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Merchandise exports up by 8.2 percent
Export earnings for June 2004 went up by 8.2 percent to $3.313 billion from $3.060 billion during the same month last year. This is the seventh consecutive month that a positive growth was registered.
Receipts from merchandise exports for January to June 2004 increased by 8.5 percent to $18.734 billion from $17.264 billion during the same period a year earlier.
Electronic products register 17.7 percent increase
Electronic products, accounting for 68.7 percent of the aggregate export revenue in June, continued to register a double-digit increment at 17.7 percent to $2.275 billion from $1.932 billion last year.
Among the major groups of electronic products, components/devices (semiconductors) cornered the biggest share with 47.3 percent to total exports. Semiconductors still posted a double-digit growth at 12.5 percent to $1.567 billion from $1.392 billion during the same period in 2003. Among the other electronic products group that showed gains were: electronic data processing at 40.3 percent with a share of 16.7 percent, communication/radar at 56.8 percent with a share of 1.68 percent, and office equipment at 15.7 percent with a share of 0.54 percent to total exports.
Articles of apparel and clothing accessories remained as the country�s second top earner with a combined share of 6.0 percent and an aggregate receipt of $199.92 million or 15.9 percent lower than $237.7 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 $46.3 million reflecting a 10.9 percent positive rate from $41.74 million during the same period of 2003.
Coconut oil ranked fourth with sales amounting to $36.64 million or a year-on-year growth of 7.1 percent from $34.22 million.
Revenue from other products manufactured from materials imported on consignment basis, dropped by 29.5 percent to $33.05 million from $46.89 million.
Rounding up the list of the top exports for the month of June 2004 were: woodcrafts and furniture, $32.93 million; bananas (fresh), $30.28 million; cathodes and sections of cathodes, of refined copper, $27.68 million; petroleum products, $26.78 million; and metal components, $22.44 million.
Total receipts for the top ten exports reached $2.731 billion, or 82.4 percent of the total exports.
Fig. 1. Philippine Top Exports: June: 2003 and 2004
(F.O.B. Value in Million US Dollars)
![](/sites/default/files/betafiles/annual-foreign-trade/Fig.%201.%20Philippine%20Top%20Exports%20June%202003%20and%202004.gif)
Manufactured goods increase by 12.3 percent
Accounting for 90.4 percent of the total receipts, exports of manufactured goods rose by 12.3 percent as sales amounted to $2.995 billion, from $2.668 billion during the same month of the previous year.
Income from all agro-based products combined for $138.32 million or 4.2 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group fell by 5.6 percent from $146.59 million.
Sales of special transactions were down by 27.5 percent to $95.73 million from $132.0 million while receipts from exports of mineral products picked up by 4.5 percent to $54.13 million from $51.81 million.
Petroleum products contributed earnings at $27.15 million, while forest products registered $2.26 million dollars.
Fig. 2. Philippine Exports by Commodity Group: June: 2003 and 2004
(F.O.B. Value in Million US Dollars)
![](/system/files/inline-images/Fig.%202.%20Philippine%20Exports%20by%20Commodity%20Group%20June%202003%20and%202004.gif)
Exports to Japan account for 20.4 percent
Accounting for 20.4 percent of the country�s aggregate income for the month, exports to Japan valued at $677.58 million. This is the highest percent share of exports to Japan after a number of years. Receipts from Japan grew by 45.2 percent from last year's reported figure at $466.53 million. It is the biggest growth registered by exports to that country for the past number of years.
United States followed with a 16.2 percent share. Valued at $535.63 million, exports to United States went down by 24.2 percent from $706.41 million.
Hong Kong emerged as the third biggest market for the month as shipments of local goods amounted to $263.14 million or 7.9 percent of the total. Receipts dropped by 2.4 percent from $269.62 million compared to the same period of 2003.
Singapore accounted for 6.9 percent of the total receipts, with $229.14 million reflecting a 13.2 percent increase from $202.46 million during the same month a year ago.
Other top markets for June 2004 were: People�s Republic of China, $207.14 million; Taiwan, $188.77 million; Malaysia, $162.81 million; Germany, $108.17 million; Netherlands, $103.24 million; and Republic of Korea, $95.87 million.
Total export receipts from RP's top ten markets for the month of June amounted to $2.572 billion or 77.6 percent of the total.
Fig. 3. Philippine Top Exports by Country: June 2004
(F.O.B. Value in Million US Dollars)
(Sgd.) CARMELITA N. ERICTA |
Source: Economic Indices and Indicators Division
Industry and Trade Statistics Department
National Statistics Office
Manila, Philippines
Page last revised: August 4, 2004