MERCHANDISE EXPORTS FOR JANUARY 2014 EXPANDS BY 9.3 PERCENT

Total exported merchandise increased by 9.3 percent to $4.382 billion in January 2014 from $4.011 billion in January 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 manufactures, electronic equipment and parts, metal components, articles of apparel and clothing accessories, electronic products, machinery and transport equipment, and woodcrafts and furniture. On a monthly basis, however, receipts from merchandise exports went down by 4.7 percent from $4.599 billion posted in December 2013. In terms of total volume of outward shipments (expressed in gross kilos), total exported goods decreased compared to the same month a year ago.

ELECTRONIC PRODUCTS INCREASE BY 22.1 PERCENT

Electronic Products remained as the country’s top export with total receipts of $1.793 billion, accounting for 40.9 percent of the total exports revenue in January 2014. It increased by 22.1 percent from $1.469 billion registered in January 2013.  However, on a month-on-month basis, Electronic Products decelerated by 6.0 percent from $1.907 billion posted in December 2013. Components/Devices (Semiconductors), comprising 26.4 percent of the total exports, had the largest share among the major groups of electronic products with export earnings worth $1.155 billion, but went down by 3.6 percent from $1.197 billion recorded in January 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 January 2014 with export revenue of $600.25 million, increasing by 99.5 percent from $300.92 million in January 2013. This was the highest registered year-on-year increase among the top ten exports in January 2014. Likewise, in terms of volume, it expanded compared to January 2013 recorded volume of outward shipments.

Woodcrafts and Furniture was recorded as the country’s third top export with revenue valued at $291.70 million or 6.7 percent share to total exports. It increased by 1.3 percent from $288.02 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 $207.34 million in January 2014, contributing 4.7 percent share to the total export receipts. This recorded a 17.0 percent increase from the previous year’s level of $177.24 million.

Metal Components, with 4.2 percent share to the total export receipts, ranked fifth with value posted at $182.10 million. It increased by 53.1 percent from $118.92 million recorded value during the same month in 2013.

Rounding up the list of the top ten exports for the month of January 2014 were Articles of Apparel and Clothing Accessories with export earnings of $145.44 million, or an increase 45.7 percent; Electronic Equipment and Parts with export receipts of $126.21 million, increased by 89.7 percent; Chemicals with proceeds billed at $99.46 million, decreased by 78.7 percent; Other Mineral Products with export receipts of $90.68 million, declined by 17.0 percent; and Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships with total receipts of $85.61 million, registered a negative growth of 13.3 percent.

Total receipts from the top ten exports reached $3.622 billion, or 82.7 percent of the total exports.

EXPORTS OF MANUFACTURED GOODS STAND AT $3.786 BILLION

External shipments of Manufactured Goods were valued at $3.786 billion, accounting for 86.4 percent of the total export receipts in January 2014.  It increased by 15.3 percent from $3.284 billion recorded in January 2013.  However, on a monthly basis, it decreased by 3.3 percent from $3.914 billion recorded in December 2013.  Also, the volume of shipments for this type of goods increased compared to shipments a year ago but declined compared to a month ago.

Receipts from Total Agro-Based Products, with a share of 6.3 percent in January 2014, amounted to $277.05 million.  It decreased by 28.8 percent from $388.88 million in January 2013.  On the other hand, its volume of shipment decreased compared to the same month a year ago as well as the previous month.

Mineral Products, recording a 3.4 percent share, decreased by 22.7 percent from $193.11 million in January 2013 to $149.35 million in January 2014.

Merchandise export from Special Transactions, comprising 2.2 percent share of the total exports revenue in January 2014, rose by 48.9 percent to $97.11 million from $65.23 million in the same month a year ago.  Similarly, on a month-on-month basis, it increased by 17.5 percent from $82.68 million in December 2013.  However, volume of shipments of this product decelerated compared to the same period last year.

Earnings from Petroleum Products, accounting for 1.5 percent share of the total exports revenue, decreased by 7.5 percent from $72.75 million to $67.31 million reported value in January 2014. On the other hand, the volume of shipments for this commodity increased in January 2014.

Forest Products with 0.1 percent share, decreased by 19.4 percent from $6.49 million in January 2013 to $5.23 million in same month in 2014.  Similarly, volume of shipments of this type of commodity dropped compared to the same period last year.

JAPAN ACCOUNTS FOR 26.3 PERCENT TO TOTAL EXPORTS

Japan including Okinawa, remained as the country’s top destination of exports with revenue amounting to $1.150 billion, comprising 26.3 percent share to total exports for January 2014.  It increased by 49.6 percent from $769.04 million recorded value in same month a year ago.

United States of America (USA) including Alaska and Hawaii ranked second, comprising 13.8 percent share to total exports, with export receipts valued at $605.43 million in January 2014. This recorded an increase of 15.6 percent from $523.54 million in the same month last year. 

People’s Republic of China with 9.9 percent share to total exports, ranked third with shipments valued at $433.13 million.  It rose by 2.6 percent from $422.06 million a year ago.

Singapore ranked fourth in January 2014 with $385.85 million or 8.8 percent share of the total exports.  It grew by 62.8 percent from $237.00 million a year ago.

Hong Kong placed fifth, representing a 7.5 percent share to total exports, with export earnings worth $327.44 million in January 2014 from $327.43 million posted in January 2013.

Other top ten market destinations for January 2014 were: Republic of Korea, $248.65 million; Germany, $198.39 million; Thailand, $198.19 million; Taiwan, $156.85 million; and Netherlands, $127.17 million.

Aggregate export receipts from the country’s top ten markets destinations for the month of January 2014 was valued at $3.831 billion or 87.4 percent of the total.

EXPORTS TO EAST ASIA AMOUNTS TO $2.319 BILLION

East Asia remained as the country’s top market destinations of exported goods in terms of economic bloc as it accounted for 52.9 percent share to total exports or a total earnings of $2.319 billion in January 2014.  It increased by 4.5 percent from its January 2013 figure of $2.220 billion.        

Goods exported to ASEAN comprised 17.1 percent of the total exports in January 2014 and was valued at $747.90 million. This registered an increase of 28.4 percent from $582.55 million posted in same month a year ago.

Exports to European Union member-countries, with 10.6 percent share to total merchandise exports, amounted to $463.63 million, a 5.8 percent increase from $438.36 million recorded in January 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.

CARMELITA N. ERICTA

Interim National Statistician