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

DECEMBER 2006 MERCHANDISE EXPORTS DECLINE BY 3.8 PERCENT

Export earnings in December 2006 declined by 3.8 percent to $3.681 billion from $3.827 billion in December 2005, which is due to the decrease in the shipments of semiconductors, petroleum products, coconut oil, consumer electronics, articles of apparel and clothing accessories, automotive electronics and telecommunication.   However, cumulative exports for January to December 2006 sustained its growth, rising to 14.0 percent to $47.028 billion from $41.255 billion during the same 12-month period in 2005.

ELECTRONIC PRODUCTS SHRINK BY 12.1 PERCENT

Accounting for 61.5 percent of the aggregate export revenue in December, Electronic Products went down by 12.1 percent to $2.263 billion from $2.574 billion in December 2005.

Among the major groups of electronic products, Components/Devices (Semiconductors) had the biggest share of 46.3 percent to total exports, declined by 15.1 percent to $1.703 billion from $2.006 billion during the same month in 2005. Other electronic products that contributed to the decline are Consumer Electronics, (-58.7 percent); Automotive Electronics, (-31.0 percent); and Telecommunication (-27.3 percent).  Interestingly, Medical/Industrial Instrumentation commodity group remained to record the highest year-on-year growth of 211.4 percent, although it share to total exports is only 0.1 percent.

 Articles of Apparel and Clothing Accessories remained as the countrys second top earner with a combined share of 5.3 percent and an aggregate receipt of $195.88 million or 7.6 percent lower than $212.03 million in December 2005.

Cathodes and Sections of Cathodes of Refined Copper, ranked third with total revenue of $109.13 million reflecting a 532.1 percent climb from $17.26 million during the same month in 2005, the highest growth recorded in 2006. Except for January and March, this commodity group continued to sustain its triple-digit growth due to increasing demand for this commodity.

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consisted only of electrical wiring harness for motor vehicles), ranked fourth with sales amounting to $75.01 million or a growth of 21.8 percent from $61.59 million in December 2005.

Other Products Manufactured from Materials Imported on Consignment Basis, ranked fifth with export receipts of $67.41 million or a year-on-year growth of 37.6 percent from $49.00 million in December 2005.

Rounding up the list of the top exports for the month of December 2006 were Woodcrafts and Furniture, $61.88 million or an annual growth of 107.1 percent due to the increase in the shipments of other builders joinery and carpentry of wood; Coconut Oil, with revenue recorded at $50.62 million or a decrease of 45.7 percent; Bananas (Fresh) with an export valued at $42.48 million, up by 6.6 percent; Metal Components with proceeds billed at $38.18 million or a growth of 16.5 percent; and Petroleum Products with export revenue of $28.00 million or 65.6 percent decrease from the same month in 2005. 

Total receipts from the top ten exports reached $2.931 billion, or 79.6 percent of the total exports.

Fig. 1  Philippine Top Exports: December 2006 and 2005
(F.O.B. Value in Million US Dollars)
 

EXPORTS OF MANUFACTURED GOODS DECLINE BY 6.2 PERCENT

Accounting for 86.6 percent of the total receipts, export of Manufactured Goods was $3.187 billion or a 6.2 percent decrease from $3.396 billion in December 2005.  

Earnings from Mineral Products reached $176.78 million or 4.8 percent of the total export revenue. This commodity group continued to record a triple-digit growth since April 2006 due to the upswing in the shipments of copper (metal and concentrates) and gold.

Income from All Agro-Based Products went down by 18.1 percent to $175.54 million from $214.26 million, while receipts from exports of the Special Transaction grew by 50.0 percent to $110.34 million from $73.54 million.

Petroleum Products, on the other hand, declined by 65.6 percent to $28.00 million from $81.40 million in December 2005.  However, cumulative revenue of this commodity group for January to December 2006 remained to register a positive growth of 44.5 percent to $846.363 billion from $585.748 billion during the same 12-month period in 2005.  Meanwhile, exports revenue of Forest Products shrank by 17.7 percent to $3.27 million from $3.97 million recorded in December 2005.

Fig. 2  Philippine Exports by Commodity Group: December 2006 and 2005
(F.O.B. Value in Million US Dollars)
 

EXPORTS TO UNITED STATES ACCOUNT FOR 18.2 PERCENT

United States of America (USA) is still the top market of the country for December with export receipts of $671.27 million, accounting for 18.2 percent of the countrys aggregate income for the month. However, its export receipts declined by 11.3 percent from last year's reported figure of $756.61 million.

Japan followed with earnings of $530.59 million or a 14.4 percent share of the total exports for the month which resulted to a decline of 17.9 percent from $646.57 million recorded in December 2005.

People�s Republic of China emerged as the third biggest market for the month with shipments amounting to $456.04 million or 12.4 percent of the total, an increment of 18.3 percent from a year ago level of $385.61 million.

Netherlands, with a $314.02 million or 8.5 percent of the total revenue, reflected a 13.5 percent decline from $362.99 million in December 2005.

Other top markets for December 2006 were Hong Kong, $294.00 million; Singapore, $248.15 million; Malaysia, $217.67 million; Taiwan, $154.28 million; Germany, $144.93 million; and Republic of Korea, $94.30 million.

Total export receipts from RPs top ten markets for the month of December amounted to $3.125 billion or 84.9 percent of the total.

 Fig. 3  Philippine Top Exports by Country: December 2006
 (F.O.B. Value in Million US Dollars)

Technical Notes:

1. Analysis and Tables 1 to 3 in this Press Release are based on data using the 1993 Philippine Standard Commodity Classification (PSCC) groupings  (as amended in 1999).

2. Starting with the July 2006 series of Foreign Trade Statistics (FTS), additional tables (Tables 4 and 5) using the 2004 PSCC groupings are provided.

3.The adoption of the 2004 PSCC 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.

4. In view of the adoption of the new classification system, the NSO shall issue two sets of detailed tables: 7-digit commodity code following the 1993 PSCC (as amended in 1999) and a 10-digit commodity code following the 2004 PSCC simultaneously, until the December 2006 FTS.  These detailed tables are available upon request from the NSO-Industry and Trade Statistics Department.

5. Beginning with the January 2007 FTS, which is scheduled to be released on March 9, 2007, only the 2004 PSCC groupings will be released by NSO.

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