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Top 10 Philippine Exports for All Countries: October 2008 p | |||
Gainers | Losers | ||
| Tuna | 68.3 | Petroleum Products | -37.1 |
| Metal Components | 22.5 | Cathodes and Sections of Cathodes of Refined Copper | -26.8 |
| Other Products Manufactured from Materials Imported on Consignment Basis | 11.0 | Articles of Apparel and Clothing Accessories | -25.3 |
| Coconut Oil | -19.7 | ||
| Electronic Products | -18.9 | ||
| Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships | -18.6 | |
| Woodcrafts and Furniture | -0.3 | |
* Includes transactions that passed through Automated Export Documentation System (AEDS).
p - preliminary
r - revised
OCTOBER 2008 MERCHANDISE EXPORTS DROP BY 14.9 PERCENT
Export earnings in October 2008 decreased by 14.9 percent to $3.968 billion from $4.660 billion in October 2007. The same is true with the previous month’s level, where a decrease of 10.6 percent was noted from $4.439 billion.
ELECTRONIC PRODUCTS DOWN BY 18.9 PERCENT
Accounting for 58.9 percent of the aggregate export revenue in October 2008, Electronic Products posted a decline of 18.9 percent to $2.336 billion from $2.879 billion in October 2007. The same is true with the previous month's level, where a decrease of 9.9 percent was observed from $2.592 billion recorded in September 2008.
Articles of Apparel and Clothing Accessories remained the country’s second top earner in October 2008 with a combined share of 3.5 percent and an aggregate receipt of $140.43 million or 25.3 percent lower than the $187.89 million in October 2007.
Cathodes and Sections of Cathodes of Refined Copper followed as the third top earner in October 2008 with total revenue of $111.62 million or a share of 2.8 percent dropped by 26.8 percent from $152.47 million in October 2007.
Woodcrafts and Furniture, ranked fourth in October 2008 with sales amounting to $90.52 million or a decrease in growth of 0.3 percent from $90.76 million in October 2007.
Coconut Oil, ranked fifth with export receipts of $86.63 million or an annual decrease of 19.7 percent from $107.92 million in October 2007.
Rounding up the list of the top ten exports for the month of October 2008 were Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consisted only of electrical wiring harness for motor vehicles) with receipts of $67.37 million down by 18.6 percent; Petroleum Products valued at $64.92 million or a decline of 37.1 percent; Other Products Manufactured from Materials Imported on Consignment Basis with proceeds billed at $63.32 million up by 11.0 percent; Metal Components with receipts of $52.62 million up by 22.5 percent; and Tuna with export revenue of $37.19 million, up by 68.3 percent from October 2007 level .
Total receipts from the top ten exports reached $3.050 billion, or 76.9 percent of the total exports.
Fig. 1 Philippine Top Five Exports: October 2008 and 2007
(F.O.B. Value in Million US Dollars)
EXPORTS OF MANUFACTURED GOODS STANDS AT $3.344 BILLION
Accounting for 84.3 percent of the total receipts, export of Manufactured Goods in October 2008 was $3.344 billion down by 14.5 percent from $3.912 billion in October 2007.
Income from All Agro-Based Products in October 2008 reached $229.96 million or 5.8 percent share of the total export revenue, decreased by 5.2 percent from $242.51 million in October 2007.
Earnings from Mineral Products in October 2008 reached $193.86 million or 4.9 percent share of the total export revenue, decreased by 28.5 percent from $271.27 million in October 2007.
Receipts from Petroleum Products in October 2008 totaled to $64.92 million or 1.6 percent share of the total export revenue, down by 37.1 percent from $103.23 million in October 2007. Similarly, exports revenue of Forest Products declined by 4.4 percent to $1.74 million from $1.82 million recorded in October 2007.
Export receipts from Special Transactions with a share of 3.4 percent increased by 4.0 percent to $133.64 million from $128.47 million in October 2007.
Fig. 2 Philippine Exports by Commodity Group: October 2008 and 2007
(F.O.B. Value in Million US Dollars)
EXPORTS TO UNITED STATES OF AMERICA ACCOUNT FOR 17.5 PERCENT
United States of America (USA) was the top market of the country for October 2008 with export receipts of $695.35 million, accounting for 17.5 percent of the country’s aggregate income for the month, down by 15.3 percent from $820.85 million recorded a year earlier.
Japan followed as the second top market of the country for October 2008 with export earnings of $614.39 million or 15.5 percent share of the total exports, lower by 5.3 percent from $648.99 million in October 2007.
People’s Republic of China emerged as the third biggest market for October 2008 with shipments amounting to $461.92 million or 11.6 percent of the total exports; down by 20.6 percent from a year ago level of $581.85 million.
Hong Kong ranked fourth in October 2008 with $381.71 million or 9.6 percent of the total exports fell by 35.9 percent from $595.33 million in October 2007.
Other top ten markets for October 2008 were Netherlands, $368.45 million; Germany, $194.16 million; Republic of Korea, $179.76 million; Taiwan, $166.24 million; Malaysia, $162.28 million; and Singapore, $148.11 million.
Total export receipts from RP’s top ten markets for the month of October 2008 amounted to $3.372 billion or 85.0 percent of the total.
Fig. 3 Philippine Top Exports by Country: October 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.
(Sgd.) CARMELITA N. ERICTA |
Source: Foreign Trade Statistics Section
Industry and Trade Statistics Department
National Statistics Office
Manila, Philippines
