Merchandise exports register 18.0 percent increase

Registered earnings for November 2002 increased by 18.0 percent to $3.104 billion from $2.630 billion during the same month a year ago.

Receipts from merchandise exports for January to November 2002 went up by 9.0 percent to $32.153 billion from $29.505 billion during the same period in 2001.

Electronic components increase by 22.4 percent

Receipts from electronic components, accounting for 55.9 percent of the aggregate export revenue for the month, went up by 22.4 percent to $1.734 billion from $1.416 billion last year.

Articles of apparel and clothing accessories remained as the country's second top earner with a combined share of 5.6 percent and an aggregate receipt of $174.65 million or 14.2 percent higher than $152.92 million a year earlier.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, ranked third with a total revenue of $42.07 million reflecting a 39.5 percent increase from $30.15 million last year.

Metal components ranked fourth with sales amounting to $36.86 million or a year-on-year increase of 14.1 percent from $32.30 million.

Revenue from woodcrafts and furniture grew by 33.8 percent to $36.27 million from $27.12 million during the same month of 2001.

Rounding-up the list of the top exports for the month of November 2002 were: other products manufactured from materials imported on consignments basis, $35.65 million; bananas (fresh), $29.04 million; petroleum products, $28.98 million; coconut oil, $17.96 million; and tuna, $13.44 million.

Aggregate receipt for the top ten exports amounted to $2.149 billion, or 69.2 percent of the total exports.

Figure 1. Philippine Top Exports in November: 2001 and 2002
( F.O.B. Value in Million US Dollar )

Manufactured goods increase by 20.5 percent

Accounting for 90.8 percent of the total receipts, exports of manufactured goods increased by 20.5 percent as sales reached $2.817 billion, from $2.337 billion during the same period a year earlier.

Income from agro-based products, combined for $118.34 million or 3.8 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group went down by 13.5 percent from $136.86 million.

Special transactions increased by 13.5 percent to $112.04 million from $98.40 million, while receipt from exports of mineral products decreased by 39.2 percent to $24.97 million from $41.04 million.

Petroleum products contributed $28.98 million, while Forest products posted $2.25 million dollars.

Figure 2. Philippine Exports by Commodity Group in November:
2001 and 2002
( F.O.B. Value in Million US Dollar )

Exports to U.S. account for 21.4 percent

Accounting for 21.4 percent of the country's aggregate receipts for the month, exports to the United States valued at $664.59 million, decreased by 5.3 percent from last year's reported figure of $701.72 million.

Japan followed with a 15.9 percent share. Valued at $493.67 million, exports to Japan went up by 42.7 percent from $345.87 million.

Hong Kong accounted for 8.6 percent of the total receipts, at $266.33 million reflecting an 83.4 percent increase from $145.24 million a year earlier.

Netherlands emerged as the fourth biggest market for the month as shipments of local goods amounted to $234.11 million or 7.5 percent of the total. Compared to the same month last year figure, receipts dropped by 9.9 percent from $259.77 million. Other top markets for November 2002 were: Taiwan, $223.19 million; Singapore, $185.81 million; Germany, $173.49 million; Malaysia, $151.34 million;, Republic of Korea, $138.37 million; and People's Republic of China, $123.51 million.

Total export receipts from RP's top ten markets amounted to $2.654 billion or 85.5 percent of the total.

Figure 3. Philippine Top Exports by Country in November, 2002
( F.O.B. Value in Million US Dollar )

Source: National Statistics Office
            Manila, Philippines