Merchandise exports register 15.4 percent increase

Export earnings for January 2005 grew by 15.4 percent to $3.282 billion from $2.844 billion during the same period of the previous year. This is the fourteen consecutive months a positive rate was recorded and the fifth time, a double-digit posotive growth was registered since December of 2003.

Electronic products up by 12.8 percent 

Electronic products, accounting for 66.3 percent of the aggregate export revenue in January, continued to exhibit a positive rate at 12.8 percent to $2.176 billion from $1.930 billion last year.

Among the major groups of electronic products, components/devices (Semiconductors) got the major share with 48.4 percent to total exports. Semiconductors posted a positive growth at 25.7 percent to $1.588 billion from $1.263 billion during the same month in 2004. The other electronic products group that showed growth were: control and instrumentation at 813.3 percent with a share of 0.06 percent, telecommunication at 373.7 percent with a share of 0.67 percent, consumer electronics at 7.4 percent with a share of 1.36 percent, office equipment at 4.5 percent with a share of 0.50 percent, and automotive electronics at 2.0 percent with a share of 0.88 percent to total exports.

Articles of apparel and clothing accessories remained as the country's second top earner with a combined share of 6.5 percent and an aggregate receipt of $213.21 million or 34.4 percent higher  than $158.67 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 $65.59 million reflecting a 98.8 percent positive rate from $32.98 million during the same period of 2004.

Woodcrafts and furniture ranked fourth with sales amounting to $44.34 million or a year-on-year  growth of72.6 percent from $25.68 million.

Revenue from othet products manufactured from materials imported on consignment basis,declined  by 5.8 percent to $37.74 million from $40.07 million.

Rounding up the list of the top exports for the month of January 2005 were: coconut oil, $36.25 million; metal components, $31.37 million; cathodes and sections of cathodes, of refined copper, $30.93 million; bananas (fresh) , $25.63 million; and petroleum products, 19.86 million.

Total receipts for the top ten exports reached $2.681 billion, or 81.7 percent of the total exports.

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

Manufactured goods increase by 20.5 percent

Accounting for 91.3 percent of the total receipts, exports of manufactured goods moved up by 20.5 percent as sales amounted to $2.996 billion, from $2.486 billion during the same period of 2004.

Earnings from all agro-based products combined for $138.22 million or 4.2 percent of the total export revenue. Compared to last year, aggregate receipt for this commodity group dropped by 9.2 percent from $152.17 million.

Income from   mineral products gained by 5.0 percent to $66.0 million from $62.85 million while receipts from exports of special transactions declined by 43.1 percent to $59.34 million from $104.35 million.

Petroleum products registered earnings at $19.86 million, while forest products contributed $2.50 million.

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

 

Exports to Japan account for 20.9 percent

Accounting for 20.9 percent of the country's aggregate income for the month, exports to Japan was valued at $685.30 million. Receipts went up by 37.1 percent from last year's reported figure of $499.86 million. 

United States followed with a 19.1 percent share. Earnings at $627.0 million, exports to US rose by 29.3 percent from $485.05 million.

Netherlands emerged as the third biggest market for the month as shipments of local goods amounted to $313.17 million or 9.5 percent of the total. Receipts improved by 19.8 percent from $261.34 million during the same period of 2004.

People's Republic of China accounted for 8.5 percent of the total receipts, with $279.61 million reflecting a 75.2 percent increment from $159.59 million during the same month a year earlier.

Other top markets for January 2005 were: Hong Kong, $227.46 million; Singapore, $166.87 million; Taiwan, $161.73 million; Malaysia, $147.15 million; Vietnam, $108.27 million; and Germany, $102.09 million.

Total export receipts from RP's top ten markets for the month of January amounted to $2.819 billion or 85.9 percent of the total.

Fig. 3. Philippine Top Exports by Country: January 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