MERCHANDISE EXPORT PERFORMANCE*
February 2014
(Preliminary)
MERCHANDISE EXPORTS FOR FEBRUARY 2014 EXPANDS BY 24.4 PERCENT
Export earnings in February 2014 amounted to $4.654 billion, a 24.4 percent increment from $3.741 billion recorded in February 2013. The positive growth was mainly brought about by the increase of seven major commodities out of the top ten commodities for the month. These are: other mineral products, electronic equipment and parts, machinery and transport equipment, chemicals, woodcrafts and furniture, electronic products, and other manufactures. Similarly, on a monthly basis, receipts from merchandise exports went up by 6.3 percent from $4.379 billion posted in January 2014. In terms of total volume of outward shipments (expressed in gross kilos), total exported goods increased compared to the same month a year ago.
ELECTRONIC PRODUCTS INCREASE BY 26.6 PERCENT
Accounting for 40.4 percent of the total exports revenue in February 2014, Electronic Products remained as the country’s top export with total receipts of $1.880 billion. It increased by 26.6 percent from $1.485 billion registered in February 2013. Similarly, on a month-on-month basis, Electronic Products accelerated by 5.6 percent from $1.780 billion posted in January 2014. Components/Devices (Semiconductors), comprising 24.7 percent of the total exports, had the largest share among the major groups of electronic products with export earnings worth $1.149 billion. However, it went down by 0.5 percent from $1.155 billion recorded in February 2013. Volume of outward shipments of electronic products increased compared to the same period a year ago.
Other Manufactures was the second top export earner in February 2014 with export revenue of $378.08 million, increasing by 16.7 percent from $324.11 million in February 2013. Likewise, in terms of volume, it expanded compared to February 2013 recorded volume of outward shipments.
Woodcrafts and Furniture was recorded as the country’s third top export with revenue valued at $341.07 million or 7.3 percent share to total exports. It increased by 55.6 percent from $219.22 million in same period a year ago. Similarly, its volume of shipments registered a positive growth over a year ago.
Machinery and Transport Equipment ranked fourth, with earnings amounting to $252.17 million in February 2014, contributing 5.4 percent share to the total export receipts. This recorded a 91.8 percent increase from the previous year’s level of $131.50 million.
Chemicals, with 4.4 percent share to the total export receipts, ranked fifth with value posted at $202.85 million. It increased by 65.7 percent from $122.40 million recorded value during the same month in 2013.
Rounding up the list of the top ten exports for the month of February 2014 were: Metal Components with export earnings of $166.76 million, decreasing by 42.7 percent; Other Mineral Products with export receipts of $152.99 million, registering the highest increase of 130.9 percent among the top ten exports; Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships with proceeds billed at $131.65 million, decreasing by 4.5 percent; Electronic Equipment and Parts with export receipts of $126.26 million, accelerating by 121.0 percent; and Articles of Apparel and Clothing Accessories with total receipts of $121.41 million, registering a negative growth of 16.1 percent.
Total receipts from the top ten exports reached $3.754 billion, or 80.7 percent of the total exports.
EXPORTS OF MANUFACTURED GOODS STAND AT $3.885 BILLION
Outward shipments of Manufactured Goods were valued at $3.885 billion in February 2014, accounting for 83.5 percent of the total export receipts. It increased by 22.4 percent from $3.175 billion recorded in February 2013. Similarly, on a monthly basis, it rose by 2.3 percent from $3.798 billion recorded in January 2014. Also, the volume of shipments in this type of commodities increased compared to the same month a year ago as well as the previous month.
Revenue from Total Agro-Based Products, with a share of 8.8 percent in February 2014, amounted to $408.04 million. It increased by 18.7 percent from $343.89 million in February 2013. Likewise, its volume of shipment increased compared to the same month a year ago.
Mineral Products, registering a 5.1 percent share, increased by 139.9 percent to $237.32 million in February 2014 from $98.93 million in February 2013.
Merchandise export from Special Transactions, comprising 1.8 percent share of the total exports revenue in February 2014, went down by 3.6 percent from $88.72 million to $85.56 million in the same month a year ago. However, on a month-on-month basis, it increased by 5.8 percent from $80.9 million in January 2014. The volume of shipments of this product decelerated compared to the same period last year.
Income from Petroleum Products, accounting for 0.7 percent share of the total exports revenue, increased by 11.6 percent to $31.80 million from $28.51 million reported value in February 2013. On the other hand, the volume of shipments for this commodity decreased in February 2014.
Forest Products, with 0.1 percent share, increased by 13.6 percent to $6.82 million in February 2014 from $6.00 million in same month in 2013. Similarly, volume of shipments of this type of commodity rose compared to the same period last year.
JAPAN ACCOUNTS FOR 25.4 PERCENT TO TOTAL EXPORTS
Japan including Okinawa comprised the largest share to total exports for February 2014 with 25.4 percent and remained as the country’s top destination of exports with revenue amounting to $1.181 billion. It increased by 67.2 percent from $705.93 million recorded value in same month a year ago.
People’s Republic of China with 14.7 percent share to total exports, ranked second with shipments valued at $682.83 million. It rose by 79.3 percent from $380.76 million a year ago.
United States of America (USA) including Alaska and Hawaii ranked third, contributing 13.4 percent share to total exports, with export receipts valued at $625.08 million in February 2014. This recorded an increase of 5.1 percent from $594.90 million in the same month last year.
Hong Kong placed fourth, representing a 7.0 percent share to total exports, with export earnings worth $327.84 million in February 2014 from $226.26 million posted in February 2013.
Singapore ranked fifth in February 2014 with $311.06 million or 6.7 percent share of the total exports. It grew by 18.2 percent from $263.14 million a year ago.
Other top ten market destinations for February 2014 were: Republic of Korea, $208.75 million; Germany, $203.10 million; Thailand, $196.03 million; Netherlands, $163.31 million; and Taiwan, $132.54 million.
Combined export receipts from the country’s top ten markets destinations for the month of February 2014 was valued at $4.031 billion or 86.6 percent of the total.
EXPORTS TO EAST ASIA AMOUNTS TO $2.536 BILLION
In terms of economic bloc, East Asia remained as the country’s top market destinations of exported merchandise as it accounted for 54.5 percent share to total exports valued at $2.536 billion in February 2014. It increased by 52.8 percent from its February 2013 figure of $1.660 billion.
Goods exported to ASEAN comprised 14.5 percent of the total exports in February 2014 and was valued at $674.54 million. This registered an increase of 14.6 percent from $588.85 million posted in the same month a year ago.
Exports to European Union member-countries, accounting for 11.8 percent to total merchandise exports, amounted to $546.88 million. It registered an 18.5 percent increase from $461.62 million recorded in February 2013.
Technical Note:
Starting with the February 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.
(Sgd) Lina V. Castro
Interim National Statistician
