1998 EXPORTS 16.9 PERCENT HIGHER AT $29.5 BILLION

Amidst the currency turmoil, export growth managed to post a total annual value of $29.496 billion which was 16.9 percent higher than $25.228 billion in 1997.

Total receipts for December 1998 increased by 13.1 percent to $2.523 billion from $2.231 billion last year.

ELECTRONICS 54.4 PERCENT OF AGGREGATE REVENUE

Accounting for 54.4 percent of the total export earning, Electronics and Components topped the December 1998 dollar-earners with revenues amounting to $1.373 billion. This represented a 30.8 increase from $1.050 billion last year.

Articles of Apparel and Clothing Accessories was the second top export with sales amounting to $198.52 million, despite a 6.2 percent backslide from $211.66 million a year ago.

Holding the third spot, Input/Output Peripheral Units grossed $197.37 million which was 49.4 percent higher than the $132.08 million a year ago.

Revenues from Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships fell by 7.8 percent to $35.17 million from $38.14 million last year.

Receipts from Woodcraft and Furniture was fifth highest despite a 4.0 percent drop to $32.68 million from $34.05 million last year.

Coconut Oil ranked sixth with sales amounting to $31.93 million, which was 63.8 percent below $88.17 million a year earlier.

Rounding up the list of the top exports for the month were Metal Components, $21.84 million; Fresh Bananas, $20.49 million; Other Products Manufactured from Materials Imported on Consignment Basis, $16.49 million; and Tuna, $16.48 million.

Aggregate earnings for the top ten exports for December 1998 amounted to $1.944 billion, or 77.0 percent of the total.

MANUFACTURED EXPORTS 91.3 PERCENT OF TOTAL

Manufactured Goods posted a 20.5 percent increase in revenue as sales reached $2.302 billion, up from $1.910 billion a year earlier. This major export group accounted for 91.3 percent of the total.

Income from Agro-Based and Other Agro-Based Products combined for $110.80 million or 4.4 percent of the total. Compared to December 1997, aggregate revenue for these commodity groups fell by 41.4 percent from $189.15 million.

Other major commodity groups and their respective earnings were Special Transactions, $67.72 million; Mineral Products, $31.71 million; Petroleum Products, $10.03 million; and Forest Products, $478.0 thousand.

SHIPMENTS TO THE US UP BY 6.2 PERCENT

Posting a 6.2 percent increase, sales to the United States amounted to $817.88 million, up from $770.01 million a year earlier. About 32.2 percent of total export for the month went to the US market.

With a 12.0 percent share, Japan was the second biggest export market. Receipts amounted to $301.99 million which was 4.7 percent lower than $316.95 million a year ago.

Netherlands was the third biggest market for the month. Shipments of local goods to Netherlands amounted to $205.50 million, or 8.1 percent of the total.

Other top markets for December 1998 were Singapore, $158.64 million; United Kingdom of Great Britain, $150.26 million; Taiwan, $148.90 million; Hongkong, $119.11 million; Malaysia, $114.64 million; Germany, $86.77 million; and Thailand, $86.12 million.

Shipments to these top ten markets accounted for 86.8 percent of the aggregate export revenues and amounted to $2.190 billion.

Source: National Statistics Office
               Manila, Philippines