Merchandise exports inch up by 1.1 percent 

Export earnings for May 2005  increased by 1.1 percent to $3.296 billion from $3.259 billion during the same period of the previous year.

Receipts from merchandise exports during the period January to May 2005 grew by 4.0 percent to $16.045 billion from $15.421 billion during the same period a year earlier.

Electronic products register 3.8 percent decrease 

Electronic products, accounting for 63.2 percent of the aggregate export revenue in May, registered a decline of 3.8 percent to $2.083 billion from $2.165 billion a year ago. The decreases were observed in six electronic groups with communication/radar contributing the highest negative rate of 30.2 percent share.

Among the major groups of electronic products, components/devices (Semiconductors) got the biggest share with 47.2 percent to total exports. Semiconductors posted a positive growth at 6.8 percent to $1.555 billion from $1.456 billion during the same month in 2004.

Articles of apparel and clothing accessories remained as the country’s second top earner with a combined share of 5.9 percent and an aggregate receipt of $192.89 million or 7.4 percent higher than $179.63 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 sales amounting to $61.21 million or a year-on-year positive rate of 12.7 percent from $54.33 million.

Coconut oil, ranked fourth with total revenue of $60.24 million reflecting a 10.2 percent decrease from $67.08 million during the same period of 2004.

Revenue from other products manufactured from materials imported on consignment basis, gained by 2.4 percent to $44.62 million from $43.60 million.

Rounding up the list of the top exports for the month of May 2005 were: petroleum products, $44.14 million; woodcrafts and furniture, $37.37 million; cathodes and sections of cathodes, of refined copper, $34.69 million; metal components $34.65 million; and bananas (fresh), 30.95 million.

Total receipts for the top ten exports reached $2.624 billion, or 79.6 percent of the total exports.

Fig. 1  Philippine Top Exports: May 2004 and 2005
(F.O.B. Value in Million US Dollars)

Exports of manufactured goods slightly increase by 0.8 percent

Accounting for 88.0 percent of the total receipts, exports of manufactured goods was $2.900 billion with an increase of 0.8 percent  from $2.878 billion during the same period of 2004.

Earnings from all agro-based products combined for $188.31 million or 5.7 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group went up by 4.6 percent from $180.02 million.

Income from   special transactions declined by 8.0 percent to $83.37 million from $90.60 million while receipts from exports of mineral products dropped by 18.6 percent to $77.61 million from $95.28 million.

Petroleum products contributed earnings of $44.14 million, while forest products posted $2.87 million.

Fig. 2  Philippine Exports by Commodity Group: May 2004 and 2005
(F.O.B. Value in Million US Dollars)

 

Exports to United States account for 18.3 percent

Accounting for 18.3 percent of the country's aggregate income for the month, exports to United States was valued at $601.51 million. Receipts improved by 0.9 percent from last year's reported figure of $596.29 million. 

Japan followed with a 16.5 percent share. Earnings at $543.59 million, dropped by 13.9 percent from $630.98 million.

People's Republic of China emerged as the third biggest market for the month as shipments of local goods amounted to $318.06 million or 9.7 percent of the total. Receipts went up by 55.0 percent from $205.16 million during to the same period of 2004.

Exports to Netherlands accounting for 9.2 percent of the total receipts was worth $304.54 million, a 4.0 percent decrease from $317.33 million during the same month a year ago.

Other top markets for Mayl 2005 were: Hong Kong, with exports worth $288.07 million; Singapore, $235.17 million;  Malaysia, $216.25 million; Taiwan, $141.46 million; Germany, $105.76 million; and Republic of Korea, $101.73 million.

Total export receipts from RP's top ten markets for the month of May amounted to $2.856 billion or 86.7 percent of the total.

Fig. 3  Philippine Top Exports by Country: May 2005
(F.O.B. Value in Million US Dollars)

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