MERCHANDISE EXPORTS PERFORMANCE

JUNE 2014

(Preliminary)

JUNE 2014 OUTWARD GOODS INCREASE BY 21.3 PERCENT

The Philippines’ export earnings totaled $5.444 billion in June 2014, a 21.3 percent increment from $4.490 billion recorded value in June of 2013.  The rise in export sales was brought by the positive growth performances of eight major commodities out of the top ten commodities for the month and these were: machinery and transport equipment; bananas (fresh); other mineral products; other manufactures; articles of apparel and clothing accessories; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; electronic products; and chemicals. Cathodes and sections of cathodes, of refined copper was the tenth top exported goods in June 2014. However, no exports was reported for this commodity in June 2013  ( Table 1 ).

Moreover, cumulative merchandise exports for the first semester of 2014 registered an 8.3 percent increase to $29.809 billion in 2014 from $27.515 billion in same period of 2013 ( Table 1a).

ELECTRONIC PRODUCTS UP BY 10.7 PERCENT

Electronic Products remained as the country’s top export with total receipts of $2.221 billion, accounting for 40.8 percent of the total exports revenue in June 2014. It increased by 10.7 percent from $2.006 billion registered in June 2013.  By major groups of electronic products, Components/Devices (Semiconductors), comprised 27.6 percent of the total exports and shared the biggest with export earnings worth $1.503 billion and rose by 14.5 percent from $1.312 billion recorded in June 2013.

Other Manufactures was the second top export earner in June 2014 with export revenue of $538.67 million, increased by 67.8 percent from $321.00 million in June 2013.

Machinery and Transport Equipment, with 7.2 percent share to the total export receipts, ranked third with value posted at $390.83 million. This recorded an increase of 120.4 percent from June 2013 value of $177.37 million and registered the highest year-on-year increase among the top ten exports during this period

Other Mineral Products ranked fourth, with sales amounting to $321.31 million in June 2014, contributing 5.9 percent share to the total export receipts. This registered a 74.2 percent increase from the previous year level of $184.47 million.

Woodcrafts and Furniture recorded as the country’s fifth top export with revenue valued at $253.41 million or 4.7 percent share to total exports. It decreased by 9.9 percent from $281.12 million in same period a year ago.

Rounding up the list of the top ten exports for the month of June 2014 were Bananas (Fresh) with export earnings of $160.32 million, increased by 98.9 percent; Articles of Apparel and Clothing Accessories with export receipts of $158.47 million, up by 44.5 percent; Ignition Wiring Set and Other Wiring Sets Used in  Vehicles, Aircrafts and Ships with proceeds billed at $155.86 million, increased by 32.5 percent; Chemicals with export receipts of $146.48 million, rose by 0.1 percent; and Cathodes and Sections of Cathodes, of Refine Copper with total receipts of $121.00 million.

Total receipts from the top ten exports reached $4.467 billion, or 82.0 percent of the total exports.

EXPORTS OF MANUFACTURED GOODS ACCELERATES BY 15.7 PERCENT

Outbound shipments of Manufactured Goods were valued at $4.301 billion, accounting for 79.0 percent of the total export receipts in June 2014.  It increased by 15.7 percent from $3.716 billion recorded in June 2013 ( Table 2 ). 

Mineral Products recording an 8.9 percent share, increased by 85.1 percent to $486.03 million in June 2014 from $262.54 million in June 2013.

Receipts from Total Agro-Based Products, with a share of 8.5 percent in June 2014, amounted to $464.21 million.  It increased by 44.0 percent from $322.46 million in June 2013. 

Merchandise exports from Special Transactions, comprising 3.4 percent share of the total exports revenue in June 2014, rose by 98.0 percent to $186.10 million from $93.99 million in same month a year ago. 

Earnings from Forest Products, accounting for 0.1 percent share of the total exports revenue, increased by 24.0 percent to $6.70 million from $5.40 million reported value in same period of 2013.

Moreover, Petroleum Products with 0.001 percent share, decreased by 99.9 percent from $89.37 million in June 2013 to $61.00 thousands in same month in 2014.

JAPAN ACCOUNTS FOR 17.6 PERCENT TO TOTAL EXPORTS

Japan including Okinawa remained as the country’s top destination of exports with revenue amounting to $955.98 million, comprising 17.6 percent share to total exports for June 2014.  It decreased by 3.0 percent from $985.15 million recorded value in same month a year ago.

People’s Republic of China with 15.8 percent share to total exports, ranked second with shipments valued at $859.38 million.  It rose by 40.0 percent from $613.92 million a year ago.

United States of America (USA) including Alaska and Hawaii ranked third, accounting 13.8 percent to total exports, with export receipts valued at $751.68 million in June 2014. This recorded an increase of 18.7 percent from $633.05 million in same month last year. 

Hong Kong ranked fourth in June 2014 with $487.74 million or 9.0 percent share of the total exports.  It rose by 26.1 percent from $386.79 million year ago level.

Singapore placed fifth, representing a 6.9 percent share to total exports, with export earnings worth $377.97 million.  It decreased by 2.8 percent from $389.01 million posted in June 2013.

Other top ten market destinations for June 2014 were: Australia, $256.48 million; Germany, $242.99 million; Republic of Korea, $213.79 million; Thailand, $189.29 million; and Taiwan, $188.02 million.

Total export receipts from the country’s top ten markets destinations for the month of June 2014 was valued at $4.523 billion or 83.1 percent of the total ( Table 3 ).

EXPORTS TO EAST ASIA VALUED AT $2.714 BILLION

The country’s merchandise exports to countries in East Asia in June 2014 accounted for 49.9 percent share to total exports, amounting to $2.714 billion or an increase of 16.6 percent from $2.329 billion of June 2013 figure.        

Goods exported to ASEAN member countries comprised 14.2 percent of the total exports in June 2014 and was valued at $770.46 million. This registered an increase of 2.4 percent from $752.14 million posted in same month a year ago.

Exports to European Union member countries, with 10.2 percent share to total merchandise exports, amounted to $556.51 million, a 14.3 percent increase from $486.85 million recorded in June 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) LISA GRACE S. BERSALES, Ph. D.