MERCHANDISE EXPORTS REGISTER 12.2 PERCENT INCREASE

Registered earnings for May 2002 increased by 12.2 percent to $2.917 billion from $2.600 billion during the same month a year earlier.

Receipts from merchandise exports for January to May 2002 went up by 2.7 percent to $13.774 billion from $13.410 billion during the same period in 2001.

ELECTRONIC COMPONENTS INCREASED BY 24.2 PERCENT

Receipts from Electronic Components, accounting for 57.0 percent of the aggregate export revenue for the month, rose by 24.2 percent to $1.662 billion from $1.338 billion last year.

Articles of Apparel and Clothing Accessories remained as the country's second top earner with a combined share of 6.0 percent and an aggregate receipt of $174.4 million or 9.5 percent lower than $192.8 million a year earlier.

Woodcrafts and Furniture, ranked third with a total revenue of $41.13 million reflecting a 43.8 percent increase from $28.60 million last year.

Metal Components ranked fourth with sales amounting to $37.97 million or a year-on-year decline of 3.9 percent from $39.51 million.

Revenue from Other Products Manufactured from Materials Imported on Consignments Basis increased by 3.2 percent to $37.80 million from $36.62 million during the same month of 2001.

Rounding up the list of the top exports for the month of May 2002 were: Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, $37.27 million; Bananas (Fresh), $27.78 million; Coconut Oil, $27.74 million; Petroleum Products, $27.11 million; and Cathodes and Sections of Cathodes, of Refined Copper, $23.12 million.

Aggregate receipts for the top ten exports amounted to $2.096 billion, or 71.9 percent of the total exports.

Fig. 1. Philippine Top Exports in May: 2001 & 2002
( F.O.B. Value in Million US Dollar )

MANUFACTURED GOODS INCREASED BY 14.8 PERCENT

Accounting for 89.9 percent of the total receipts, exports of Manufactured Goods increased by 14.8 percent as sales reached $2.623 billion, from $2.285 billion during the same period last year.

Income from Agro-Based Products, combined for $117.03 million or 4.0 percent of the total export revenue. Compared to last year, aggregate revenue for this commodity group fell by 11.5 percent from $132.22 million.

Special Transactions dropped by 7.6 percent to $104.69 million from $113.35 million, while receipt from exports of Mineral Products decreased by 20.3 percent to $42.75 million from $53.67 million.

Petroleum Products contributed $27.11 million, while Forest Products posted $2.62 million dollars.

Fig. 2. Philippine Exports by Commodity Group in May: 2001 & 2002
( F.O.B. Value in Million US Dollar )

EXPORTS TO US ACCOUNT FOR 24.5 PERCENT

Accounting for 24.5 percent of the country's aggregate receipts for the month, exports to the United States valued at $714.11 million, increased by 3.4 percent from last year's reported figure of $690.48 million.

Japan followed with a 15.3 percent share. Valued at $446.72 million, exports to Japan went up by 6.0 percent from $421.50 million.

Netherlands accounted for 9.4 percent of the total receipts, at $273.03 million reflecting a 9.0 percent decline from $300.14 million a year earlier.

Singapore emerged as the fourth biggest market for the month as shipments of local goods amounted to $222.23 million or 7.6 percent of the total. Compared to the same month last year figure, receipts went up by 33.0 percent from $167.06 million. Other top markets for May 2002 were: Taiwan, $208.13 million; Hongkong, $172.17 million; Malaysia, $149.93 million; Germany, $144.64 million;, People's Republic of China, $106.34 million; and Republic of Korea, $97.63 million.

Total export receipts from RP's top ten markets amounted to $2.535 billion or 86.9 percent of the total.

Fig. 3. Philippine Top Exports by Country in May, 2002
( F.O.B. Value in Million US Dollar )

Source: National Statistics Office
              Manila, Philippines