Merchandise Exports Performance : October 2014

Reference Number: 

2014-082

Release Date: 

Wednesday, December 10, 2014

MERCHANDISE EXPORTS PERFORMANCE

 

OCTOBER 2014

(Preliminary)

 

 

October

 

2014 p

2013 r

 

TOTAL EXPORTS

     FOB Value in Million US Dollars

     Year-on-Year Growth (Percent)  

Electronic Products

     FOB Value in Million US Dollars

     Year-on-Year Growth (Percent)

 

 

5,172.77

2.9

 

2,226.35

4.5

 

 

5,026.67

     14.0

 

2,130.30

12.0

 

 
Top 10 Philippine Export to All Countries: October 2014 p
(Year-on-Year Growth in Percent)

Gainers

Losers

Machinery & Transport Equipment
207.5
Woodcrafts and Furniture
-33.7
Coconut Oil
145.0
Other Mineral Products

-25.7

Other Manufactures
9.4
Articles of Apparel and Clothing Accessories

-7.5

Metal Components
8.9
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships
-6.2
Electronic Products
4.5
Chemicals
     -6.0
                        p-preliminary, r-revised
 
 

OUTWARD GOODS IN OCTOBER 2014 INCREASE BY 2.9 PERCENT

The Philippines’ export revenue totaled $5.173 billion in October 2014, a 2.9 percent increase from $5.027 billion recorded value in October of 2013.  The rise in export sales was brought by the positive growth performances of five major commodities out of the top ten commodities for the month and these were: machinery and transport equipment; coconut oil; other manufactures; metal components; and electronic products (Table 1).

Moreover, cumulative merchandise exports for the ten month period  of  2014  registered  a  9.2  percent  increase  to $51.769 billion in 2014 from $47.413 billion in same period of 2013 (Table 1a).

 

ELECTRONIC PRODUCTS ROSE BY 4.5 PERCENT

Electronic Products remained as the country’s top export with total receipts of $2.226 billion, accounting for 43.0 percent of the total exports revenue in October 2014. It increased by 4.5 percent from $2.130 billion registered in October 2013.  Among the major groups of electronic products, Components/Devices (Semiconductors), comprised 29.5 percent of the total exports and shared the biggest with export earnings worth $1.526 billion and accelerated by 6.9 percent from $1.427 billion recorded in October 2013.

Other Manufactures was the second top export earner in October 2014 with export revenue of $473.43 million, increased by 9.4 percent from $432.90 million in October 2013.

Machinery and Transport Equipment, with 7.2 percent share to the total export receipts, ranked third with value posted at $371.28 million. This recorded an increase of 207.5 percent from October 2013 value of $120.76 million and registered the highest year-on-year increase among the top ten exports during this period.

Woodcrafts and Furniture recorded as the country’s fourth top export with revenue valued at $198.28 million or 3.8 percent share to total exports. It decreased by 33.7 percent from $299.18 million in same period of 2013.

Chemicals ranked fifth, with sales amounting to $184.51 million in October 2014, contributing 3.6 percent share to the total export receipts. This registered a 6.0 percent decrease from the previous year level of $196.36 million.

Rounding up the list of the top ten exports for the month of October 2014 were: Ignition Wiring Set and Other Wiring Sets Used in  Vehicles, Aircrafts and Ships with export earnings of $164.28 million, decreased by 6.2 percent; Articles of Apparel and Clothing Accessories with export receipts of $149.97 million, dropped by 7.5 percent; Other Mineral Products with proceeds billed at $148.98 million, declined by 25.7 percent; Coconut Oils with export receipts of $140.37 million, expanded by 145.0 percent; and Metal Components with total receipts of $123.63 million, grew by 8.9 percent.

Total receipts from the top ten exports reached $4.181 billion, or 80.8 percent of the total exports.

EXPORTS OF MANUFACTURED GOODS UP BY 2.7 PERCENT

Outbound shipments of Manufactured Goods were valued at $4.278 billion, accounting for 82.7 percent of the total export receipts in October 2014.  It increased by 2.7 percent from $4.164 billion recorded in October 2013 (Table 2). 

Receipts from Total Agro-Based Products, with a share of 7.8 percent in October 2014, amounted to $401.45 million.  It increased by 15.7 percent from $346.89 million in October 2013.

Mineral Products registering a 6.6 percent share, decreased by 7.7 percent from $372.52 million in October 2013 to $343.87 million in October 2014.

Merchandise exports from Special Transactions, comprising 1.7 percent share of the total exports revenue in October 2014, rose by 15.0 percent to $90.06 million from $78.32 million in same month a year ago. 

Petroleum Products with 1.1 percent share, decreased by 4.4 percent from $56.84 million in October 2013 to $54.34 million in same month in 2014.

Moreover, earnings from Forest Products accounted for 0.1 percent share of the total exports revenue, decreased by 32.5 percent from $7.97 million to $5.38 million reported value in same period of 2014.

JAPAN ACCOUNTS FOR 21.7 PERCENT TO TOTAL EXPORTS

Japan including Okinawa remained as the country’s top destination of exports with revenue amounting to $1.124 billion, comprising 21.7 percent share to total exports for October 2014.  It increased by 4.7 percent from $1.073 billion recorded value in same month a year ago.

United States of America (USA) including Alaska and Hawaii ranked second, accounting 15.1 percent to total exports, with export receipts valued at $779.19 million in October 2014. This recorded an increase of 7.5 percent from $724.57 million in same month last year.

People’s Republic of China with 12.5 percent share to total exports, ranked third with shipments valued at $644.41 million.  It declined by 3.0 percent from $664.53 million a year ago.

Hong Kong ranked fourth in October 2014 with $519.99 million or 10.1 percent share of the total exports.  It rose by 32.7 percent from $391.75 million year ago level.

Singapore placed fifth, representing a 7.2 percent share to total exports, with export earnings worth $371.79 million.  It decreased by 13.5 percent from $429.68 million posted in October 2013.

Other top ten market destinations for October 2014 were: Germany, $242.61 million; Thailand, $200.31 million; Netherlands, $183.45 million; Taiwan, $180.49 million; and Republic of Korea, $180.48 million.

Total export receipts from the country’s top ten markets destinations for the month of October 2014 was valued at $4.427 billion or 85.6 percent of the total (Table 3).

 

MORE THAN HALF (51.3%) OF EXPORTS WERE FROM EAST ASIA MEMBER COUNTRIES

The country’s merchandise exports to countries in East Asia in October 2014 accounted for 51.3 percent share to total exports, amounting to $2.655 billion or an increase of 5.6 percent from $2.513 billion of October 2013 figure.        

Commodities exported to ASEAN member countries comprised 15.0 percent of the total exports in October 2014 and was valued at $776.90 million. This registered a decrease of 9.0 percent from $853.41 million posted in same month a year ago.

Exports to European Union member countries, with 11.7 percent share to total merchandise exports amounted to $604.59 million.  It grew by 1.2 percent from $597.32 million recorded in October 2013 (Table 3a).

 

 

Technical Notes:

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 pass 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.

National Statistician

 
   

 

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