EXPORTED COMMODITIES FOR JULY 2014 UP BY 12.4 PERCENT

Total exported merchandise in July 2014 amounted to $5.461 billion, a 12.4 percent increment from $4.859 billion recorded value in July of 2013.  The positive growth was mainly brought about by the increase of nine major commodities out of the top ten commodities for the month. These are: machinery and transport equipment; other mineral products; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; articles of apparel and clothing accessories; coconut oil; woodcrafts and furniture; other manufactures; and electronic products. Total merchandise exports for January to July 2014 registered a 8.5 percent increase to $35.129 billion in 2014 from $32.374 billion in same period of 2013.

ELECTRONIC PRODUCTS DECREASE BY 2.5 PERCENT

Outward shipments of Electronic Products remained as the country’s top export with total receipts of $2.090 billion, accounting for 38.3 percent of the total exports revenue in July 2014. It increased by 2.7 percent from $2.035 billion registered in July 2013.  By major groups of electronic products, Components/Devices (Semiconductors), comprised 26.5 percent of the total exports and shared the biggest with export earnings worth $1.450 billion and rose by 12.0 percent from $1.294 billion recorded in July 2013.

Machinery and Transport Equipment, with 11.6 percent share to the total export receipts, ranked second top exporter with value posted at $635.10 million. It increased by 193.5 percent from $216.41 million recorded value during the same month in 2013 and registered the highest year-on-year increase among the top ten exports in July 2014;.

Other Manufactures placed third in July 2014 with export revenue of $365.25 million, increased by 12.2 percent from $337.48 million in July 2013.

Other Mineral Products ranked fourth, with earnings amounting to $347.64 million in July 2014, contributing 6.4 percent share to the total export receipts. This recorded a 74.0 percent increase from the previous year level of $199.76 million.

Woodcrafts and Furniture recorded as the country’s fifth top export with revenue valued at $279.10 million or 5.1 percent share to total exports. It increased by 9.1 percent from $255.73 million in same period a year ago.

Rounding up the list of the top ten exports for the month of July 2014 were Chemicals with export earnings of $212.35 million, decreased by 26.5 percent; Articles of Apparel and Clothing Accessories with export receipts of $187.57 million, up by 44.9 percent; Ignition Wiring Set and Other Wiring Sets Used in  Vehicles, Aircrafts and Ships with proceeds billed at $176.45 million, increased by 50.7 percent; Metal Components with export receipts of $138.36 million, rose by 35.6 percent; and Coconut Oil with total receipts of $126.21 million, registered a positive year on year change of 10.7 percent.

Total receipts from the top ten exports reached $4.558 billion, or 83.5 percent of the total exports.

EXPORTS OF MANUFACTURED GOODS STAND AT $4.450 BILLION

External shipments of Manufactured Goods were valued at $4.450 billion, accounting for 81.5 percent of the total export receipts in July 2014.  It increased by 15.9 percent from $3.838 billion recorded in July 2013. 

Revenue from Total Agro-Based Products, with a share of 8.2 percent in July 2014, amounted to $447.22 million.  It increased by 20.7 percent from $370.64 million in July 2013. 

Mineral Products recording a 7.8 percent share, decreased by 3.3 percent from $440.60 million in July 2013 to $426.03 million in July 2014.

Commodities exported from Special Transactions, comprising 1.8 percent share of the total exports revenue in July 2014, rose by 14.0 percent to $100.30 million from $87.97 million in same month a year ago. 

Proceeds from Petroleum Products, accounting for 0.6 percent share of the total exports revenue, decelerated by 71.3 percent from $113.21 million to $32.54 million reported value in 2014.

Furthermore, Forest Products with 0.1 percent share, decreased by 33.6 percent from $8.61 million in July 2013 to $5.72 million in same month in 2014.

JAPAN ACCOUNTS FOR 22.2 PERCENT TO TOTAL EXPORTS

Japan including Okinawa remained as the country’s top destination of exports with revenue amounting to $1.212 billion, comprising 22.2 percent share to total exports for July 2014.  It increased by 24.4 percent from $974.80 million recorded value in same month a year ago.

United States of America (USA) including Alaska and Hawaii ranked second, accounting 14.7 percent to total exports, with export receipts valued at $801.60 million in July 2014. This recorded an increase of 28.1 percent from $625.88 million in same month last year. 

People’s Republic of China with 12.8 percent share to total exports, ranked third with shipments valued at $700.45 million.  It rose by 1.7 percent from $688.41 million a year ago.

Hong Kong ranked fourth in July 2014 with $680.87 million or 12.5 percent share of the total exports.  It accelerated by 40.8 percent from $483.66 million year ago level.

Singapore placed fifth, representing an 6.5 percent share to total exports, with export earnings worth $352.97 million.  It increased by 7.8 percent from $327.33 million posted in July 2013.

Other top ten market destinations for July 2014 were: Germany, $214.41 million; Thailand, $198.89 million; Republic of Korea, $190.80 million; Taiwan, $171.96 million; and Netherlands, $158.08 million.

Total export receipts from the country’s top ten markets destinations for the month of July 2014 was valued at $4.682 billion or 85.7 percent of the total.

EXPORTS TO EAST ASIA VALUED AT $2.963 BILLION

Merchandise exported to countries in East Asia in July 2014 accounted for 54.3 percent share to total exports, amounting to $2.963 billion or an increase of 19.1 percent from its July 2013 figure of $2.488 billion.        

Commodities exported to ASEAN member countries comprised 13.8 percent of the total exports in July 2014 and was valued at $755.38 million. This registered a decrease of 17.2 percent from $912.25 million posted in same month a year ago.

Exports to European Union member countries, with 9.8 percent share to total merchandise exports, amounted to $537.51 million, a 8.6 percent increment from $337.99 million recorded in July 2013.

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.

LISA GRACE S. BERSALES, Ph. D.

National Statistician