Merchandise exports up by 7.5 percent

Registered export earnings for February 2004 increased by 7.5 percent to $2.999 billion from $2.789 billion during the same month last year.

Receipts from merchandise exports for January to February 2004 went up by 5.8 percent to $5.843 billion from $5.522 billion during the same period of 2003.

Electronic products increase by 6.6 percent

Electronic products, accounting for 65.9 percent of the aggregate export revenue in February, registered an increment of 6.6 percent to $1.976 billion from $1.854 billion last year.

Among the major groups of electronic products, component devices (semiconductors) dominated the groupings with 43.3 percent share to total exports. However, exports of semiconductors went down by 0.5 percent to $1.300 billion from $1.306 billion during the same period a year earlier. The other electronic products group that showed expansion were: edp at 20.93 percent with a 17.9 percent share; consumer electronics at 63.7 percent with a share of 1.7 percent; automotive electronics at 36.5 percent with a share of 1.1 percent; and communication and radar at 13.3 percent with a share of 1.0 percent to total exports.

Articles of apparel and clothing accessories remained as the countrys second top earner with a combined share of 6.2 percent and an aggregate receipt of $185.03 million or 6.8 percent lower than $198.43 million a year ago.

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 $56.06 million reflecting a 35.0 percent positive growth from $41.53 million during the same period of 2003.

Coconut oil ranked fourth with sales amounting to $49.92 million or a year-on-year growth of 37.4 percent from $36.32 million.

Revenue from other products manufactured from materials imported on consignments basis grew by 29.5 percent to $46.97 million from $36.28 million.

Rounding-up the list of the top exports for the month of February 2004 were: woodcrafts and furniture, $31.22 million; bananas (fresh), $25.13 million; metal components, $22.76 million; petroleum products, $21.00 million; and pineapple and pineapple products, $13.86 million.

Total receipts for the top ten exports reached $2.428 billion, or 81.0 percent of the total exports.

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

 Manufactured goods register 7.6 percent increase

Accounting for 88.8 percent of the total receipts, exports of manufactured goods went up by 7.6 percent as sales amounted to $2.662 billion, from $2.474 billion during the same month last year.

Income from all agro-based products, combined for $151.46 million or 5.1 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group accelerated by 10.8 percent from $136.64 million.

Special transactions were up by as much as 52.7 percent to $120.55 million from $78.93 million, while receipt from exports of mineral products picked up by 1.8 percent to $41.87 million from $41.12 million.

Petroleum products registered earnings at $21.0 million, while forest products contributed $2.04 million dollars.

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

 

Exports to Japan account for 17.4 percent

Accounting for 17.4 percent of the country’s aggregate income for the month, exports to Japan valued at $523.14 million, increased by 24.9 percent from last year's reported figure of $418.76 million.

United States followed with a 17.2 percent share. Valued at $516.10 million, exports to US dropped by 16.4 percent from $617.44 million.

Netherlands emerged as the third biggest market for the month as shipments of local goods amounted to $314.66 million or 10.5 percent of the total. Receipts climbed by 9.9 percent from $286.32 million compared to the same period of 2003.

Hong Kong accounted for 8.5 percent of the total receipts, with $255.10 million reflecting a 23.0 percent increment from $207.47 million during the same period last year. Other top markets for February 2004 were: Singapore, $203.86 million; Malaysia, $186.99 million; Taiwan, $164.33 million; Germany, $160.64 million; People’s Republic of China, $159.24 million; and Thailand, $92.23 million.

Total export receipts from RP’s top ten markets for the month of February amounted to $2.576 billion or 85.9 percent of the total.

Fig. 3. Philippine Top Exports by Country: February 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