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

JUNE 2008 MERCHANDISE EXPORTS INCREASE BY 8.3 PERCENT

Export earnings in June 2008 went up by 8.3 percent to $4.493 billion from $4.147 billion in June 2007.  Similarly, receipts from merchandise exports during January to June increased by 4.0 percent to $25.578 billion from $24.600 billion during the first semester of 2007.  The same is true with the previous month’s level, where the total export revenue improved by 6.4 percent from $4.224 billion.

ELECTRONIC PRODUCTS UP BY 6.4 PERCENT

Accounting for 58.6 percent of the aggregate export revenue in June 2008, Electronic Products increased by 6.4 percent to $2.632 billion from $2.474 billion in June 2007 after recording declines for the months of March to May 2008.  Compared with the previous month’s level, a growth of 6.4 percent is likewise observed from $2.474 billion.

Articles of Apparel and Clothing Accessories was the country’s second top earner in June 2008 with a combined share of 3.8 percent and an aggregate receipt of $172.33 million or 7.6 percent lower than the $186.50 million in June 2007.   

Petroleum Products followed as the third top earner in June 2008 with total revenue of $137.28 million or a share of 3.1 percent, posted a decline of 1.0 percent from $138.71 million in June 2007.

Cathodes and Sections of Cathodes of Refined Copper, ranked fourth in June 2008 with sales amounting to $122.16 million or a hefty growth of 96.7 percent from $62.12 million in June 2007.

Coconut Oil, ranked fifth with export receipts of $116.97 million or an annual growth of 105.21 percent from $57.00 million in June 2007.

Rounding up the list of the top ten exports for the month of June 2008 were Woodcrafts and Furniture valued at $110.72 million or an increase of 27.7 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 $78.33 million up by 11.1 percent; Metal Components valued at $53.39 million or an increase of 53.4 percent; Other Products Manufactured from Materials Imported on Consignment Basis with proceeds billed at $46.18 million or 11.3 percent decline; and Bananas with export revenue of $34.77 million, down by 7.4 percent from June 2007 level. 

Total receipts from the top ten exports reached $3.504 billion, or 78.0 percent of the total exports.

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

EXPORTS OF MANUFACTURED GOODS UP BY 7.6 PERCENT

Accounting for 83.6 percent of the total receipts, export of Manufactured Goods in June 2008 was $3.755 billion up by 7.6 percent from $3.491 billion in June 2007.  

Income from All Agro-Based Products in June 2008 went up by 40.0 percent to $265.60 million from $189.75 million in June 2007.

Earnings from Mineral Products in June 2008 reached $207.44 million or a 4.6 percent share of the total export revenue, recording a decline of 0.5 percent from $208.43 million in June 2007.

Export receipts from Special Transactions with a share of 2.7 percent increased by 5.5 percent to $123.32 million from $116.94 million in June 2007.  On the other hand, Petroleum Products shrank by 1.0 percent in June 2008 to $137.28 million from $138.71 million in June 2007 while exports revenue of Forest Products rose by 121.7 percent to $4.85 million from $2.19 million recorded in June 2007.

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

EXPORTS TO UNITED STATES ACCOUNT FOR 15.6 PERCENT

United States of America (USA) remained the top market of the country for June 2008 with export receipts of $702.74 million, accounting for 15.6 percent of the country’s aggregate income for the month or a decrease of 0.1 percent from $703.43 million in June 2007.

Japan followed as the second top market of the country for June 2008 with export earnings of $652.36 million or a 14.5 percent share of the total exports, up by 2.6 percent from $635.74 million in June 2007.

People’s Republic of China emerged as the third biggest market for June 2008 with shipments amounting to $491.43 million or 10.9 percent of the total exports, an increase of 8.8 percent from a year ago level of $451.51 million.

Hong Kong ranked fourth in June 2008 with a $436.25 million or 9.7 percent of the total exports, up by 10.5 percent from $394.65 million in June 2007.

Other top ten markets for June 2008 were Netherlands, $349.55 million; Germany, $301.00 million; Singapore, $246.28 million; Republic of Korea, $233.46 million; Malaysia, $177.60 million; and Taiwan, $170.39 million.

Total export receipts from RP’s top ten markets for the month of June 2008 amounted to $3.761 billion or 83.7 percent of the total.

Fig. 3  Philippine Top Exports by Country: June 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