Merchandise exports registered 8.6 percent increase

Registered earnings for March 2003 increased by 8.6 percent to $3.095 billion from $2.849 billion during the same month a year earlier.

Receipts from merchandise exports for January to March 2003 went up by 5.0 percent to $8.509 billion from $8.108 billion during the same period in 2002.

Electronic products inched-up by 0.1 percent

Using the expanded coverage of electronic products which consists of nine (9) major groups compared to the old series with only four (4) major classifications, receipts from electronic products, accounting for 64.7 percent of the aggregate export revenue for the month, grew by 0.1 percent to $2.003 billion from $2.002 billion last year. Among the major groups of electronic products, components/devices (semiconductors) dominate the groupings with 47.0 percent share to total exports. It grew by 4.8 percent to $1.454 billion from $1.388 billion last year.

Articles of apparel and clothing accessories remained as the countrys second top earner with a combined share of 6.2 percent and an aggregate receipt of $191.17 million or 21.5 percent higher than $157.31 million a year ago.

Other products manufactured from materials imported on consignments basis, ranked third with a total revenue of $70.87 million reflecting a 140.5 percent increase from $29.47 million last year.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships ranked fourth with sales amounting to $53.65 million or a year-on-year increase of 3.5 percent from $51.85 million.

Revenue from coconut oil rose by 47.7 percent to $39.82 million from $26.95 million during the same month of 2002.

Rounding-up the list of the top exports for the month of March 2003 were:petroleum products, $37.77 million; woodcrafts and furniture, $34.48million; bananas (fresh), $27.21 million; cathodes & sections of cathodes, of refined copper $25.39 million; and metal components, $24.07 million.

Aggregate receipt for the top ten exports amounted to $2.508 billion, or 81.0 percent of the total exports.

Fig. 1. Philippine Top Exports in March: 2002 
and 2003
( F.O.B. Value in Million US Dollar )

Manufactured goods increased by 5.9 percent

Accounting for 87.9 percent of the total receipts, exports ofmanufactured goods increased by 5.9 percent as sales reached $2.720 billion, from $2.569 billion during the same period last year.

Income from all agro-based products, combined for $158.33 million or 5.1 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group moved up by 25.8 percent from $125.82 million.

Special transactions went up by 28.2 percent to $118.20 million from $92.23 million, while receipt from exports of mineral products increased by 41.6 percent to $58.91 million from $41.59 million.

Petroleum products contributed $37.77 million, while forest productsadded $1.80 million dollars.

Fig. 2. Philippine Exports by Commodity Group in March: 2002 
and 2003
( F.O.B. Value in Million US Dollar )
 
 

Exports to US account for 21.0 percent

Accounting for 21.0 percent of the countrys aggregate receipts for the month, exports to the United States valued at $650.97 million, dropped by 8.9 percent from last year's reported figure of $714.22 million.

Japan followed with a 15.5 percent share. Valued at $479.21 million, exports to Japan further went up by 10.6 percent from $433.12 million.

Hong Kong accounted for 8.8 percent of the total receipts, with $272.58 million reflecting a 45.7 percent increase from $187.04 million during the same month last year.

Netherlands emerged as the fourth biggest market for the month as shipments of local goods amounted to $250.80 million or 8.1 percent of the total. Compared to the same months last year figure, receipts grew by 10.4 percent from $227.13 million. Other top markets for March 2003 were: Singapore, $191.75 million; Taiwan, $187.23 million; Malaysia,$184.63 million; Peoples Republic of China, $143.77 million;Germany, $131.24 million; and Republic of Korea, $116.40 million.

Total export receipts from RPs top ten markets amounted to $2.609 billion or 84.3 percent of the total.

Fig. 3. Philippine Top Exports by Country in March, 2003
( F.O.B. Value in Million US Dollar )

Source:  Philippines National Statistics Office
                Manila, Philippines