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

MAY 2008 MERCHANDISE EXPORTS SLIGHTLY UP BY 2.3 PERCENT

Export earnings in May 2008 went up by 2.3 percent to $4.224 billion from $4.128 billion in May 2007, albeit at a slower pace.  Similarly, receipts from merchandise exports during January to May increased by 3.1 percent to $21.085 billion from $20.452 billion during the same five-month period in 2007.  However, compared with the previous month’s level, total export revenue declined by 2.3 percent from $4.325 billion, which may be attributed to the decline in the exportation of other crude coconut oil.

ELECTRONIC PRODUCTS DOWN BY 3.4 PERCENT

Accounting for 58.6 percent of the aggregate export revenue in May 2008, Electronic Products posted a decline of 3.4 percent to $2.474 billion from $2.561 billion in May 2007.  The same is true with the previous month's level, where a 1.8 percent decrease from $2.519 billion was noted.  This may be due to the slowdown in the demand for electronic products especially on the Components/Devices (Semiconductors) recording a decrease of 7.1 percent to $1.873 billion from $2.016 billion in May 2007.

Cathodes and Sections of Cathodes of Refined Copper was the country’s second top earner in May 2008 with a 3.7 percent share and an aggregate receipt of $155.14 million or 16.2 percent higher than the $133.52 million in May 2007.  

Articles of Apparel and Clothing Accessories followed as the third top earner in May 2008 with total revenue of $150.18 million or a combined share of 3.6 percent, posted the highest decline of 17.7 percent from $182.43 million in May 2007.

Woodcrafts and Furniture, ranked fourth in May 2008 with sales amounting to $94.27 million or a growth of 3.1 percent from $91.47 million in May 2007.

Petroleum Products, ranked fifth with export receipts of $88.89 million or an annual growth of 3.4 percent from $85.97 million in May 2007.

Rounding up the list of the top ten exports for the month of May 2008 were Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consisted only of electrical wiring harness for motor vehicles) valued at $69.65 million or an increase of 22.3 percent;   Coconut Oil  with receipts of $63.55 million down by 1.5 percent; Other Products Manufactured from Materials Imported on Consignment Basis valued at $49.90 million or a decline of 7.3 percent; Metal Components with proceeds billed at $49.60 million or 20.2 percent increment; and Bananas with export revenue of $41.44 million, up by 18.8 percent from May 2007 level. 

Total receipts from the top ten exports reached $3.236 billion, or 76.6 percent of the total exports.

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

EXPORTS OF MANUFACTURED GOODS INCREASE BY 1.5 PERCENT

Accounting for 83.0 percent of the total receipts, export of Manufactured Goods in May 2008 was $3.507 billion up by 1.5 percent from $3.455 billion in May 2007.  

Income from All Agro-Based Products in May 2008 went up by 3.6 percent to $218.63 million from $211.13 million in May 2007.  This may be due to the increase in the exportation of fresh bananas.

Earnings from Mineral Products in May 2008 reached $272.58 million or a 6.5 percent share of the total export revenue, recording a decline of 0.1 percent from $272.95 million in May 2007.

Export receipts from Special Transactions with a share of 3.1 percent increased by 31.8 percent to $132.12 million from $100.26 million in May 2007.  Similarly, Petroleum Products grew by 3.4 percent in May 2008 to $88.89 million from $85.97 million in May 2007 while exports revenue of Forest Products rose by 127.0 percent to $4.68 million from $2.06 million recorded in May 2007.

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

EXPORTS TO UNITED STATES ACCOUNT FOR 16.0 PERCENT

United States of America (USA) remained the top market of the country for May 2008 with export receipts of $675.59 million, accounting for 16.0 percent of the country’s aggregate income for the month or a modest increase of 2.7 percent from $657.60 million in May 2007.

Japan followed as the second top market of the country for May 2008 with export earnings of $665.40 million or a 15.8 percent share of the total exports, up by 22.1 percent from $545.18 million in May 2007.

People’s Republic of China emerged as the third biggest market for May 2008 with shipments amounting to $502.05 million or 11.9 percent of the total exports, an increase of 8.6 percent from a year ago level of $462.22 million.

Hong Kong ranked fourth in May 2008 with a $395.98 million or 9.4 percent of the total exports, down by 23.1 percent from $514.63 million in May 2007.

Other top ten markets for May 2008 were Republic of Korea, $313.31 million posting the highest growth of 64.7 percent from a year ago level of $190.25 million; Netherlands, $278.23 million; Singapore, $234.64 million; Germany, $205.34 million; Taiwan, $168.39 million; and Malaysia, $163.62 million.

Total export receipts from RP’s top ten markets for the month of May 2008 amounted to $3.603 billion or 85.3 percent of the total.

Fig. 3  Philippine Top Exports by Country: May 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