Merchandise Export Performance : December 1997
1997 MERCHANDISE EXPORTS REACH $25.228 BILLION
Merchandise exports registered aggregate receipts of $25.228 billion in 1997 moving up by 22.8 percent from $20.543 billion in 1996. The growth in exports was primed by the performance of electronics and components as well as input/output/peripheral units whose combined value increased by 258.8 percent to $1,682.72 million from $469 million in 1996.
The value of merchandise exports for December 1997 gained 18.4 percent to $2.230 billion from $1.883 billion in 1996. It declined by 3.4 percent from $2.308 billion in November 1997.
ELECTRONICS AND COMPONENTS STILL TOP DOLLAR EARNER
Electronics and Components remained as the top December earner with receipts amounting to $1,047.88 million, which was a 53.9 percent increase from $680.77 million a year earlier. Revenue generated accounted for almost 47.0 percent of the total export value.
Articles of Apparel and Clothing Accessories earned $212.36 million, which was 6.6 percent lower than $227.24 million in 1996. Despite the decline in receipts, this commodity group accounted for 9.5 percent of the total revenue.
Input/Output/Peripheral Units brought in $132.08 million, up by 58.6 percent from $83.26 million last year. It also turned in a 5.9 percent share to total receipts in December.
Export sales of Coconut Oil amounted to $88.17 million which was 14.7 percent higher than $76.84 million the previous year. An increase of 37.5 percent from $64.13 million the previous month was also posted. Exports of this product group accounted for almost 4.0 percent.
Exports of Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships slowed down by 0.8 percent to $38.14 million from $38.46 million last year, as well as an 18.8 percent decrease from $46.99 million in November 1997.
Woodcraft and Furniture with total value reaching $34.24 million decreased by 13.5 percent from $39.56 million last year while a 20.4 percent month-on-month decline from $43 million was posted.
Other top exports were: Other Products Manufactured from Materials Imported on Consignment Basis, $28.10 million; Cathodes and Sections of Cathodes, of Refined Copper, $27.12 million; Metal Components, $20.48 million; and Petroleum Products, $18.68 million.
Aggregate revenue from shipments of these top exports amounted to $1,647.25 million or 73.9 percent of the total export.
MANUFACTURED GOODS ACCOUNT 85.6 PERCENT OF TOTAL EXPORT
Value of Manufactured Goods for December 1997 accounted for 85.6 percent of the total export, rising by 23.3 percent to $1,909.42 million from $1,548.88 million in 1996. A drop of 4.9 percent from $2,007.56 million last month, however, was also noted.
Agro-Based and Other Agro-Based Products led by coconut products made up the second biggest commodity group with an 8.5 percent share to the total export value. Actual receipts grew by 3.1 percent to $189.25 million from $183.52 million a year ago.
Revenue from Mineral Products stood at $61.46 million, down by 8..6 percent from $67.20 million last year. However, it increased by 3.4 percent from $59.44 million the previous month.
Other major export commodity groups included the following: Special Transactions, $50.82 million; Petroleum Products, $18.68 million; and Forest Products, $0.82 million.
US 1997 TOP EXPORT MARKET
Value of shipments for the United States reached $768.41 million increasing by 15.3 percent from $666.38 million in 1996. This constituted a 34.5 percent share of total exports. Aggregate 1997 value of goods shipped to the US reached $8,812.36 million, up by 26.5 percent over $6,965.61 million in 1996.
Exports to Japan yielded $316.70 million, a 6.6 percent growth from $297.10 million last year, and accounted for 14.2 percent of the total value. Total annual receipts from goods sold to Japan amounted to $4,194.16 million which was 14.2 percent higher than $3,671.21 million a year ago.
The Netherlands purchased products worth $173.15 million, which was almost 44.0 percent more than $120.26 million last year. Total annual sales amounted to $1,662.41 million, up by 49.2 percent from $1,114.58 million in 1996.
Revenue earned from exports to Singapore amounted to $141 million, which was 25.7 percent higher than $112.19 million the previous year. Total annual exports to Singapore in 1997 was 32.4 percent more than $1,223.54 million in 1996.
Other top markets for December 1997 were: Taiwan, $133.41 million; Hongkong, $106.81 million; United Kingdom of Great Britain, $94.62 million; Germany, $86.62 million; Thailand, $81.05 million; and Malaysia, $60.84 million.
Earnings from these top markets amounted to $1,962.61 million or 88.0 percent of the total revenue for December 1997.