Merchandise exports down by 2.8 percent

Export earnings for March 2005 went down by 2.8 percent to $3.256 billion from $3.350 billion during the same period of the previous year.

Receipts from merchandise exports during the period January to March 2005 grew by 3.6 percent to $9.520 billion from $9.193 billion during the same period a year earlier.

Electronic products exports register 3.7 percent decrease 

Electronic products, accounting for 66.4 percent of the aggregate export revenue in March, recorded a drop of 3.7 percent to $2.162 billion from $2.244 billion a year ago. The decreases were observed in five electronic groups with electronic data processing contributing the biggest share of negative growth.

Among the major groups of electronic products, components/devices (Semiconductors) got the major share with 49.5 percent to total exports. Semiconductors posted a positive growth at 2.2 percent to $1.610 billion from $1.575 billion during the same month in 2004. The other electronic products group that showed increases were consumer electronics, control and  instrumentation, and  medical/industrial instrumentation.

Articles of apparel and clothing accessories remained as the country's second top earner with a combined share of 4.6 percent and an aggregate receipt of $149.23 million or 16.6 percent lower  than $179.01 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 $54.09 million reflecting a 1.6 percent decrease from $54.96 million during the same period of 2004.

Othet products manufactured from materials imported on consignment basis ranked fourth with sales amounting to $42.21 million or a year-on-year decline of 31.3  percent from $61.43 million.

Revenue from woodcrafts and furniture, increased  by 23.7 percent to $42.19 million from $34.10 million.

Rounding up the list of the top exports for the month of March 2005 were: cathodes and sections of cathodes, of refined copper, $35.92 million; petroleum products, $34.32 million; coconut oil, $33.76 million; metal components , $32.65 million; and bananas (fresh), 28.16 million.

Total receipts for the top ten exports reached $2.614 billion, or 80.3 percent of the total exports.

Fig. 1. Philippine Top Exports: March 2004 and 2005
(F.O.B. Value in Million US Dollars)

Exports of manufactured goods decrease by 3.0 percent

Accounting for 89.6 percent of the total receipts, exports of manufactured goods was $2.916 billion with a 3.0 percent negative growth from $3.006 billion during the same period of 2004.

Earnings from all agro-based products combined for $150.61 million or 4.6 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group improved by 11.4 percent from $135.25 million.

Income from   special transactions fell by 39.7 percent to $83.11 million from $137.81 million while receipts from exports of mineral products rose by 57.6 percent to $70.21 million from $44.53 million.

Petroleum products registered earnings at $34.32 million, while forest products contributed $1.89 million.

Fig. 2. Philippine Exports by Commodity Group: March 2004 and 2005
(F.O.B. Value in Million US Dollars)

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 was valued at $663.45 million. Receipts declined by 2.2 percent from last year's reported figure of $678.32 million. 

United States followed with a 16.2 percent share. Earnings at $526.98 million,  dropped by 6.3 percent from $562.15 million.

People's Republic of China emerged as the third biggest market for the month as shipments of local goods amounted to $301.95 million or 9.3 percent of the total. Receipts moved up by 70.6 percent from $176.95 million compared to the same period of 2004.

Exports to Hong Kong accounting for 8.3 percent of the total receipts was worth $269.05 million reflecting a 7.4 percent decrease from $290.42 million during the same month a year ago.

Other top markets for March 2005 were: Netherlands, with exports worth $268.42 million; Singapore, $202.73 million;  Malaysia, $188.04 million; Taiwan, $162.48 million; Republic of Korea, $116.10 million; and Indonesia, $98.40 million.

Total export receipts from RP's top ten markets for the month of March amounted to $2.798 billion or 85.9 percent of the total.

Fig. 3. Philippine Top Exports by Country: March 2005
(F.O.B. Value in Million US Dollars)

Source:  Economic Indices and Indicators Division
               Industry and Trade Statistics Department
               National Statistics Office
               Manila, Philippines