Merchandise exports register 3.2 percent increase

Export earnings for July 2004 picked up by 3.2 percent to $3.106 billion from $3.009 billion during the same period last year. This is the eight consecutive months that a positive rate was recorded since December 2003.

Receipts from merchandise exports for January to July 2004 went up by 7.7 percent to $21.840 billion from $20.273 billion during the same period a year ago.

Electronic products up by 0.7 percent

Electronic products, accounting for 64.5 percent of the aggregate export revenue in July, continued to register a positive growth at 0.7 percent to $2.003 billion from $1.990 billion last year.

Among the major groups of electronic products, components/devices (semiconductors) contributed the biggest share with 43.8 percent to total exports. Semiconductors posted a negative growth at 3.7 percent to $1.360 billion from $1.412 billion during the same month in 2003. Among the electronic products group that showed gains were: control and instrumentation at 410.3 percent with a share of 0.02 percent, telecommunication at 299.2 percent with a share of 0.8 percent, and office equipment at 50.7 percent with a share of 0.5 percent to total exports.

Articles of apparel and clothing accessories remained as the country's second top earner with a combined share of 6.9 percent and an aggregate receipt of $213.01 million or 9.2 percent behind than $234.71 million a year earlier.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (consists only of electrical wiring harness for motor vehicles) ranked third with total revenue of $64.89 million reflecting a 74.7 percent positive rate from $37.15 million during the same period of 2003.

Coconut oil ranked fourth with sales amounting to $47.14 million or a year-on-year negative growth of 1.5 percent from $47.87 million.

Revenue from cathodes and sections of cathodes, of refined copper, increased by as much as 268.2 percent to $45.04 million from $12.23 million.

Rounding up the list of the top exports for the month of July 2004 were: woodcrafts and furniture, $34.7 million; other products manufactured from materials imported on consignment basis, $34.45 million; bananas (fresh),$27.88 million; petroleum products, $27.74 million; and metal components, $25.49 million.

Total receipts for the top ten exports reached $2.524 billion, or 81.3 percent of the total exports.

Fig. 1. Philippine Top Exports: July: 2003 and 2004
(F.O.B. Value in Million US Dollars)

 Manufactured goods increase by 3.8 percent

Accounting for 88.9 percent of the total receipts, exports of manufactured goods rose by 3.8 percent as sales amounted to $2.761 billion, from $2.659 billion during the same period of the previous year.

Income from all agro-based products combined for $160.94 million or 5.2 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group moved up by 4.3 percent from $154.33 million.

Sales of special transactions decreased by 31.6 percent to $80.17 million from $117.28 million while receipts from exports of mineral products improved by 46.8 percent to $72.12 million from $49.11 million.

Petroleum products registered earnings at $27.74 million, while forest products contributed $3.68 million dollars.

Fig. 2. Philippine Exports by Commodity Group: July: 2003 and 2004
(F.O.B. Value in Million US Dollars)

 

Exports to U.S. account for 19.3 percent

Accounting for 19.3 percent of the country's aggregate income for the month, exports to United States was valued at $598.8 million. Receipts from United States declined by 11.2 percent from last year's reported figure of $674.21 million.

Japan followed with a 19.1 percent share. Earnings at $593.68 million, exports to Japan went up by 28.0 percent from $463.75 million.

Hong Kong emerged as the third biggest market for the month as shipments of local goods amounted to $230.06 million or 7.4 percent of the total. Receipts dropped by 11.6 percent from $260.27 million compared to the same period of 2003.

Singapore accounted for 6.7 percent of the total receipts, with $209.44 million reflecting a 3.1 percent decrease from $216.1 million during the same month a year earlier.

Other top markets for July 2004 were: People's Republic of China, $188.91 million; Malaysia, $158.05 million; Taiwan, $137.14 million; Netherlands, $127.28 million; Germany, $96.59 million; and Republic of Korea, $95.15 million.

Total export receipts from RP's top ten markets for the month of July amounted to $2.435 billion or 78.4 percent of the total.

Fig. 3. Philippine Top Exports by Country: July 2004
(F.O.B. Value in Million US Dollars)

Source:  Economic Indices and Indicators Division
                Industry and Trade Statistics Department
                National Statistics Office
                Manila, Philippines