* Includes transactions that passed through Automated Export Documentation System (AEDS).
p - preliminary
r - revised

JULY 2008 MERCHANDISE EXPORTS INCREASE BY 4.3 PERCENT

Export earnings in July 2008 went up by 4.3 percent to $4.430 billion from $4.249 billion in July 2007, although at a much lower rate compared to an 8.8 percent year-on-year growth in June 2008.  Similarly, receipts from merchandise exports during January to July increased by 4.1 percent to $30.028 billion from $28.849 billion during the seven-month period in 2007.  Compared with the previous month’s level, a decline of 1.9 percent was noted from $4.513 billion.

ELECTRONIC PRODUCTS UP BY 2.6 PERCENT

Accounting for a 57.8 percent of the aggregate export revenue in July 2008, Electronic Products posted an increase of 2.6 percent to $2.560 billion from $2.494 billion in July 2007.  However, compared with the previous month’s level, a decrease of 2.7 percent was observed from $2.494 billion.

Articles of Apparel and Clothing Accessories was the country’s second top earner in July 2008 with a combined share of 3.8 percent and an aggregate receipt of $170.16 million or 29.4 percent lower than the $240.84 million in July 2007.   

Petroleum Products followed as the third top earner in July 2008 with total revenue of $168.10 million or a share of 3.8 percent, up by 45.6 percent from $115.42 million in July 2007.

Cathodes and Sections of Cathodes of Refined Copper, ranked fourth in July 2008 with sales amounting to $106.06 million or a growth of 60.2 percent from $66.19 million in July 2007.

Coconut Oil, ranked fifth with export receipts of $100.52 million or an annual increase of 61.5 percent from $62.25 million in July 2007.

Rounding up the list of the top ten exports for the month of July 2008 were Woodcrafts and Furniture valued at $95.91 million or an increase of 6.9 percent;  Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consisted only of electrical wiring harness for motor vehicles) with receipts of $72.85 million down by 18.5 percent; Gold (extracted from copper ores and concentrates) with export revenue of $51.76 million, up by 447.4 percent; Metal Components valued at $51.16 million or a decrease of 2.4 percent; and Other Products Manufactured from Materials Imported on Consignment Basis with proceeds billed at $43.31 million or 25.8 percent decline from July 2007 level. 

Total receipts from the top ten exports reached $3.419 billion, or 77.2 percent of the total exports.

Fig. 1  Philippine Top Five Exports: July 2008 and 2007
(F.O.B. Value in Million US Dollars)
 

EXPORTS OF MANUFACTURED GOODS STANDS AT $3.626 BILLION

Accounting for 81.8 percent of the total receipts, export of Manufactured Goods in July 2008 was $3.626 billion up by a measly 0.2 percent from $3.618 billion in July 2007.  

Income from All Agro-Based Products in July 2008 went up by 28.3 percent to $253.64 million from $197.73 million in July 2007.

Earnings from Mineral Products in July 2008 reached $254.44 million or a 5.7 percent share of the total export revenue, rose by 32.8 percent from $191.58 million in July 2007.

Export receipts from Special Transactions with a share of 2.9 percent increased by 5.2 percent to $126.24 million from $120.00 million in July 2007.  On the other hand, Petroleum Products increased by 45.6 percent in July 2008 to $168.10 million from $115.42 million in July 2007 while exports revenue of Forest Products shrank by 67.2 percent to $1.98 million from $6.04 million recorded in July 2007.

Fig. 2  Philippine Exports by Commodity Group: July 2008 and 2007
(F.O.B. Value in Million US Dollars)
 

EXPORTS TO UNITED STATES ACCOUNT FOR 16.0 PERCENT

United States of America (USA) was the top market of the country for July 2008 with export receipts of $707.44 million, accounting for 16.0 percent of the country’s aggregate income for the month or a decline of 7.9 percent from $768.05 million in July 2007.

Japan followed as the second top market of the country for July 2008 with export earnings of $695.79 million or a 15.7 percent share of the total exports, up by 9.3 percent from $636.77 million in July 2007.

People’s Republic of China emerged as the third biggest market for July 2008 with shipments amounting to $500.44 million or 11.3 percent of the total exports, fell by 3.0 percent from a year ago level of $515.97 million.

Hong Kong ranked fourth in July 2008 with a $429.34 million or 9.7 percent of the total exports, up by 15.3 percent from $372.47 million in July 2007.

Other top ten markets for July 2008 were Netherlands, $343.05 million; Singapore, $296.96 million; Germany, $241.16 million; Republic of Korea, $195.57 million; Malaysia, $170.74 million; and Taiwan, $157.18 million.

Total export receipts from RP’s top ten markets for the month of July 2008 amounted to $3.738 billion or 84.4 percent of the total.

Fig. 3  Philippine Top Exports by Country: July 2008
                (F.O.B. Value in Million US Dollars)

Technical Note:

Starting on January 2007 Press Release, analysis and tables are based on 2004 Philippine Standard Commodity Classification (PSCC) groupings (as amended in 1999).  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.

Source:    Foreign Trade Statistics Section
               Industry and Trade Statistics Department
               National Statistics Office
               Manila, Philippines