Merchandise exports up by 7.1 percent

Registered export earnings for March 2004 went up by 7.1 percent to $3.350 billion from $3.129 billion during the same period of 2003.

Receipts from merchandise exports for January to March 2004 increased by 6.3 percent to $9.192 billion from $8.650 billion during the same month last year.

Electronic products increase by 9.8 percent

Electronic products, accounting for 67.0 percent of the aggregate export revenue in March, registered an increment of 9.8 percent to $2.243 billion from $2.042 billion last year.

Among the major groups of electronic products, components/devices (Semiconductors) conquered the groupings with 47.0 percent share to total exports. After recording a slump during the first two months of the year, semiconductors grew by 6.4 percent to $1.576 billion from $1.481 billion during the same period a year earlier. The other electronic products group that showed growth were: automotive electronics at 51.0 percent with a share of 1.0 percent to total exports, office equipment at 36.9 percent with a share of 0.6 percent, consumer electronics at 23.4 percent with a share of 1.4 percent, edp at 17.7 percent with a 15.6 percent share, and communication/radar at 16.8 percent with a share of 1.06.

Articles of apparel and clothing accessories remained as the countrys second top earner with a combined share of 5.4 percent and an aggregate receipt of $179.04 million or 6.3 percent lower than $191.09 million a year earlier.

Other products manufactured from materials imported on consignment basis , ranked third with total revenue of $60.65 million reflecting a 14.5 percent negative growth from $70.93 million during the same period of 2003.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (consists only of electrical wiring harness for motor vehicles), ranked fourth with sales amounting to $54.96 million or a year-on-year growth of 2.3 percent from $53.73 million.

Revenue from woodcrafts and furniture dropped by 1.2 percent to $34.09 million from $34.51 million.

Rounding-up the list of the top exports for the month of March 2004 were: bananas (fresh), $28.50 million; metal components, $27.08 million; petroleum products, $24.15 million; coconut oil, $22.56 million; and cathodes and sections of cathodes, of refined copper, $16.38 million.

Total receipts for the top ten exports reached $2.691 billion, or 80.3 percent of the total exports.

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

 Manufactured goods register 8.9 percent increase

Accounting for 89.7 percent of the total receipts, exports of manufactured goods gained by 8.9 percent as sales amounted to $3.004 billion, from $2.758 billion during the same month a year earlier.

Income from all agro-based products, combined for $134.25 million or 4.0 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group declined by 15.3 percent from $158.55 million.

Special transactions were up by 22.9 percent to $139.44 million from $113.44 million, while receipt from exports of mineral products fell by 24.4 percent to $44.53 million from $58.91 million.

Petroleum products registered earnings at $24.15 million, while forest products contributed $2.92 million dollars.

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

 

Exports to Japan account for 20.2 percent

Accounting for 20.2 percent of the country's aggregate income for the month, exports to Japan valued at $678.03 million, accelerated by 41.9 percent from last year's reported figure of $477.88 million.

United States followed with a 16.8 percent share. Valued at $561.68 million, exports to US went down by 15.4 percent from $664.21 million.

Netherlands emerged as the third biggest market for the month as shipments of local goods amounted to $391.85 million or 11.7 percent of the total. Receipts picked up by 56.1 percent from $250.98 million compared to the same period of 2003.

Hong Kong accounted for 8.7 percent of the total receipts, with $290.17 million reflecting a 5.8 percent increase from $274.24 million during the same period last year.

Other top markets for March 2004 were: Singapore, $214.02 million; Taiwan, $211.11 million; Malaysia, $208.79 million; People's Republic of China, $176.78 million; Germany, $101.47 million; and Republic of Korea, $92.16 million.

Total export receipts from RP's top ten markets for the month of March amounted to $2.926 billion or 87.4 percent of the total.

Fig. 3. Philippine Top Exports by Country: March 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