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

FEBRUARY 2008 MERCHANDISE EXPORTS INCREASE BY 10.7 PERCENT

Export earnings in February 2008 inched up by 10.7 percent to $4.118 billion from $3.721 billion in February 2007. Receipts from merchandise exports during January to February, on the other hand, rose to 8.2 percent to $8.349 billion from $7.713 billion during the same two-month period in 2007.

ELECTRONIC PRODUCTS UP BY 4.7 PERCENT

Accounting for 59.6 percent of the aggregate export revenue in February 2008, Electronic Products went up by 4.7 percent to $2.456 billion from $2.346 billion in February 2007.   Except for Components/Devices (Semiconductor) and Office Equipment, all other electronic products have showed year-on-year increases ranging from a low of 3.1 percent to a high of 313.3 percent.

Articles of Apparel and Clothing Accessories continued to be the country’s second top earner in February 2008 with a combined share of 4.3 percent and an aggregate receipt of $177.40 million or 11.9 percent lower than $201.26 million in February 2007.  

Petroleum Products, ranked third with total revenue of $123.78 million in February 2008, reflecting a 268.2 percent climb from $33.61 million in February 2007.

Woodcrafts and Furniture, ranked fourth in February 2008 with sales amounting to $95.29 million or a growth of 43.9 percent from $66.23 million in February 2007.

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consisted only of electrical wiring harness for motor vehicles), ranked fifth with export receipts of $89.91 million or a year-on-year growth of 24.8 percent from $72.03 million in February 2007.

Rounding up the list of the top ten exports for the month of February 2008 were Cathodes and Sections of Cathodes of Refined Copper, $85.43 million or a decline of 12.8 percent; Other Products Manufactured from Materials Imported on Consignment Basis with an export valued at $76.13 million, an increase of 20.7 percent; Coconut Oil, $65.99 million or a growth of 130.6 percent; Metal Components with proceeds billed at $46.54 million or an increase of 38.4 percent; and Gold (extracted from copper ores and concentrates), with export revenue of $37.23 million or 376.5 percent growth from the same month in 2007. 

Total receipts from the top ten exports reached $3.254 billion, or 79.0 percent of the total exports.

Fig. 1  Philippine Top Five Exports: February 2008 and 2007
(F.O.B. Value in Million US Dollars)
 

EXPORTS OF MANUFACTURED GOODS UP BY 6.7 PERCENT

Accounting for 84.8 percent of the total receipts, export of Manufactured Goods in February 2008 was $3.490 billion or a 6.7 percent increase from $3.270 billion in February 2007.  

Earnings from Mineral Products in February 2008 reached $181.72 million or 4.4 percent of the total export revenue, a growth of 5.5 percent from $172.17 million recorded in February 2007.

Income from All Agro-Based Products in February 2008 went up by 44.9 percent to $204.96 million from $141.43 million, while receipts from exports of the Special Transactions increased by 14.2 percent to $114.49 million from $100.27 million in February 2007.

Petroleum Products, on the other hand, continued to increase in February 2008 by 268.2 percent to $123.78 million from $33.61 million in February 2007.  Meanwhile, exports revenue of Forest Products� went down by 17.9 percent to $3.17 million from $3.86 million recorded in February 2007.

Fig. 2  Philippine Exports by Commodity Group: February 2008 and 2007
(F.O.B. Value in Million US Dollars)
 

EXPORTS TO UNITED STATES ACCOUNT FOR 17.4 PERCENT

United States of America (USA) remained to be the top market of the country for February 2008 with export receipts of $717.14 million, accounting for 17.4 percent of the country’s aggregate income for the month or an increase of 10.0 percent from $652.11 million reported in February 2007.

Japan followed with export earnings of $656.35 million or a 15.9 percent share of the total exports for February 2008 which resulted to a growth of 16.5 percent from $563.47 million recorded in February 2007.

People’s Republic of China emerged as the third biggest market for February 2008 with shipments amounting to $406.38 million or 9.9 percent of the total exports, a decline of 10.6 percent from a year ago level of $454.33 million.

Hong Kong, ranked fourth in February 2008 with a $346.51 million or 8.4 percent of the total exports, declined by 13.3 percent from $399.54 million in February 2007.

Other top markets for February 2008 were Netherlands, $313.71 million; Germany, $260.34 million; Singapore, $250.05 million; Republic of Korea, $207.47 million; Taiwan, $184.62 million; and Malaysia, $164.94 million.

Total export receipts from RP’s top ten markets for the month of February 2008 amounted to $3.508 billion or 85.2 percent of the total.

Fig. 3  Philippine Top Exports by Country: February 2008
            (F.O.B. Value in Million US Dollars)

Technical Note:

Starting on 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