.277 billion during the same period a year earlier.

Electronic products register 15.7 percent increase

Electronic products, accounting for 65.9 percent of the aggregate export revenue in August, continued to exhibit a positive rate at 15.7 percent to $2.251 billion from $1.945 billion last year.

Among the major groups of electronic products, components/devices (semiconductors) got the biggest share with 46.7 percent share to total exports. Semiconductors posted a positive growth at 14.8 percent to $1.596 billion from $1.390 billion during the same month in 2003. Among the electronic products group that showed growth were: telecommunication at 315.5 percent with a share of 0.8 percent, communication/radar at 35.4 percent with a share of 1.2 percent, and control and instrumentation at 35.0 percent with a share of 0.01 percent to total exports. Medical/Industrial Instrumentation is the only sector who showed a negative growth of 40.8 percent.

Articles of apparel and clothing accessories remained as the country's second top earner with a combined share of 6.7 percent and an aggregate receipt of $229.47 million or 11.6 percent higher than $205.67 million a year earlier.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (consists only of electrical wiring harness for motor vehicles) ranked third with total revenue of $87.2 million reflecting an 85.8 percent positive rate from $46.94 million during the same period of 2003.

Coconut oil ranked fourth with sales amounting to $49.34 million or a year-on-year positive growth of 17.3 percent from $42.07 million.

Revenue from petroleum products, dropped by 33.9 percent to $41.17 million from $62.3 million.

Rounding up the list of the top exports for the month of August 2004 were: other products manufactured from materials imported on consignment basis, $39.37 million; woodcrafts and furniture, $36.31 million; metal components,$32.42 million; cathodes and sections of cathodes, of refined copper,$30.30 million; and bananas (fresh), $21.91 million.

Total receipts for the top ten exports reached $2.819 billion, or 82.5 percent of the total exports.

Fig. 1. Philippine Top Exports: August: 2003 and 2004
(F.O.B. Value in Million US Dollars)

 Manufactured goods increase by 16.2 percent

Accounting for 89.9 percent of the total receipts, exports of manufactured goods grew by 16.2 percent as sales amounted to $3.071 billion, from $2.642 billion during the same period of 2003.

Income from all agro-based products combined for $155.97 million or 4.6 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group rose by 1.4 percent from $153.83 million.

Sales of special transactions declined by 17.1 percent to $77.73 million from $93.72 million while receipts from exports of mineral products improved by 36.4 percent to $67.26 million from $49.30 million.

Petroleum products registered earnings at $41.32 million, while forest products contributed $2.37 million dollars.

Fig. 2. Philippine Exports by Commodity Group: August: 2003 and 2004
(F.O.B. Value in Million US Dollars)

 

Exports to U.S. account for 24.8 percent

Accounting for 24.8 percent of the country's aggregate income for the month, exports to United States was valued at $847.92 million. Receipts increased by 34.7 percent from last year's reported figure of $629.69 million.

Japan followed with a 19.6 percent share. Earnings at $667.86 million, exports to Japan went up by 44.3 percent from $462.71 million.

Singapore emerged as the third biggest market for the month as shipments of local goods amounted to $260.03 million or 7.6 percent of the total. Receipts climbed by 27.6 percent from $203.76 million compared to the same period of 2003.

Hong Kong accounted for 7.4 percent of the total receipts, with $254.2 million reflecting a 0.7 percent increase from $252.34 million during the same month a year earlier.

Other top markets for August 2004 were: People's Republic of China, $223.35 million; Taiwan, $171.99 million; Malaysia, $166.79 million; Netherlands, $113.04 million; Germany, $100.63 million; and Vietnam, $86.61 million.

Total export receipts from RP's top ten markets for the month of August amounted to $2.892 billion or 84.7 percent of the total.

Fig. 3. Philippine Top Exports by Country: August 2004
(F.O.B. Value in Million US Dollars)

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