FEBRUARY 2007 MERCHANDISE EXPORTS UP BY 7.0 PERCENT

Export earnings in February 2007 inched up by 7.0 percent to $3.689 billion from $3.447 billion in February 2006. Receipts from merchandise exports during January to February, on the other hand, rose to 14.2 percent to $7.676 billion from $6.719 billion during the same two-month in 2006.

ELECTRONIC PRODUCTS INCREASE BY 12.3 PERCENT

Accounting for 63.5 percent of the aggregate export revenue in February, Electronic Productswent up by 12.3 percent to $2.344 billion from $2.087 billion in February 2006.   Other electronic products that showed year-on-year increases are Components/Devices (Semiconductor) at 4.7 percent with a share of 48.5 percent; Electronic Data Processing at 65.4 percent with a share of 11.6 percent; Automotive Electronics at 172.7 percent with a share of 0.9 percent; Office Equipment at 32.0 percent with a share of 0.8 percent; and Communication/Radar at 124.6 percent with a share of 0.6 percent.  As noted, Medical/Industrial Instrumentation commodity group remained to record a triple digit year-on-year growth, although its share to total exports is only 0.1 percent.

Articles of Apparel and Clothing Accessories continued to be the countrys second top earner with a combined share of 5.5 percent and an aggregate receipt of $201.43 million or 5.9 percent lower than $214.00 million in February 2006.

Cathodes and Sections of Cathodes of Refined Copper, ranked third with total revenue of $97.94 million reflecting a 39.5 percent climb from $70.22 million in February 2006.

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 $72.10 million or a growth of 18.5 percent from $60.85 million in February 2006.

Woodcrafts and Furniture, ranked fifth with export receipts of $66.21 million or a year-on-year decline of 25.3 percent from $88.63 million in February 2006.

Rounding up the list of the top exports for the month of February 2006 were Other Products Manufactured from Materials Imported on Consignment Basis, $63.08 million or an annual growth of 6.2 percent; Metal Components with an export valued at $33.67 million, decline by 15.9 percent; Petroleum Products, $33.61 million or a decrease of 25.4 percent; Bananas(Fresh) with proceeds billed at $32.03 million or an increase of 14.3 percent; and Coconut Oil,with export revenue of $28.62 million or 106.8 percent growth from the same month in 2006 due to the huge demand for coconut (copra) oil, refined (cochin).

Total receipts from the top ten exports reached $2.972 billion, or 80.6 percent of the total exports.

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

EXPORTS OF MANUFACTURED GOODS UP BY 9.7 PERCENT

Accounting for 87.7 percent of the total receipts, export of Manufactured Goods was $3.236 billion or a 9.7 percent increase from $2.951 billion in February 2006.  

Earnings from Mineral Products reached $172.14 million or 4.7 percent of the total export revenue, a growth of 53.7 percent from $111.99 million recorded in February 2006.

Income from All Agro-Based Products went up by 17.6 percent to $141.05 million from $119.91 million, while receipts from exports of the Special Transactions decline by 53.1 percent to $102.38 million from $218.17 million.

Petroleum Products, on the other hand, continued to decline by 25.4 percent to $33.61 million from $45.05 million in February 2006.  Meanwhile, exports revenue of Forest Products went up by 258.8 percent to $3.86 million from $1.08 million recorded in February 2006.

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

EXPORTS TO UNITED STATES ACCOUNT FOR 17.6 PERCENT

United States of America (USA) remained to be the top market of the country for February with export receipts of $652.40 million, accounting for 17.7 percent of the countrys aggregate income for the month. However, receipts went down by 0.7 percent from $657.04 million reported in February 2006.

Japan followed with earnings of $530.65 million or a 14.4 percent share of the total exports for the month which resulted to a decline of 15.9 percent from $630.88 million recorded in February 2006.

Peoples Republic of China emerged as the third biggest market for the month with shipments amounting to $454.32 million or 12.3 percent of the total, an increment of 40.8 percent from a year ago level of $322.66 million.

Hong Kong, with $399.52 million or 10.8 percent of the total revenue, reflected a 76.3 percent increase from $226.64 million in February 2006.

Other top markets for February 2006 were Netherlands, $292.97 million; Singapore, $244.48million; Malaysia, $174.23 million; Germany, $151.34 million; Taiwan, $149.87 million; andRepublic of Korea, $111.31 million.

Total export receipts from RPs top ten markets for the month of February 2007 amounted to $3.161 billion or 86.2 percent of the total.

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

Technical Note:

Starting this 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