Merchandise exports registered 7.9 percent decline

Registered earnings for July 2003 went down by 7.9 percent to $2.968 billion from $3.223 billion during the same month a year earlier.

Receipts from merchandise exports for January to July 2003 inched-up by 0.5 percent to $20.037 billion from $19.934 billion during the same period last year.

Electronic products declined by 11.1 percent

Electronic products, accounting for 65.6 percent of the aggregate export revenue for the month, declined by 11.1 percent to $1.946 billion from $2.189 billion last year. Among the major groups of electronic products, components/devices (semiconductors) dominate the groupings with 46.7 percent share to total exports. It however, dropped by 8.8 percent to $1.387 billion from $1.522 billion during the same period of 2002.

Articles of apparel and clothing accessories remained as the countrys second top earner with a combined share of 7.9 percent and an aggregate receipt of $235.14 million or 10.4 percent lower than $262.53 million a year ago.

Coconut oil, ranked third with total revenue of $47.87 million reflecting a 108.4 percent increase from $22.97 million a year earlier.

Woodcrafts and furniture ranked fourth with sales amounting to $38.22 million or a year-on-year decrease of 5.1 percent from $40.27 million.

Revenue from ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (consists only of electrical wiring harness for motor vehicles) decreased by 40.1 percent to $37.15 million from $62.0 million during the same month of 2002.

Rounding-up the list of the top exports for the month of July 2003 were:other products manufactured from materials imported on consignments basis, $34.43 million; petroleum products, $26.20million; metal components, $25.14 million; bananas (fresh), $24.51 million; and gold, $15.57 million.

Aggregate receipt for the top ten exports amounted to $2.430 billion, or 81.9 percent of the total exports.

Fig. 1. Philippine Top Exports: July: 2002 and 2003
(F.O.B. Value in Million US Dollars)

 Manufactured goods declined by by 9.7 percent

Accounting for 88.1 percent of the total receipts, exports ofmanufactured goods slowed down by 9.7 percent as sales reached $2.616 billion, from $2.898 billion during the same month a year ago.

Income from all agro-based products, combined for $154.75 million or 5.2 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group rose by 28.0 percent from $120.86 million.

Special transactions increased by 6.7 percent to $118.01 million from $110.58 million, while receipt from exports of mineral products went down by 10.9 percent to $49.11 million from $55.12 million.

Petroleum products contributed$26.20 million, while forest productsadded $3.88 million dollars.

Fig. 2. Philippine Exports by Commodity Group: July: 2002 and 2003
(F.O.B. Value in Million US Dollars)
 
 

Exports to U.S. account for 22.2 percent

Accounting for 22.2 percent of the countrys aggregate receipts for the month, exports to the United States valued at $658.19 million, declined by 23.1 percent from last year's reported figure of $856.16 million.

Japan followed with a 15.6 percent share. Valued at $464.05 million, exports to Japan increased by 0.8 percent from $460.19 million.

Hong Kong accounted for 8.7 percent of the total receipts, with $257.65 million reflecting a 46.4 percent increase from $175.93 million during the same month a year ago.

Malaysia, emerged as the fourth biggest market for the month as shipments of local goods amounted to $246.27 million or 8.3 percent of the total. Compared to the same period last year, receipts accelerated by 62.7 percent from $151.38 million. Other top markets for July 2003 were:Netherlands, $223.96 million; Singapore, $215.98 million; People�s Republic of China, $166.09 million; Taiwan, $163.07 million; Thailand,$93.93 million; and Republic of Korea, $90.45 million.

Total export receipts from RPs top ten markets for the month of July amounted to $2.580 billion or 86.9 percent of the total.

Fig. 3. Philippine Top Exports by Country: July 2003
(F.O.B. Value in Million US Dollars)

Source:    Economic Indices and Indicators Division
                  Industry and Trade Statistics Department
                  National Statistics Office
                  Manila, Philippines