Merchandise exports gain by 6.2 percent

Registered earnings for October 2003 went up by 6.2 percent to $3.223 billion from $3.033 billion during the same month a year ago.

Receipts from merchandise exports for January to October 2003 inched up by 1.0 percent to $29.489 billion from $29.191 billion during the same period of 2002.

Electronic products move up by 6.3 percent

Electronic products, accounting for 68.5 percent of the aggregate export revenue for the month, registered an increase of 6.3 percent to $2.208 billion from $2.077 billion last year. Among the major groups of electronic products, components/devices (Semiconductors) dominate the groupings with 47.8 percent share to total exports. Similarly, it grew by 6.4 percent to $1.539 billion from $1.446 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 4.8 percent and an aggregate receipt of $155.3 million or 21.6 percent lower than $198.22 million a year earlier.

Other products manufactured from materials imported on consignments basis, ranked third with total revenue of $59.39 million reflecting a 62.6 percent increment from $36.52 million during the same period of 2002.

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 $47.22 million or a year-on-year growth of 25.7 percent from $37.56 million.

Revenue from petroleum products increased by 0.2 percent to $46.76 million from $46.66 million.

Rounding-up the list of the top exports for the month of October 2003 were: coconut oil, $42.49 million; woodcrafts and furniture, $29.53million; bananas (fresh), $29.33 million; cathodes & sections of cathodes, of refined copper, $26.89 million; and metal components, $23.58 million.

Total receipts for the top ten exports reached $2.668 billion, or 82.8 percent of the total exports.

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

 Manufactured goods increase by 5.8 percent

Accounting for 88.5 percent of the total receipts, exports ofmanufactured goods gained by 5.8 percent as sales amounted to $2.852 billion, from $2.696 billion during the same month last year.

Income from all agro-based products, combined for $151.05 million or 4.7 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group accelerated by 7.6 percent from $140.32 million.

Special transactions went up by 18.6 percent to $116.17 million from $97.95 million, while receipt from exports of mineral products climbed by 10.3 percent to $55.90 million from $50.67 million.

Petroleum products contributed $46.76 million, while forest productsregistered earnings of $1.07 million dollars.

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

Exports to Japan account for 18.3 percent

Accounting for 18.3 percent of the countrys aggregate income for the month, exports to Japan valued at $589.48 million, increased by 36.8 percent from last year's reported figure of $430.78 million.

U.S. followed with a 16.2 percent share. Valued at $521.64 million, exports to United States dropped by 23.2 percent from $679.43 million.

Hong Kong accounted for 8.7 percent of the total receipts, with $281.80 million reflecting a 23.5 percent increase from $228.17 million during the same period a year earlier.

Netherlands, emerged as the fourth biggest market for the month as shipments of local goods amounted to $264.47 million or 8.2 percent of the total. Compared to the same period last year, receipts grew by 11.7 percent from $236.85 million. Other top markets for October 2003 were:Peoples Republic of China, $249.50 million; Singapore, $230.58 million; Taiwan, $206.24 million; Malaysia, $188.17 million; Republic of Korea, $131.43 million; and Germany, $117.28 million.

Total export receipts from RPs top ten markets for the month of October amounted to $2.781 billion or 86.3 percent of the total.

Fig. 3. Philippine Top Exports by Country: October 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