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Release Date :
Reference Number :
2014-035

MERCHANDISE EXPORT PERFORMANCE*

March 2014

(Preliminary)

 

EXPORTED MERCHANDISE FOR MARCH 2014 EXPANDS BY 11.2 PERCENT

Total export earnings in March 2014 amounted to $5.227 billion, an 11.2 percent increment from $4.699 billion recorded in March 2013.  The positive growth was mainly brought about by the increase of seven major commodities out of the top ten commodities for the month.  These are: bananas (fresh); machinery and transport equipment; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; other mineral products; woodcrafts and furniture; electronic products; and articles of apparel and clothing accessories.

Aggregate merchandise exports for the first three months of 2014 showed an increase of 6.5 percent to $14.263 billion from $13.387 billion in 2013.

ELECTRONIC PRODUCTS INCREASE BY 10.1 PERCENT

Accounting for 41.4 percent of the total exports revenue in March 2014, Electronic Products remained as the country’s top export with total receipts of $2.166 billion.  It increased by 10.1 percent from $1.967 billion registered in March 2013.  Components/Devices (Semiconductors), comprising 29.0 percent of the total exports, had the largest share among the major groups of electronic products with export earnings worth $1.513 billion.  However, it went down by 7.8 percent from $1.641 billion recorded in March 2013.

Other Manufactures was the second top export earner in March 2014 with export revenue of $387.85 million, decreasing by 12.3 percent from $442.42 million in March 2013. 

Woodcrafts and Furniture was recorded as the country’s third top export with revenue valued at $367.55 million or a 7.0 percent share to total exports.  It increased by 50.6 percent from $244.14 million in same period a year ago.

Machinery and Transport Equipment ranked fourth, with earnings amounting to $301.44 million in March 2014, contributing 5.8 percent share to the total export receipts.  This recorded a 96.4 percent increase from the previous year’s level of $153.50 million.

Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, with 4.9 percent share to the total export receipts, ranked fifth with value posted at $254.96 million. It increased by 62.2 percent from $157.20 million recorded value during the same month in 2013.

Rounding up the list of the top ten exports for the month of March 2014 were: Other Mineral Products with export earnings of $181.96 million, increasing by 53.7 percent; Articles of Apparel and Clothing Accessories with export receipts of $165.91 million, accelerating by 5.6 percent; Chemicals with proceeds billed at $160.00 million, decreasing by 8.0 percent; Metal Components with export receipts of $155.97 million, declining by 8.4 percent; and Bananas (Fresh) with total receipts of $152.34 million, registering the highest increase of 120.9 percent among the top ten exports.

Total receipts from the top ten exports reached $4.294 billion, or 82.2 percent of the total exports.

EXPORTS OF MANUFACTURED GOODS STAND AT $4.417 BILLION

Outward shipments of Manufactured Goods were valued at $4.417 billion in March 2014, accounting for 84.5 percent of the total export receipts.  It increased by 13.5 percent from $3.892 billion recorded in March 2013. 

Revenue from Total Agro-Based Products, with a share of 9.0 percent in March 2014, amounted to $469.21 million.  It increased by 22.1 percent from $384.30 million in March 2013.

Mineral Products, registering a 4.5 percent share, slightly increased by 0.8 percent to $234.38 million in March 2014 from $232.53 million in March 2013.

Merchandise export revenue from Special Transactions, comprising 1.5 percent share of the total exports revenue in March 2014, went down by 28.8 percent from $110.22 million in the same month a year ago to $78.53 million.    

Income from Petroleum Products, accounting for 0.3 percent share of the total exports revenue, decreased by 76.5 percent from $74.27 million last year to $17.45 million reported value in March 2014.

Forest Products, with 0.2 percent share, increased by 76.1 percent to $9.91 million in March 2014 from $5.63 million in same month in 2013.

JAPAN ACCOUNTS FOR 25.0 PERCENT OF THE TOTAL EXPORTS

Japan including Okinawa comprised the largest share to total exports for March 2014 with 25.0 percent and remained as the country’s top destination of exports with revenue amounting to $1.305 billion.  It increased by 51.0 percent from $864.87 million recorded value in same month a year ago.

United States of America (USA) including Alaska and Hawaii ranked second, contributing 13.7 percent share to total exports with receipts valued at $717.41 million in March 2014.  This recorded an increase of 1.0 percent from $710.12 million in the same month last year.

People’s Republic of China with 10.7 percent share to total exports, ranked third with shipments valued at $557.42 million.  It decreased by 13.5 percent from $644.41 million a year ago.

Hong Kong placed fourth, representing a 8.0 percent share to total exports, with export earnings worth $412.85 million in March 2014 from $388.54 million posted in March 2013.

Singapore ranked fifth in March 2014 with $392.93 million or 7.5 percent share to total exports.  It grew by 27.7 percent from $307.65 million a year ago.

Other top ten market destinations for March 2014 were: Germany, $242.14 million; Republic of Korea, $237.14 million; Thailand, $200.11 million; Taiwan, $183.60 million; and Netherlands, $173.86 million.

Combined export receipts from the country’s top ten markets destinations for the month of March 2014 was valued at $4.423 billion or 84.6 percent of the total.

EXPORTS TO EAST ASIA AMOUNTS TO $2.701 BILLION

By economic bloc, East Asia remained as the country’s top market destinations of exported merchandise as it accounted for 51.7 percent share to total exports in March 2014 valued at $2.701 billion.  It increased by 13.5 percent from its March 2013 figure of $2.380 billion.        

Merchandise exported to ASEAN comprised 15.4 percent of the total exports in March 2014 and was valued at $807.43 million. This registered an increase of 14.3 percent from $706.63 million posted in the same month a year ago.

Exports to European Union member-countries, accounting for 11.8 percent to total merchandise exports, amounted to $615.48 million.  It increased by 4.2 percent from $590.49 million recorded in March 2013.

 

Technical Note:

Starting with the March 2007 Press Release, analysis and tables are based on the 2004 Philippine Standard Commodity Classification (PSCC) groupings.  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.

 

 

(Sgd) Lisa Grace S. Bersales
National Statistician

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