EXPORTED GOODS IN FEBRUARY 2017 INCREASE BY 11.0 PERCENT

The Philippines’ export sales amounted to $4.782 billion in February 2017, an 11.0 percent increase from $4.310 billion recorded value in February of 2016.  The positive growth was mainly brought about by the significant increases in eight major commodities out of the top ten commodities for the month.  These include cathodes and sections of cathodes, of  refined copper (946.9%); other mineral products (107.5%); coconut oil (66.5%); electronic equipment and parts (64.9%); metal components (29.4%); other manufactures (20.1%); electronic products (15.9%); and chemicals (9.6%)  (Table 1).

EXPORTS OF ELECTRONIC PRODUCTS INCREASE BY 15.9 PERCENT

Electronic Products remained as the country’s top export with total receipts of $2.470 billion, accounting for 51.6 percent of the total exports revenue in February 2017. It increased by 15.9 percent from $2.131 billion registered in February 2016.  Components/Devices (Semiconductors), having the biggest share of 35.9 percent among electronic products, increased by 14.8 percent to $1.716 billion in February 2017 from $1.495 billion in February 2016.

Other Manufactures was the second top export earner in February 2017 with export revenue of $344.97 million.  Export sales for this commodity group went up by 20.1 percent from $287.17 million in February 2016.

Machinery and Transport Equipment ranked third, with 5.0 percent share to the total export receipts, posting at  $240.21  million.   It  recorded  a  decrease of 16.8 percent from February 2016 value of $288.74 million.

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships ranked fourth, with a contribution of 3.8 percent share to the total export receipts, recorded sales of $179.41 million in February 2017.  It registered a 13.9 percent decrease from the previous year level of $208.48 million.

Cathodes and Sections of Cathodes, Of  Refined Copper, includes crude and refined, was recorded as the country’s   fifth top export earner with value at $141.23 million or 3.0 percent share to total exports. It went up by 946.9 percent from $13.49 million in same period of 2016.

Rounding up the list of the top ten exports with corresponding export sales for the month of February 2017 were:

• Chemicals   with   $140.73 million, accelerated by 9.6 percent; 

• Coconut Oil   with  $132.63 million, grew by 66.5 percent;

• Electronic  Equipment  and  Parts with   $104.94 million, increased by   64.9 percent;

• Other Mineral Products with $97.63 million, rose by 107.5 percent; and

• Metals Components  with  $96.39 million, expanded by 29.4 percent.

Total receipts from the top ten exports reached $3.948 billion or 82.6 percent of the total exports and grew by 18.9 percent in February 2017.

EXPORTS OF MANUFACTURED GOODS WENT UP BY 6.2 PERCENT

Outward shipments of Manufactured Goods were valued at $3.988 billion, accounting for 83.4 percent share of the total export receipts in February 2017.  It went up by 6.2 percent from $3.754 billion recorded in February 2016 (Table 3). 

Mineral  Products  with a 7.2 percent  share, increased by 99.5 percent to $344.39 million in February 2017 from $172.59 million in February 2016.

Exports from Total Agro-Based Products, with a 6.5 percent share to total exports in February 2017, amounted to $309.51 million.   It slightly rose by 0.5 percent from $307.87 million in February 2016.

Merchandise exports from Special Transactions, sharing 2.3 percent of the total exports revenue, grew by 58.2 percent to $107.72 million in February 2017 from $68.11 million in February 2016. 

Petroleum Products, with 0.6 percent share, increased by 363.0 percent to $28.18 million in February 2017 from $6.09 million in the same month of 2016.

Moreover, sales from Forest Products, accounting for a mere 0.1 percent share of the total exports,   went up by 128.2 percent to $4.73 million in February 2017 from $2.07 million reported value in same period of 2016.

UNITED STATES OF AMERICA ACCOUNTS FOR 15.6 PERCENT TO TOTAL EXPORTS IN FEBRUARY 2017

Total export receipts from the country’s top ten market destinations for the month of February 2017 was valued at $3.973 billion or 83.1 percent share of the total (Table 5). 

United States of America (USA) including Alaska and Hawaii ranked first, accounting 15.6 percent to total exports, with export receipts valued at $745.22 million in February 2017. It recorded an increase of 0.3 percent from $743.04 million in same month last year.

Japan including Okinawa ranked second with revenue amounting to $728.35 million, comprising 15.2 percent share to total exports for February 2017.  It decreased, however, by 22.5 percent from $939.61 million recorded in the same month a year ago.

Hong Kong ranked third with $701.46 million or 14.7 percent share of the total exports.  It grew by 66.6 percent from $421.06 million in the same month year ago.

People’s Republic of China with 10.2 percent share to total exports, ranked fourth with shipments valued at   $489.92 million.  It went up by 24.7 percent from $392.92 million in same month a year ago.

Singapore placed fifth, representing a 6.0 percent share to total exports, with export earnings worth $288.42 million.  It slightly decreased by 0.2 percent from $289.01 million posted in February 2016.

Other top ten market destinations for   February 2017 were: Thailand, $246.87 million; Republic of Korea, $220.65 million; Germany, $209.95 million;  Netherlands, $179.64 million; and Taiwan, $162.17 million.

EXPORTS FOR COUNTRIES IN EAST ASIA ACCOUNTED FOR 48.3 PERCENT

By economic bloc, the country’s merchandise exports in February 2017 went to countries in East Asia,   accounting for 48.3 percent share to total exports valued at $2.309 billion.  It increased by 10.8 percent from $2.084 billion of February 2016.        

Commodities exported to ASEAN member countries comprised 16.6 percent of the total exports in February 2017 and was valued at $792.73 million. This registered a positive growth of 18.8 percent from $667.25 million posted in same month a year ago (Table 6).                             

Exports to European Union member countries, with 12.4 percent share to total merchandise exports amounted to $593.79 million.  It went up by 7.9 percent from $550.57 million recorded in February 2016.

Technical Notes

Export trade statistics are compiled by the Philippine Statistics Authority (PSA) from copies of export declarations filed with the Bureau of Customs (BOC) by exporters or their authorized representatives as required by law. PSA collects a copy of the accomplished form Export Declaration (ED – DTI form). Aside from the hard copy of the ED, the output of the Automated Export Documentation System (AEDS) is being utilized to generate export statistics. AEDS is a paperless transaction in lieu of the manual filling-up of export documents. The digitized copy of the AEDS is provided by BOC and PEZA to PSA on a monthly basis through email.

All documents (hard copies and e-files) received before the cut-off date which is every 25^th day of the month are compiled, processed and generated in a monthly statistical tables for the preparation of Press Release.  All documents received after the cut-off date, however, are processed and included in the generation of the revised statistical tables. Processing includes coding, editing, review and validation.  Revised statistical tables are made available 10 to 15 working days after the press release date.

The Press Release is due every 10^th day of each month.  However, if the 10^th day falls on a Saturday, release will be on Friday but if it falls on a Sunday or Monday the release will be on Tuesday. If the release date falls on holiday, the date of release is moved accordingly.

The 2004 Philippine Standard Commodity Classification (PSCC) is used to classify the commodities at the most detailed level for statistical purposes.

Data request of international merchandise trade statistics are available at Philippine Statistics Authority, Economic Sector Statistics Service, Trade Statistics Division (Telephone Number: 376-19-75).