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

MARCH 2008 MERCHANDISE EXPORTS DECLINE BY 6.8 PERCENT

Export earnings in March 2008 went down by 6.8 percent to $4.181 billion from $4.487 billion in March 2007 while first quarter receipts from merchandise exports slightly inched-up by 2.7 percent to $12.524 billion from $12.201 billion during the first quarter in 2007.

ELECTRONIC PRODUCTS DOWN BY 17.4 PERCENT

Accounting for 58.5 percent of the aggregate export revenue in March 2008, Electronic Products went down by 17.4 percent to $2.444 billion from $2.958 billion in March 2007. This may be due to the slow down in the demand for electronic products especially on the Components/Devices (Semiconductor) recording a decline of 22.2 percent to $1.844 billion from $2.369 billion in March 2007.

Articles of Apparel and Clothing Accessories continued to be the country’s second top earner in March 2008 with a combined share of 4.0 percent and an aggregate receipt of $166.77 million or 9.5 percent lower than $184.21 million in March 2007.  

Woodcrafts and Furniture, ranked third with total revenue of $108.23 million in March 2008, reflecting an 11.9 percent climb from $96.74 million in March 2007.

Cathodes and Sections of Cathodes of Refined Copper, ranked fourth in March 2008 with sales amounting to $94.98 million or a growth of 21.4 percent from $78.24 million in March 2007.

Petroleum Products, ranked fifth with export receipts of $86.23 million or a year-on-year growth of 65.0 percent from $52.26 million in March 2007.

Rounding up the list of the top ten exports for the month of March 2008 were Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consisted only of electrical wiring harness for motor vehicles) , $86.09 million or an increase of 17.8 percent; Coconut Oil with an export valued at $81.42 million, an increase of 205.3 percent; Other Products Manufactured from Materials Imported on Consignment Basis , $67.27 million or a decline of 13.6 percent; Metal Components with proceeds billed at $46.62 million or an increase of 2.4 percent; and Gold (extracted from copper ores and concentrates), with export revenue of $36.22 million or 79.9 percent growth from March 2007 level. 

Total receipts from the top ten exports reached $3.218 billion, or 77.0 percent of the total exports.

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

EXPORTS OF MANUFACTURED GOODS DECLINE BY 9.7 PERCENT

Accounting for 85.5 percent of the total receipts, export of Manufactured Goods in March 2008 was $3.575 billion or a 9.7 percent decrease from $3.959 billion in March 2007.  

Earnings from Mineral Products in March 2008 reached $196.11 million or 4.7 percent of the total export revenue, a growth of 19.2 percent from $164.50 million recorded in March 2007.

Income from All Agro-Based Products in March 2008 went up by 23.5 percent to $194.89 million from $157.87 million, while receipts from exports of the Special Transactions declined by 15.8 percent to $127.19 million from $151.07 million in March 2007.

Petroleum Products, on the other hand, continued to increase in March 2008 by 65.0 percent to $86.23 million from $52.26 million in March 2007.  Meanwhile, exports revenue of Forest Products  went down by 42.6 percent to $1.76 million from $3.06 million recorded in March 2007.

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

EXPORTS TO UNITED STATES ACCOUNT FOR 17.0 PERCENT

Japan toppled USA to be the top market of the country for March 2008 with export receipts of $710.92 million, accounting for 17.0 percent of the country’s aggregate income for the month or an increase of 18.5 percent from $599.87 million reported in March 2007.

United States of America (USA) followed as the second top market of the country with export earnings of $683.12 million or a 16.3 percent share of the total exports for March 2008 which resulted to a measly growth of 1.0 percent from $676.60 million recorded in March 2007.

People’s Republic of China emerged as the third biggest market for March 2008 with shipments amounting to $549.15 million or 13.1 percent of the total exports, an increase of 13.2 percent from a year ago level of $485.02 million.

Hong Kong, ranked fourth in March 2008 with a $423.35 million or 10.1 percent of the total exports, declined by 35.3 percent from $653.89 million in March 2007.

Other top ten markets for March 2008 were Netherlands, $279.67 million; Republic of Korea, $188.35 million; Singapore, $182.68 million; Malaysia, $181.09 million; Germany, $176.93 million; and Taiwan , $153.59 million.

Total export receipts from RP’s top ten markets for the month of March 2008 amounted to $3.529 billion or 84.4 percent of the total.

Fig. 3  Philippine Top Exports by Country: March 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