Merchandise exports register 19.5 percent increase

Export earnings for November 2004 grew by 19.5 percent to $3.688 billion from $3.085 billion during the same period of the previous year. For two consecutive months and the fourth time, a double-digit positive growth was registered since January of the current year. The increase was also the highest since July 2002.

Receipts from merchandise exports for January to November 2004 went up by 9.9 percent to $36.331 billion from $33.056 billion during the same period a year earlier.

Electronic products up by 16.1 percent

Electronic products, accounting for 67.6 percent of the aggregate export revenue in November, continued to demonstrate a positive rate at 16.1 percent to $2.494 billion from $2.148 billion last year.

Among the major groups of electronic products, components/devices (Semiconductors) got the biggest share with 50.0 percent share to total exports. Semiconductors posted a positive growth at 29.2 percent to $1.832 billion from $1.417 billion during the same month in 2003. The other electronic products group that showed growth were: telecommunication at 242.1 percent with a share of 0.51 percent, control and instrumentation at 111.2 percent with a share of 0.02 percent, medical/industrial instrumentation at 48.2 percent with a share of 0.01 percent,  communication/radar at 33.4 percent with a share of 0.96 percent, and consumer electronics at 11.4 percent with a share of 1.7 percent to total exports.

Articles of apparel and clothing accessories remained as the country's second top earner with a combined share of 4.8 percent and an aggregate receipt of $176.92 million or 33.3 percent higher than $132.76 million a year earlier.

Othet products manufactured from materials imported on consignment basis ranked third with total revenue of $86.0 million reflecting a 24.3 percent positive rate from $69.19 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 $70.20 million or a year-on-year  growth of 46.6 percent from $47.89 million.

Revenue from coconut oil, increased by 68.4 percent to $60.03 million from $35.64 million.

Rounding up the list of the top exports for the month of Novemberr 2004 were: woodcrafts and furniture, $42.45 million; metal components, $37.07 million; petroleum products, $36.76 million; and cathodes and sections of cathodes, of refined copper, $27.77 million, and bananas (fresh), 26.92 million.

Total receipts for the top ten exports reached $3.058 billion, or 82.9 percent of the total exports.

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

 Manufactured goods increase by 20.9 percent

Accounting for 90.9 percent of the total receipts, exports of manufactured goods rose by 20.9 percent as sales amounted to $3.351 billion, from $2.771 billion during the same period of 2003.

Earnings from all agro-based products combined for $169.15 million or 4.6 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group gained by 22.7 percent from $137.90 million.

Income from  special transactions declined by 33.3 percent to $70.36 million from $115.41 million while receipts from exports of mineral products climbed by 81.4 percent to $57.01 million from $31.43 million.

Petroleum products registered earnings at $36.76 million, while forest products contributed $3.28 million dollars.

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

 

Exports to Japan account for 23.7 percent

Accounting for 23.7 percent of the country's aggregate income for the month, exports to Japan was valued at $874.13 million. Receipts grew by 47.3 percent from last year's reported figure of $593.41 million.

United States followed with a 15.5 percent share. Earnings at $569.98 million, exports to US moved up by15.5 percent from $493.68 million.

Netherlands emerged as the third biggest market for the month as shipments of local goods amounted to $429.67 million or 11.6 percent of the total. Receipts improved by 82.8 percent from $235.05 million compared to the same period of 2003.

Hong Kong accounted for 7.7 percent of the total receipts, with $282.57 million reflecting a 23.0 percent increment from $229.73 million during the same month a year earlier.

Other top markets for November 2004 were: People's Republic of China, $267.73 million; Singapore, $203.85 million; Taiwan, $155.32 million; Malaysia, $145.65 million; Vietnam, $115.11 million; and Republic of Korea, $115.71 million.

Total export receipts from RP's top ten markets for the month of November amounted to $3.150 billion or 85.4 percent of the total.

Fig. 3. Philippine Top Exports by Country: November 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