Merchandise Export Performance : December 2007

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

DECEMBER 2007 MERCHANDISE EXPORTS INCREASE BY 21.4 PERCENT

Export earnings in December 2007 went up by 21.4 percent to $4.478 billion from $3.690 billion in December 2006.  Compared to the previous month’s level, an increase of 13.5 percent from $3.948 billion had recorded.

ELECTRONIC PRODUCTS DOWN BY 12.3 PERCENT

Accounting for the largest share of the aggregate export revenue of 56.7 percent in December 2007, exports of Electronic Products had improved posting an increase of 12.3 percent to $2.541 billion from $2.263 billion in December 2006.  The same is true with the previous month’s level where a 4.9 percent growth from $2.421 billion has noted. This is due to the increase in the exportation of components/devices (semiconductors), consumer electronics and automotive electronics.

Cathodes and Section of Cathodes of Refined Copper ranked second with total revenue of $182.28 million, increased by 67.0 percent from $109.13 million in December 2006.

Despite its continued decline in the aggregate receipt by 7.8 percent to $180.68 million from $196.02 million in December 2006, Articles of Apparel and Clothing Accessories ranked third with a 4.0 percent combined share of the total exports.

Petroleum Products ranked fourth with export receipts of $170.68 million or a year-on-year growth of 352.3 percent from $37.74 million in December 2006. This is due to the high volume of importation of fuel oils and naptha. 

Coconut Oil ranked fifth with sales amounting to $107.43 million or a growth of 111.7 percent from $50.74 million in December 2006. 

Rounding up the list of the top ten exports for the month of December 2007 were Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consisted only of electrical wiring harness for motor vehicles) with export revenue of $84.79 million or 13.0 percent increase from the same month in 2006; Woodcrafts and Furniture, $77.28 million or a growth of 24.7 percent; Other Products Manufactured from Materials Imported on Consignment Basis with proceeds billed at $46.00 million, down by 31.7 percent; Gold (extracted from copper ores and concentrates), $43.98 million or an increase of 187.3 percent; and Metal Components, $40.08 million or a year-on-year growth of 4.7 percent. 

Total receipts from the top ten exports reached $3.474 billion, or 77.6 percent of the total exports.

Fig. 1  Philippine Top Five Exports: December  2007 and 2006
(F.O.B. Value in Million US Dollars)
 

EXPORTS OF MANUFACTURED GOODS DOWN BY 12.6 PERCENT

Accounting for 79.4 percent of the total receipts, export of Manufactured Goods was $3.557 billion, or 12.6 percent growth from $3.159 billion in December 2006.  

All Agro-Based Products with a 5.2 percent share of the total export receipts generated a combined income of $232.87 million, up by 35.3 percent from $172.15 million in December 2006. 

Earnings from Mineral Products reached $289.40 million or 6.5 percent share of the total export revenue, recording a 63.7 percent increase from $176.78 million in December 2006. 

Petroleum Products with a 3.8 percent share of the total exports receipts, increased by 352.3 percent to $170.68 million from $37.74 million in December 2006. 

Export receipts of Special Transactions increased by 60.8 percent to $226.69 million from $140.96 million in December 2006.  Meanwhile, exports revenue of Forest Products went down by 65.3 percent to $1.31 million from $3.77 million in December 2006.

Fig. 2  Philippine Exports by Commodity Group: December 2007 and 2006
(F.O.B. Value in Million US Dollars)
 

EXPORTS TO UNITED STATES ACCOUNT FOR 16.2 PERCENT

Accounting for 16.2 percent of the country’s aggregate income for the month, United States of America (USA) remained to be the top market of the country for December with export receipts of $725.40 million, up by 7.7 percent from $673.80 million in December 2006.

Japan followed as the second top market for the month with  export receipts of $641.14 million or 14.3 percent share of the total exports, up by 19.9 percent from $534.77 million in December 2006.

People’s Republic of China emerged as the third biggest market for the month with shipments amounting to $515.15 million or 11.5 percent of the total, increased by 12.8 percent from its year-ago level of $456.79 million.

Hong Kong ranked fourth with $488.01 million or 10.9 percent of the total revenue, up by 64.9 percent from $296.04 million in December 2006.

Other top markets for December 2007 were Netherlands, $382.92 million; Singapore, $379.21 million; Germany, $188.09 million; Malaysia, $185.79 million; Republic of Korea, $171.87 million; and Thailand, $128.94 million.

Total export receipts from RP’s top ten markets for the month of December 2007 amounted to $3.807 billion or 85.0 percent of the total.

       Fig. 3  Philippine Exports by Top Markets : December 2007
  (F.O.B. Value in Million US Dollars)

Technical Note:

Starting with the January 2007 Press Release, analysis and tables are based on the 2004 Philippine Standard Commodity Classification (PSCC) groupings.  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