* Includes transactions that passed through Automated Export Documentation System (AEDS).
p - preliminary
r - revised

AUGUST 2008 MERCHANDISE EXPORTS ROSE BY 6.5 PERCENT

Export earnings in August 2008 increased by 6.5 percent to $4.388 billion from $4.121 billion in August 2007, an improvement from last month’s year-on-year growth of 4.4 percent.  Similarly, receipts from merchandise exports during January to August rose by 4.4 percent to $34.423 billion from $32.970 billion during the eight-month period in 2007.  Compared with the previous month's level, a decline of 1.1 percent was noted from $4.437 billion.

ELECTRONIC PRODUCTS DOWN BY 2.8 PERCENT

Accounting for 57.7 percent of the aggregate export revenue in August 2008, Electronic Products posted a decline of 2.8 percent to $2.531 billion from $2.603 billion in August 2007.  The same is true with the previous month's level where a decrease of 1.1 percent was likewise observed from $2.560 billion.

Articles of Apparel and Clothing Accessories was the country's second top earner in August 2008 with a combined share of 3.9 percent and an aggregate receipt of $172.52 million or 21.0 percent lower than the $218.49 million in August 2007.   

Petroleum Products followed as the third top earner in August 2008 with total revenue of $167.70 million or a share of 3.8 percent, up by 100.5 percent from $83.63 million in August 2007.

Cathodes and Sections of Cathodes of Refined Copper, ranked fourth in August 2008 with sales amounting to $135.60 million or a growth of 91.1 percent from $70.95 million in August 2007.

Woodcrafts and Furniture, ranked fifth with export receipts of $101.72 million or an annual increase of 31.3 percent from $77.46 million in August 2007.

Rounding up the list of the top ten exports for the month of August 2008 were  Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consisted only of electrical wiring harness for motor vehicles) with receipts of $67.46 million down by 3.8 percent; Metal Components valued at $57.77 million or an increase of 45.0 percent; Other Products Manufactured from Materials Imported on Consignment Basis with proceeds billed at $54.23 million or 3.3 percent increase; Coconut Oil with receipts of $52.56 million down by 20.4 percent;  and Tuna  with export revenue of $39.09 million, up by 125.3 percent from August 2007 level . 

Total receipts from the top ten exports reached $3.780 billion, or 77.0 percent of the total exports.

Fig. 1  Philippine Top Five Exports: August 2008 and 2007
(F.O.B. Value in Million US Dollars)
 

EXPORTS OF MANUFACTURED GOODS STANDS AT $3.649 BILLION

Accounting for 83.2 percent of the total receipts, export of Manufactured Goods in August 2008 was $3.649 billion slightly went up by a 1.9 percent from $3.580 billion in August 2007.  

Income from All Agro-Based Products in August 2008 rose by 3.9 percent to $209.44 million from $201.49 million in August 2007.

Earnings from Mineral Products in August 2008 reached $249.01 million or a 5.7 percent share of the total export revenue, rose by 61.5 percent from $154.15 million in August 2007.

Export receipts from Special Transactions with a share of 2.5 percent increased by 11.2 percent to $110.37 million from $99.29 million in August 2007.  On the other hand, Petroleum Products increased by 100.5 percent in August 2008 to $167.70 million from $83.63 million in August 2007 while exports revenue of Forest Products shrank by 42.4 percent to $1.87 million from $3.25 million recorded in August 2007.

Fig. 2  Philippine Exports by Commodity Group: August 2008 and 2007
(F.O.B. Value in Million US Dollars)
 

EXPORTS TO JAPAN ACCOUNT FOR 16.1 PERCENT

Japan was the top market of the country for August 2008 with export receipts of $707.87 million, accounting for 16.1 percent of the country�s aggregate income for the month, up by 13.3 percent from $624.55 million in August 2007.

United States of America (USA) followed as the second top market of the country for August 2008 with export earnings of $652.77 million or 14.9 percent share of the total exports, down by 14.9 percent from $766.70 million in August 2007.

People's Republic of China emerged as the third biggest market for August 2008 with shipments amounting to $503.23 million or 11.5 percent of the total exports, increased by 7.9 percent from a year ago level of $466.22 million.

Hong Kong ranked fourth in August 2008 with $472.77 million or 10.8 percent of the total exports, up by 10.8 percent from $426.66 million in August 2007.

Other top ten markets for August 2008 were Netherlands, $320.71 million; Singapore, $264.56 million; Republic of Korea, $197.92 million; Malaysia, $197.21 million; Taiwan, $185.95 million; and Thailand, $156.19 million.

Total export receipts from RP's top ten markets for the month of August 2008 amounted to $3.659 billion or 83.4 percent of the total.

                                  Fig. 3  Philippine Top Exports by Country: August 2008
                                                  (F.O.B. Value in Million US Dollars)

Technical Note:

Starting on January 2007 Press Release, analysis and tables are based on 2004 Philippine Standard Commodity Classification (PSCC) groupings (as amended in 1999).  This is in compliance with   NSCB   Resolution No. 03, Series of 2005 entitled  Approving and Adopting the 2004 Philippine Standard Commodity Classification  by all concerned government agencies and instrumentalities.

Source:    Foreign Trade Statistics Section
               Industry and Trade Statistics Department
               National Statistics Office
               Manila, Philippines