Merchandise exports register 15.3 percent increase

Export earnings for May 2004 recorded a double-digit increment at 15.3 percent to $3.259 billion from $2.828 billion during the same month a year earlier. This is the highest growth in 18 months, that is since December 2002 when the increase was 10.1 percent.

Receipts from merchandise exports for January to May 2004 grew by 8.6 percent to $15.421 billion from $14.204 billion during the same period last year.

Electronic products up by 18.7 percent

After a series of single-digit positive growth since January 2004, electronic products accounting for 66.4 percent of the aggregate export revenue in May, registered an increase of 18.7 percent to $2.164 billion from $1.824 billion last year. This is the biggest increment since December 2002.

Among the major groups of electronic products, components/devices (semiconductors) cornered the biggest share with 44.7 percent share to total exports. Semiconductors went up by a double-digit figure at 11.9 percent to $1.456 billion from $1.301 billion during the same period of 2003. The expansion is the highest since November 2003. Among the other electronic products group that showed gain were: electronic data processing at 40.2 percent with a share of 17.32 percent, consumer electronics at 10.3 percent with a share of 1.45 percent. communication/radar at 49.8 percent with a share of 1.26 percent, and office equipment at 55.6 percent with a share of 0.56 percent to total exports.

Articles of apparel and clothing accessories remained as the countrys second top earner with a combined share of 5.5 percent and an aggregate receipt of $179.63 million or 2.0 percent higher than $176.20 million a year ago.

Coconut oil , ranked third with total revenue of $67.08 million reflecting a 0.4 percent negative rate from $67.36 million during the same period of 2003.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (consists only of electrical wiring harness for motor vehicles), ranked fourth with sales amounting to $54.33 million or a year-on-year growth of 59.5 percent from $34.07 million.

Revenue from cathodes and sections of cathodes, of refined copper gained by 68.0 percent to $53.42 million from $31.80 million.

Rounding up the list of the top exports for the month of May 2004 were: other products manufactured from materials imported on consignment basis, $43.16 million; woodcrafts and furniture, $33.76 million; metal components, $27.09 million; bananas (fresh), $25.26 million; and pineapple and pineapple products, $15.03 million.

Total receipts for the top ten exports reached $2.663 billion, or 81.7 percent of the total exports.

Fig. 1. Philippine Top Exports: May: 2003 and 2004
(F.O.B. Value in Million US Dollars)

 Manufactured goods up by 17.6 percent

Accounting for 88.3 percent of the total receipts, exports of manufactured goods picked up by 17.6 percent as sales amounted to $2.878 billion, from $2.447 billion during the same month a year earlier.

Income from all agro-based products combined for $180.06 million or 5.5 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group dropped by 0.04 percent from $180.12 million.

Sales of mineral products were up by 40.2 percent to $95.20 million from $67.88 million while receipts from exports of special transactions declined by 0.1 percent to $91.05 million from $91.14 million.

Petroleum products registered earnings at $12.60 million, while forest products contributed $2.72 million dollars.

Fig. 2. Philippine Exports by Commodity Group: May: 2003 and 2004
(F.O.B. Value in Million US Dollars)

 

Exports to United States account for 19.4 percent

Accounting for 19.4 percent of the country's aggregate income for the month, exports to United States valued at $630.57 million, grew by 43.9 percent from last year's reported figure at $438.10 million.

Japan followed with an 18.3 percent share. Valued at $596.25 million, exports to Japan rose by 5.1 percent from $567.31 million.

Hong Kong emerged as the third biggest market for the month as shipments of local goods amounted to $317.27 million or 9.7 percent of the total. Receipts went up by as much as 45.6 percent from $217.98 million compared to the same period of 2003.

Netherlands accounted for 7.6 percent of the total receipts, with $247.95 million reflecting a 6.7 percent decrease from $265.78 million during the same month a year earlier.

Other top markets for May 2004 were: Malaysia, $233.13 million; Singapore $232.12 million; Taiwan, $205.16 million; People's Republic of China, $157.41 million; Thailand, $119.31 million; and Germany, $96.90 million.

Total export receipts from RP's top ten markets for the month of May amounted to $2.836 billion or 87.0 percent of the total.

Fig. 3. Philippine Top Exports by Country: May 2004
(F.O.B. Value in Million US Dollars)

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