Merchandise exports registered 4.0 percent decline

Registered earnings for May 2003 declined by 4.0 percent to $2.802 billion from $2.918 billion during the same month a year earlier.

Receipts from merchandise exports for January to May 2003 went up by 1.7 percent to $14.007 billion from $13.775 billion during the same period in last year.

Electronic products decreased by 12.8 percent

Electronic products, accounting for 64.1 percent of the aggregate export revenue for the month, went down by 12.8 percent to $1.796 billion from $2.061 billion last year. Among the major groups of electronic products, components/devices (semiconductors) dominated the groupings with 45.7 percent share to total exports. It dropped by 13.8 percent to $1.281 billion from $1.486 billion during the same period last year.

Articles of apparel and clothing accessories remained as the countrys second top earner with a combined share of 6.3 percent and an aggregate receipt of $176.24 million or 1.1 percent higher than $174.38 million a year ago.

Coconut oil ranked third with total revenue of $67.36 million reflecting a 142.8 percent increase from $27.74 million a year earlier.

Woodcrafts and furniture ranked fourth with sales amounting to $44.27 million or a year-on-year increase of 7.6 percent from $41.15 million.

Revenue from petroleum products grew by 48.0 percent to $40.12 million from $27.11 million during the same month of 2002.

Rounding-up the list of the top exports for the month of May 2003 were:ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, $34.07 million; cathodes and sections of cathodes, of refined copper, $31.80 million; other products manufactured from materials imported on consignment basis, $30.48 million; bananas (fresh), $30.0 million; and gold, $21.42 million.

Aggregate receipt for the top ten exports amounted to $2.272 billion, or 81.1 percent of the total exports.

Fig. 1. Philippine Top Exports: May: 2002 and 2003
(F.O.B. Value in Million US Dollars)

 Manufactured goods declined by 8.0 percent

Accounting for 84.4 percent of the total receipts, exports ofmanufactured goods fell by 8.0 percent as sales reached $2.364 billion, from $2.569 billion during the same period last year.

Income from all agro-based products, combined for $180.53 million or 6.4 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group rose by 54.3 percent from $117.0 million.

Special transactions decreased by 11.2 percent to $92.26 million from $103.93 million, while receipt from exports of mineral productsincreased by 58.4 percent to $67.88 million from $42.85 million.

Fig. 2. Philippine Exports by Commodity Group: May: 2002 and 2003
(F.O.B. Value in Million US Dollars)
 
 

Exports to U.S. accounts for 20.0 percent

Accounting for 20.0 percent of the countrys aggregate receipts for the month, exports to the United States valued at $561.33 million, went down by 21.4 percent from last year's reported figure of $714.42 million.

Japan followed with a 15.6 percent share. Valued at $437.07 million, exports to Japan continued to dip by 2.2 percent from $447.0 million.

Hong Kong accounted for 9.4 percent of the total receipts, with $264.37 million reflecting a 53.4 percent increase from $172.38 million during the same month last year.

Netherlands emerged as the fourth biggest market for the month as shipments of local goods amounted to $217.56 million or 7.8 percent of the total. Compared to the same period last year, receipts dropped by 20.5 percent from $273.58 million. Other top markets for May 2003 were:Malaysia, $215.89 million; Singapore, $184.71 million; Taiwan, $168.45million; Peoples Republic of China, $156.49 million; Thailand,$104.82 million; and Germany, $97.96 million.

Total export receipts from RPs top ten markets amounted to $2.409 billion or 86.0 percent of the total.

Fig. 3. Philippine Top Exports by Country: May 2003
(F.O.B. Value in Million US Dollars)

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