Merchandise exports register 8.4 percent increase

Export earnings for September 2004 grew by 8.4 percent to $3.637 billion from $3.354 billion during the same period last year. This is the tenth consecutive positive rate registered since December of the previous year.

Receipts from merchandise exports for January to September 2004 went up by 8.5 percent to $28.892 billion from $26.631 billion during the same period a year earlier.

Electronic products up by 9.4 percent

Electronic products, accounting for 67.9 percent of the aggregate export revenue in September, continued to show a positive growth at 9.4 percent to $2.471 billion from $2.258 billion last year.

Among the major groups of electronic products, components/devices (Semiconductors) got the biggest share with 49.5 percent share to total exports. Semiconductors posted a positive growth at 8.9 percent to $1.800 billion from $1.653 billion during the same month in 2003. Among the electronic products group that showed growth were: telecommunication at 203.8 percent with a share of 0.7 percent, control and instrumentation at 198.9 percent with a share of 0.04 percent, communication/radar at 37.8 percent with a share of 1.06 percent, automotive electronics at 11.9 percent with a share of 0.93 percent and electronic data processing at 7.9 percent with a share of 13.79 percent to total exports.

Articles of apparel and clothing accessories remained as the country's second top earner with a combined share of 5.3 percent and an aggregate receipt of $191.98 million or 9.1 percent lower than $211.07 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 $79.84 million reflecting an 84.6 percent positive rate from $43.26 million during the same period of 2003.

Coconut oil ranked fourth with sales amounting to $66.52 million or a year-on-year positive growth of 77.9 percent from $37.40 million.

Revenue from cathodes and sections of cathodes, of refined copper, gained by 45.4 percent to $53.08 million from $36.50 million.

Rounding up the list of the top exports for the month of September 2004 were: petroleum products, $48.59 million; other products manufactured from materials imported on consignment basis, $46.40 million; woodcrafts and furniture, $36.44 million; metal components, $33.24 million; and bananas (fresh), $25.94 million.

Total receipts for the top ten exports reached $3.053 billion, or 83.9 percent of the total exports.

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

 Manufactured goods increase by 10.1 percent

Accounting for 90.0 percent of the total receipts, exports of manufactured goods gained by 10.1 percent as sales amounted to $3.273 billion, from $2.973 billion during the same period of 2003.

Income from all agro-based products combined for $169.19 million or 4.7 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group climbed by 17.6 percent from $143.89 million.

Sales of mineral products rose by 53.5 percent to $94.08 million from $61.27 million while receipts from exports of special transactions declined by 61.3 percent to $49.11 million from $127.03 million.

Petroleum products registered earnings at $48.59 million, while forest products contributed $3.10 million dollars.

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

 

Exports to Japan account for 21.3 percent

Accounting for 21.3 percent of the country's aggregate income for the month, exports to Japan was valued at $774.43 million. Receipts picked up by 57.7 percent from last year's reported figure of $491.23 million.

United States followed with a 16.8 percent share. Earnings at $610.28 million, exports to US dropped by 4.8 percent from $640.79 million.

People's Republic of China emerged as the third biggest market for the month as shipments of local goods amounted to $332.65 million or 9.2 percent of the total. Receipts moved up by 18.9 percent from $279.88 million compared to the same period of 2003.

Netherlands accounted for 9.1 percent of the total receipts, with $330.26 million reflecting a 22.7 percent increase from $269.18 million during the same month a year earlier.

Other top markets for September 2004 were: Hong Kong, $290.13 million; Singapore, $216.36 million; Taiwan, $165.69 million; Malaysia, $164.47 million; Germany, $126.48 million; and Vietnam, $102.39 million.

Total export receipts from RP's top ten markets for the month of September amounted to $3.113 billion or 85.6 percent of the total.

Fig. 3. Philippine Top Exports by Country: September 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