Merchandise exports register 10.0 percent increase

Registered earnings for December 2002 went up by 10.0 percent to $2.909 billion from $2.645 billion during the same month last year.

Receipts from merchandise exports for January to December 2002 grew by 9.0 percent to $35.061 billion from $32.150 billion during the same period in 2001.

Electronic components increase by 11.5 percent

Receipts from electronic components, accounting for 52.4 percent of the aggregate export revenue for the month, increased by 11.5 percent to $1.524 billion from $1.367 billion last year.

Articles of apparel and clothing accessories remained as the country's second top earner with a combined share of 8.6 percent and an aggregate receipt of $250.85 million or 14.3 percent higher than $219.54 million a year earlier.

Coconut oil, ranked third with a total revenue of $42.14 million reflecting a 39.5 percent increase from $30.2 million last year.

Petroleum products ranked fourth with sales amounting to $40.12 million or a year-on-year increase of 20.5 percent from $33.29 million.

Revenue from other products manufactured from materials imported on consignment basis grew by 24.6 percent to $39.57 million from $31.76 million during the same month of 2001.

Rounding-up the list of the top exports for the month of December 2002 were: ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, $38.90 million; woodcrafts and furniture, $35.71 million; metal components, $34.84 million; bananas (fresh), $25.28 million; and cathodes and sections of cathodes, of refined copper, $14.33 million.

Aggregate receipt for the top ten exports amounted to $2.046 billion, or 70.3 percent of the total exports.

Figure 1. Philippine Top Exports in December: 2001 and 2002
(F.O.B. Value in Million US Dollar)

Manufactured goods increase by 20.5 percent

Accounting for 89.3 percent of the total receipts, exports of manufactured goods increased by 10.5 percent as sales reached $2.596 billion, from $2.350 billion during the same period a year ago.

Income from agro-based products, combined for $140.02 million or 4.8 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group went up by 15.8 percent from $120.88 million.

Special transactions decreased by 18.4 percent to $85.82 million from $105.23 million, while receipt from exports of mineral products increased by 23.3 percent to $44.75 million from $36.30 million.

Petroleum products contributed $40.12 million, while forest products registered $1.77 million dollars.

Figure 2. Philippine Exports by Commodity Group in December:
2001 and 2002
(F.O.B. Value in Million US Dollar)

Exports to U.S. account for 23.6 percent

Accounting for 23.6 percent of the country's aggregate receipts for the month, exports to the United States valued at $685.33 million, decreased by 2.4 percent from last year's reported figure of $702.55 million.

Japan followed with a 15.8 percent share. Valued at $459.26 million, exports to Japan grew by 21.7 percent from $377.43 million.

Hong Kong accounted for 8.2 percent of the total receipts, at $238.54 million reflecting a 78.3 percent increase from $133.80 million a year earlier.

Netherlands emerged as the fourth biggest market for the month as shipments of local goods amounted to $219.17 million or 7.5 percent of the total. Compared to the same month last year figure, receipts dropped by 21.4 percent from $278.76 million. Other top markets for December 2002 were: Singapore, $200.0 million; Taiwan, $189.0 million; Malaysia, $141.62 million; People's Republic of China, $116.96 million;, Republic of Korea, $111.81 million; and Germany, $104.50 million.

Total export receipts from RP's top ten markets amounted to $2.466 billion or 84.8 percent of the total.

Figure 3. Philippine Top Exports by Country in December, 2002
(F.O.B. Value in Million US Dollar)

Source: National Statistics Office
             Manila, Philippines