Merchandise exports up by 8.2 percent

Export earnings for June 2004 went up by 8.2 percent to $3.313 billion from $3.060 billion during the same month last year. This is the seventh consecutive month that a positive growth was registered.

Receipts from merchandise exports for January to June 2004 increased by 8.5 percent to $18.734 billion from $17.264 billion during the same period a year earlier.

Electronic products register 17.7 percent increase

Electronic products, accounting for 68.7 percent of the aggregate export revenue in June, continued to register a double-digit increment at 17.7 percent to $2.275 billion from $1.932 billion last year.

Among the major groups of electronic products, components/devices (semiconductors) cornered the biggest share with 47.3 percent to total exports. Semiconductors still posted a double-digit growth at 12.5 percent to $1.567 billion from $1.392 billion during the same period in 2003. Among the other electronic products group that showed gains were: electronic data processing at 40.3 percent with a share of 16.7 percent, communication/radar at 56.8 percent with a share of 1.68 percent, and office equipment at 15.7 percent with a share of 0.54 percent to total exports.

Articles of apparel and clothing accessories remained as the country�s second top earner with a combined share of 6.0 percent and an aggregate receipt of $199.92 million or 15.9 percent lower than $237.7 million a year earlier.

Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (consists only of electrical wiring harness for motor vehicles) ranked third with total revenue of $46.3 million reflecting a 10.9 percent positive rate from $41.74 million during the same period of 2003.

Coconut oil ranked fourth with sales amounting to $36.64 million or a year-on-year growth of 7.1 percent from $34.22 million.

Revenue from other products manufactured from materials imported on consignment basis, dropped by 29.5 percent to $33.05 million from $46.89 million.

Rounding up the list of the top exports for the month of June 2004 were: woodcrafts and furniture, $32.93 million; bananas (fresh), $30.28 million; cathodes and sections of cathodes, of refined copper, $27.68 million; petroleum products, $26.78 million; and metal components, $22.44 million.

Total receipts for the top ten exports reached $2.731 billion, or 82.4 percent of the total exports.

Fig. 1. Philippine Top Exports: June: 2003 and 2004
(F.O.B. Value in Million US Dollars)
 

 Manufactured goods increase by 12.3 percent

Accounting for 90.4 percent of the total receipts, exports of manufactured goods rose by 12.3 percent as sales amounted to $2.995 billion, from $2.668 billion during the same month of the previous year.

Income from all agro-based products combined for $138.32 million or 4.2 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group fell by 5.6 percent from $146.59 million.

Sales of special transactions were down by 27.5 percent to $95.73 million from $132.0 million while receipts from exports of mineral products picked up by 4.5 percent to $54.13 million from $51.81 million.

Petroleum products contributed earnings at $27.15 million, while forest products registered $2.26 million dollars.

Fig. 2. Philippine Exports by Commodity Group: June: 2003 and 2004
(F.O.B. Value in Million US Dollars)
 

Exports to Japan account for 20.4 percent

Accounting for 20.4 percent of the country�s aggregate income for the month, exports to Japan valued at $677.58 million. This is the highest percent share of exports to Japan after a number of years. Receipts from Japan grew by 45.2 percent from last year's reported figure at $466.53 million. It is the biggest growth registered by exports to that country for the past number of years.

United States followed with a 16.2 percent share. Valued at $535.63 million, exports to United States went down by 24.2 percent from $706.41 million.

Hong Kong emerged as the third biggest market for the month as shipments of local goods amounted to $263.14 million or 7.9 percent of the total. Receipts dropped by 2.4 percent from $269.62 million compared to the same period of 2003.

Singapore accounted for 6.9 percent of the total receipts, with $229.14 million reflecting a 13.2 percent increase from $202.46 million during the same month a year ago.

Other top markets for June 2004 were: People�s Republic of China, $207.14 million; Taiwan, $188.77 million; Malaysia, $162.81 million; Germany, $108.17 million; Netherlands, $103.24 million; and Republic of Korea, $95.87 million.

Total export receipts from RP's top ten markets for the month of June amounted to $2.572 billion or 77.6 percent of the total.

Fig. 3. Philippine Top Exports by Country: June 2004
(F.O.B. Value in Million US Dollars)

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

Page last revised:  August 4, 2004