Merchandise exports register 12.3 percent increase

Export earnings for October 2004 went up by 12.3 percent to $3.751 billion from $3.340 billion during the same period a year earlier. This is the third double-digit positive rate recorded since January of the current year.

Receipts from merchandise exports for January to October 2004 grew by 8.9 percent to $32.643 billion from $29.971 billion during the same period of the previous year.

Electronic products up by 13.2 percent

Electronic products, accounting for 70.2 percent of the aggregate export revenue in October, continued to exhibit a positive growth at 13.2 percent to $2.635 billion from $2.327 billion a year ago.

Among the major groups of electronic products, components/devices (Semiconductors) got the biggest share with 51.2 percent share to total exports. Semiconductors posted a positive growth at 16.7 percent to $1.923 billion from $1.648 billion during the same month in 2003. Among the electronic products group that showed growth were: telecommunication at 188.0 percent with a share of 0.5 percent, control and instrumentation at 182.5 percent with a share of 0.04 percent, communication/radar at 108.4 percent with a share of 1.3 percent, and consumer electronics at 49.7 percent with a share of 1.6 percent to total exports.

Articles of apparel and clothing accessories remained as the country's second top earner with a combined share of 4.3 percent and an aggregate receipt of $162.59 million or 4.7 percent higher than $155.29 million a year earlier.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (consists only of electrical wiring harness for motor vehicles) ranked third with total revenue of $88.89 million reflecting an 88.3 percent positive rate from $47.22 million during the same period of 2003.

Othet products manufactured from materials imported on consignment basis ranked fourth with sales amounting to $47.35 million or a year-on-year negative growth of 20.6 percent from $59.60 million.

Revenue from petroleum products, declined by 6.7 percent to $43.63 million from $46.76 million.

Rounding up the list of the top exports for the month of October 2004 were: coconut oil, $42.67 million; woodcrafts and furniture, $34.62 million; metal components, $33.99 million; bananas (fresh), $29.90 million; and cathodes and sections of cathodes, of refined copper, $25.53 million.

Total receipts for the top ten exports reached $3.144 billion, or 83.8 percent of the total exports.

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

 Manufactured goods increase by 14.2 percent

Accounting for 90.5 percent of the total receipts, exports of manufactured goods climbed by 14.2 percent as sales amounted to $3.395 billion, from $2.972 billion during the same period of 2003.

Income from all agro-based products combined for $154.73 million or 4.1 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group gained by 2.5 percent from $150.96 million.

Sales of special transactions went down by 16.2 percent to $94.82 million from $113.16 million while receipts from exports of mineral products rose by 7.3 percent to $60.03 million from $55.92 million.

Petroleum products registered earnings at $43.63 million, while forest products contributed $2.98 million dollars.

Fig. 2. Philippine Exports by Commodity Group: October: 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 $888.11 million. Receipts grew by 50.2 percent from last year's reported figure of $591.17 million.

United States followed with a 15.1 percent share. Earnings at $564.96 million, exports to US moved up by 4.2 percent from $542.09 million.

Netherlands emerged as the third biggest market for the month as shipments of local goods amounted to $396.73 million or 10.6 percent of the total. Receipts advanced by 50.0 percent from $264.52 million compared to the same period of 2003.

People's Republic of China accounted for 8.3 percent of the total receipts, with $310.98 million reflecting a 24.6 percent increment from $249.57 million during the same month a year earlier.

Other top markets for October 2004 were: Hong Kong, $269.19 million; Singapore, $196.11 million; Malaysia, $170.56 million; Taiwan, $164.14 million; Germany, $132.85 million; and Vietnam, $111.41 million.

Total export receipts from RP's top ten markets for the month of October amounted to $3.205 billion or 85.4 percent of the total.

Fig. 3. Philippine Top Exports by Country: October 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