Merchandise exports registered 3.6 percent increase

Registered earnings for February 2003 went up by 3.6 percent to $2.724 billion from $2.628 billion during the same month last year .

Receipts from merchandise exports for January to February 2003 grew by 3.0 percent to $5.415 billion from $5.259 billion during the same period in 2002.

Electronic components increased by 4.5 percent

Receipts from electronic components, accounting for 53.7 percent of the aggregate export revenue for the month, increased by 4.5 percent to $1.464 billion from $1.400 billion last year.

Articles of apparel and clothing accessories remained as the countrys second top earner with a combined share of 7.3 percent and an aggregate receipt of $198.36 million or 25.8 percent higher than $157.75 million a year earlier.

Petroleum products, ranked third with a total revenue of $57.49 million reflecting a 60.4 percent increase from $35.85 million last year.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships ranked fourth with sales amounting to $41.53 million or a year-on-year increase of 16.0 percent from $35.81 million.

Revenue from woodcrafts and furniture rose by 30.3 percent to $36.46 million from $27.97 million during the same month of 2002.

Rounding-up the list of the top exports for the month of February 2003 were: coconut oil, $36.32 million; other products manufactured from materials imported on consignments basis, $35.87 million; metal components, $32.50 million; bananas (fresh), $24.20 million;cathodes and sections of cathodes, of refined copper, $23.76 million.

Aggregate receipt for the top ten exports amounted to $1.950 billion, or 71.6 percent of the total exports.

Figure 1. Philippine Top Exports in February: 2002 and 2003
( F.O.B. Value in Million US Dollar )

Manufactured goods increased by 2.4 percent

Accounting for 88.4 percent of the total receipts, exports of manufactured goods increased by 2.4 percent as sales reached $2.407 billion, from $2.350 billion during the same period last year.

Income from all agro-based products, combined for $136.63 million or 5.0 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group moved up by 24.1 percent from $110.11 million.

Special transactions decreased by 14.2 percent to $80.58 million from $93.95 million, while receipt from exports of petroleum productsincreased by 60.4 percent to $57.49 million from $35.85 million.

Mineral products contributed $41.12 million, while forest productsregistered $0.68 million dollars.

Figure 2. Philippine Exports by Commodity Group in February: 2002 and 2003
( F.O.B. Value in Million US Dollar )
 
 

Exports to US account for 21.6 percent

Accounting for 21.6 percent of the countrys aggregate receipts for the month, exports to the United States valued at $588.68 million, dropped by 10.5 percent from last year's reported figure of $657.51 million.

Japan followed with a 15.2 percent share. Valued at $414.27 million, exports to Japan further went down by 3.0 percent from $427.32 million.

Netherlands accounted for 10.5 percent of the total receipts, at $286.13 million reflecting a 29.0 percent increase from $221.87 million a year earlier.

Hong Kong emerged as the fourth biggest market for the month as shipments of local goods amounted to $201.73 million or 7.4 percent of the total. Compared to the same months last year figure, receipts grew by 39.3 percent from $144.79 million. Other top markets for February 2003 were: Taiwan, $170.07 million; Singapore, $164.35 million;Malaysia, $155.10 million; Thailand, $113.26 million; Republic of Korea, $112.62 million; and Germany, $111.34 million.

Total export receipts from RPs top ten markets amounted to $2.318 billion or 85.1 percent of the total.

Figure 3. Philippine Top Exports by Country in February, 2003
( F.O.B. Value in Million US Dollar )

Source:  National Statistics Office
              Manila, Philippines