Merchandise Export Performance : March 2006  ( Preliminary )*

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

Merchandise exports register 25.8 percent increase   

Export earnings for March 2006  jumped by 25.8 percent to $4.110 billion from $3.268 billion during the same period of the previous year. The acceleration of more than twenty percent was the first time exports had recorded since July 2002 and the highest after six years (October 1999 at 36.1 percent).

Receipts from merchandise exports during January to March 2006 advanced by 13.8 percent to $10.880 billion from $9.562 billion during the same period a year earlier.

Electronic products exports up by 24.7 percent    

Electronic products, accounting for 65.8 percent of the aggregate export revenue in March, rallied with an increase of 24.7 percent to $2.706 billion from $2.171 billion a year ago. This is the highest gain since July 2002. 

Among the major groups of electronic products, components/devices (Semiconductors) got the major share with 50.8 percent to total exports. Semiconductors posted a positive growth at 29.3 percent to $2.088 billion from $1.615 billion during the same month in 2005. The other electronic products group that showed inceases were Electronic Data Processing at 4.9 percent with a share of 11.0 percent. Office Equipment at 53.2 percent with a share of 0.55 percent, Telecommunication at 183.7 percent with a share of 0.53 percent,Medical/Industrial Instrumentation at 76.1 percent with a share of 0.02 percent, andAutomotive Electronics at 100.5 percent with a share of 1.35 percent to total exports.

Articles of apparel and clothing accessories remained as the country’s second top earner with a combined share of 4.7 percent and an aggregate receipt of $194.29 million or 29.6 percent higher than $149.87 million a year ago. This was brought about by the bulk order of men's and women's wear (blouses and shirts).

Petroleum products, ranked third with total revenue of $90.28 million reflecting a 163.1 percent increment from $34.32 million during the same period of 2005. This can be attributed to the higher demand in lubricating greases and fuels and gas oils (other than diesel oil).  

Other products manufactured from materials imported on consignment basis, ranked fourth with sales amounting to $70.01 million or a year-on-year increase of 64.5 percent from $42.55 million. 

Revenue from coconut oil gained 98.2 percent to $66.92 million from $33.76 million, resulting from higher demand in coconut (copra) oil, crude.  

Rounding up the list of the top exports for the month of March 2006 were ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (consists only of electrical wiring harness for motor vehicles), with sales amounting to $63.51 million or a year-on-year growth of 17.3 percent from $54.14 million; woodcrafts and furniture, $45.94 million;cathodes, of refined copper, $44.42 million;   bananas (fresh) $34.10 million; and metal components, $26.38 million.

Total receipts from the top ten exports reached $3.342 billion, or 81.3 percent of the total exports.

Fig. 1  Philippine Top Exports: March 2006 and 2005
(F.O.B. Value in Million US Dollars)

Exports of manufactured goods increase by 25.1 percent

Accounting for 89.1 percent of the total receipts, exports of manufactured goods was $3.661 billion with a 25.1 percent growth from $2.927 billion during the same period of 2005.

Earnings from all agro-based products combined for $193.62 million or 28.4 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group went up by 28.4 percent from $150.74 million.

Income from mineral products rose by 29.8 percent to $91.11 million from $70.21 million while receipts from exports of petroleum products jumped by 163.1 percent to $90.28 million from $34.32 million.

Special transactions registered earnings of $70.52 million, while forest products contributed $2.86 million.

Fig. 2  Philippine Exports by Commodity Group: March 2006 and 2005
(F.O.B. Value in Million US Dollars)
 
 

Exports to United States account for 17.1 percent

Accounting for 17.1 percent of the country's aggregate income for the month, exports toUnited States was valued at $702.08 million. Receipts moved up by 32.7 percent from last year's reported figure of $528.94 million. 

Japan followed with a 15.8 percent share. With earnings at $649.25 million, exports to Japan fell  by 2.5 percent from $665.72 million.

Netherlands emerged as the third biggest market for the month as shipments of local goods amounted to $547.36 million or 13.3 percent of the total. Receipts accelerated by 103.6 percent from $268.90 million compared to the same period of 2005.

People's Republic of China accounted for 9.8 percent of the total revenue, with $400.56 million reflecting a 32.6 percent increment from $302.11 million during the same month a year ago.

Other top markets for March 2006 were: Singapore, $339.93 million; Hong Kong, $278.17 million; Malaysia, $234.71 million; Taiwan, $154.77 million; Germany, $148.14 million; andThailand, $118.59 million.

Total export receipts from RP's top ten markets for the month of March amounted to $3.574 billion or 87.0 percent of the total.

Fig. 3  Philippine Top Exports by Country: March 2006
(F.O.B. Value in Million US Dollars)

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