AUGUST 2014 OUTWARD GOODS INCREASE BY 10.5 PERCENT

The Philippines’ export earnings totaled $5.474 billion in August 2014, a 10.5 percent increment from $4.956 billion recorded value in August of 2013.  The positive growth was mainly brought about by the increase of eight major commodities out of the top ten commodities for the month and these were: coconut oil; articles of apparel and clothing accessories; machinery and transport equipment; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; other mineral products; metal components; chemicals; and electronic products ( Table 1 ).

Furthermore, aggregate merchandise exports for January to August 2014 registered a 9.2 percent increase to $40.748 billion in 2014 from $37.330 billion in same period of 2013 (Table 1a).

ELECTRONIC PRODUCTS UP BY 10.0 PERCENT

Electronic Products remained as the country’s top export with total receipts of $2.277 billion, accounting for 41.6 percent of the total exports revenue in August 2014. It increased by 10.0 percent from $2.070 billion registered in August 2013.  By major groups of electronic products, Components/Devices (Semiconductors), comprised 28.9 percent of the total exports and shared the biggest with export earnings worth $1.581 billion and rose by 13.1 percent from $1.398 billion recorded in August 2013.

Other Manufactures was the second top export earner in August 2014 with export revenue of $373.60 million, decreased by 41.4 percent from $637.27 million in August 2013.

Machinery and Transport Equipment, with 6.0 percent share to the total export receipts, ranked third with value posted at $331.06 million. This recorded an increase of 84.9 percent from August 2013 value of $179.05 million.

Other Mineral Products ranked fourth, with sales amounting to $318.33 million in August 2014, contributing 5.8 percent share to the total export receipts. This registered a 65.7 percent increase from the previous year level of $192.09 million.

Woodcrafts and Furniture recorded as the country’s fifth top export with revenue valued at $251.97 million or 4.6 percent share to total exports. It decreased by 31.8 percent from $369.50 million in same period a year ago.

Rounding up the list of the top ten exports for the month of August 2014 were Ignition Wiring Set and Other Wiring Sets Used in  Vehicles, Aircrafts and Ships with export earnings of $245.45 million, increased by 83.9 percent; Chemicals with export receipts of $171.05 million, up by 16.8 percent; Articles of Apparel and Clothing Accessories with proceeds billed at $168.98 million, increased by 86.0 percent; Coconut Oil with export receipts of $159.25 million, rose by 165.8 percent and registered the highest year-on-year increase among the top ten exports during this period; and Metal Components with total receipts of $140.29 million, grew by 26.3 percent compared to a year ago level.

Total receipts from the top ten exports reached $4.437 billion, or 81.0 percent of the total exports.

EXPORTS OF MANUFACTURED GOODS ACCELERATES BY 8.4 PERCENT

Outward shipments of Manufactured Goods were valued at $4.420 billion, accounting for 80.7 percent of the total export receipts in August 2014.  It increased by 8.4 percent from $4.077 billion recorded in August 2013 ( Table 2 ). 

Export sales from Total Agro-Based Products, with a share of 9.2 percent in August 2014, amounted to $505.21 million.  It increased by 41.0 percent from $358.35 million in August 2013. 

Mineral Products recorded a 7.6 percent share, increased by 30.9 percent to $413.92 million in August 2014 from $316.12 million in August 2013.

Merchandise exports from Special Transactions, comprising 2.1 percent share of the total exports revenue in August 2014, accelerated by 12.4 percent to $113.64 million from $101.11 million in same month a year ago. 

Earnings from Petroleum Products, accounting for 0.3 percent share of the total exports revenue, decreased by 83.6 percent from $95.89 million to $15.75 million reported value in same period of 2014.

Moreover, Forest Products with 0.1 percent share, decreased by 29.3 percent from $8.00 million in August 2013 to $5.66 million in same month in 2014.

JAPAN ACCOUNTS FOR 19.1 PERCENT TO TOTAL EXPORTS

Japan including Okinawa remained as the country’s top destination of exports with revenue amounting to $1.044 billion, comprising 19.1 percent share to total exports for August 2014.  It decreased by 15.3 percent from $1.234 billion recorded value in same month a year ago.

People’s Republic of China with 15.0 percent share to total exports, ranked second with shipments valued at $820.74 million.  It expanded by 58.4 percent from $518.09 million a year ago.

United States of America (USA) including Alaska and Hawaii ranked third, accounting 14.6 percent to total exports, with export receipts valued at $799.62 million in August 2014. This recorded an increase of 33.2 percent from $600.32 million in same month last year. 

Hong Kong ranked fourth in August 2014 with $476.24 million or 8.7 percent share of the total exports.  It rose by 30.5 percent from $364.98 million year ago level.

Singapore placed fifth, representing a 7.4 percent share to total exports, with export earnings worth $405.67 million.  It increased by 2.8 percent from $394.46 million posted in August 2013.

Other top ten market destinations for August 2014 were: Germany, $219.93 million; Netherlands, $193.36 million; Taiwan, $183.65 million; Republic of Korea, $172.65 million; and Thailand, $164.67 million.

Total export receipts from the country’s top ten markets destinations for the month of August 2014 was valued at $4.481 billion or 81.9 percent of the total (Table 3 ).

EXPORTS TO EAST ASIA VALUED AT $2.708 BILLION

The merchandise exports to countries in East Asia in August 2014 accounted for 49.5 percent share to total exports, amounting to $2.708 billion or an increase of 7.9 percent from $2.510 billion of August 2013 figure.        

Merchandise exported to ASEAN member countries comprised 14.1 percent of the total exports in August 2014 and was valued at $773.34 million. This registered an increase of 3.6 percent from $746.58 million posted in same month a year ago.

Exports to European Union member countries, with 12.7 percent share to total merchandise exports, amounted to $692.73 million, a 2.5 percent decrease from $710.42 million recorded in August 2013 ( Table 3a ).

Technical Note:

1.) Starting with the March 2007 Press Release, analysis and tables are based on the 2004 Philippine Standard Commodity Classification (PSCC) groupings.  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.

2.) Starting 2013 Export Revised FOB value, all transactions that passes through all Value Added Service Providers (VASPs) of Bureau of Customs (BOC) and Philippine Economic and Zone Authority (PEZA) were included.  Physical export declaration and electronic data files were the basis of export statistics.

  (Sgd.)  ROMEO S. RECIDE