COMMODITIES EXPORTED FOR MAY 2014 INCREASE BY 6.9 PERCENT

Export earnings in May 2014 amounted to $5.483 billion, a 6.9 percent growth from $5.131 billion recorded value in May of 2013.  The positive growth was mainly brought about by the increase of seven major commodities out of the top ten commodities for the month. These are: other mineral products; coconut oil; other manufactures; metal components; machinery and transport equipment; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; and articles of apparel and clothing accessories. Total merchandise exports for January to May 2014 registered a 5.8 percent increase to $24.365 billion in 2014 from $23.025 billion in same period of 2013.

ELECTRONIC PRODUCTS DECREASE BY 1.6 PERCENT

Electronic Products remained as the country’s top export with total receipts of $2.048 billion, accounting for 37.3 percent of the total exports revenue in May 2014. It decreased by 1.6 percent from $2.082 billion registered in May 2013.  By major groups of electronic products, Components/Devices (Semiconductors), comprised 26.1 percent of the total exports and shared the biggest with export earnings worth $1.432 billion and went down by 18.1 percent from $1.748 billion recorded in May 2013.

Other Manufactures was the second top export earner in May 2014 with export revenue of $633.14 million, increased by 40.6 percent from $450.35 million in May 2013.

Other Mineral Products ranked third, with earnings amounting to $485.18 million in May 2014, contributing 8.9 percent share to the total export receipts. This recorded a 107.0 percent increase from the previous year level of $234.40 million and registered the highest year-on-year increase among the top ten exports in May 2014.

Woodcrafts and Furniture recorded as the country’s fourth top export with revenue valued at $306.26 million or 5.6 percent share to total exports. It decreased by 0.3 percent from $307.18 million in same period a year ago.

Machinery and Transport Equipment, with 4.7 percent share to the total export receipts, ranked fifth with value posted at $255.70 million. It increased by 14.2 percent from $223.93 million recorded value during the same month in 2013.

Rounding up the list of the top ten exports for the month of May 2014 were Chemicals with export earnings of $220.80 million, decreased by 8.1 percent; Metal Components with export receipts of $151.50 million, rose by 19.2 percent; Articles of Apparel and Clothing Accessories with proceeds billed at $143.75 million, increased by 6.3 percent; Ignition Wiring Set and Other Wiring Sets Used in  Vehicles, Aircrafts and Ships with export receipts of $142.47 million, accelerated by 7.6 percent; and Coconut Oil with total receipts of $133.86 million, registered a positive growth of 44.7 percent.

Total receipts from the top ten exports reached $4.521 billion, or 82.4 percent share of the total exports.

EXPORTS OF MANUFACTURED GOODS STAND AT $4.248 BILLION

Outward shipments of Manufactured Goods were valued at $4.248 billion, accounting for 77.5 percent of the total export receipts in May 2014.  It increased by 3.3 percent from $4.111 billion recorded in May 2013. 

Mineral Products recording a 11.4 percent share, increased by 58.0 percent to $624.97 million in May 2014 from $395.57 million in May 2013.

Revenue from Total Agro-Based Products, with a share of 8.2 percent in May 2014, amounted to $450.94 million.  It increased by 18.4 percent from $380.84 million in May 2013. 

Goods exported from Special Transactions, comprising 2.2 percent share of the total exports revenue in May 2014, rose by 11.3 percent to $120.63 million from $108.42 million in same month a year ago. 

Sales from Petroleum Products, accounting for 0.6 percent share of the total exports revenue, decreased by 75.2 percent from $129.93 million to $32.23 million reported value in 2014.

Moreover, Forest Products with 0.1 percent share, increased by 34.2 percent to $6.91 million in May 2014 from $5.15 million in same month in 2013.

JAPAN ACCOUNTS FOR 20.4 PERCENT TO TOTAL EXPORTS

Japan including Okinawa remained as the country’s top destination of exports with receipts amounting to $1.120 billion, comprising 20.4 percent share to total exports for May 2014.  It increased by 6.1 percent from $1.056 billion recorded value in same month a year ago.

People’s Republic of China with 17.5 percent share to total exports, ranked second with cargoes valued at $958.86 million.  It went up by 51.3 percent from $633.77 million a year ago.

United States of America (USA) including Alaska and Hawaii ranked third, accounting 13.7 percent to total exports, with export proceeds billed at $749.50 million in May 2014. This recorded an increase of 9.2 percent from $686.09 million in same month last year. 

Hong Kong ranked fourth in May 2014 with $423.34 million or 7.7 percent share of the total exports.  It expanded by 36.3 percent from $310.51 million year ago level.

Singapore placed fifth, representing a 6.5 percent share to total exports, with export earnings worth $356.38 million.  It decreased by 16.9 percent from $428.76 million posted in May 2013.

Other top ten market destinations for May 2014 were: Thailand, $269.73 million; Germany, $231.48 million; Republic of Korea, $187.24 million; Netherlands, $179.51 million; and Taiwan, $163.18 million.

Total export receipts from the country’s top ten markets destinations for the month of May 2014 was valued at $4.639 billion or 84.6 percent of the total.

EXPORTS TO EAST ASIA VALUED AT $2.858 BILLION

The country’s merchandise exports to countries in East Asia in May 2014 accounted for 52.1 percent share to total exports, amounting to $2.858 billion.  It increased by 6.7 percent from $2.678 billion posted in May 2013.

Goods exported to ASEAN member-countries comprised 16.6 percent of the total exports in May 2014 and was valued at $912.14 million. This registered an increase of 7.1 percent from $851.65 million posted in same month a year ago.

Exports to European Union member-countries, contributing 11.0 percent share to total exports, amounted to $601.58 million.  It decreased by 0.01 percent from $601.67 million recorded year ago level.

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) PAULA MONINA G. COLLADO