* Including transactions that passed through the Automated Export Documentation System (AEDS). 
p - preliminary 
r - revised

OCTOBER 2007 MERCHANDISE EXPORTS UP BY 10.5 PERCENT

Export earnings in October 2007 went up by 10.5 percent to $4.648 billion from $4.207 billion in October 2006.  This may be due to the increase in the outward shipments of coconut oil and electronic products particularly the components/devices (semiconductors) and consumer electronics. 

Compared to the previous months level, export revenue grew by 6.3 percent from P4.373 billion.

ELECTRONIC PRODUCTS INCREASE BY 9.4 PERCENT

Accounting for 61.8 percent of the aggregate export revenue in October 2007, Electronic Products posted an increase of 9.4 percent to $2.873 billion from $2.627 billion in October 2006.  Compared with the previous months level, an increase of 8.2 percent from P2.656 billion was noted. The year-on-year growth is due to the increase in the outward shipments of all electronic products except for electronic data processing, telecommunication and communication/radar.

Despite its continued decline in the aggregate receipt by 18.8 percent to $187.93 million from $231.33 million in October 2006, Articles of Apparel and Clothing Accessories is still the countrys second top earner with a 4.0 percent combined share of the total exports.

Cathodes and Section of Cathodes of Refined Copper ranked third with total revenue of $152.47 million, an increase of 17.0 percent from $130.30 million in October 2006.

Coconut Oil ranked fourth with sales amounting to $107.92 million or a growth of 128.4 percent from $47.26 million in October 2006. 

Petroleum Products ranked fifth with export receipts of $99.08 million or a year-on-year growth of 43.1 percent from $69.22 million in October 2006.  This is due to the increase in the shipments of other fuel oils.

Rounding up the list of the top exports for the month of October 2007 were Woodcrafts and Furniture, with export revenue of $91.43 million or 4.7 percent increase from the same month in 2006; Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships(consisted only of electrical wiring harness for motor vehicles), $82.99 million or a growth of 5.9 percent; Other Products Manufactured from Materials Imported on Consignment Basis, $57.05 million or a decrease of 27.6 percent; Metal Components with proceeds billed at $42.77 million or a growth of 5.5 percent; and Bananas (Fresh), $29.60 million or a decline of 6.9 percent. 

Total receipts from the top ten exports reached $3.725 billion, or 80.1 percent of the total exports.

Fig. 1  Philippine Top Exports: October  2007 and 2006
(F.O.B. Value in Million US Dollars)
 

EXPORTS OF MANUFACTURED GOODS UP BY 7.5 PERCENT

Accounting for 84.0 percent of the total receipts, export of Manufactured Goods was $3.905 billion, or 7.5 percent growth from $3.634 billion in October 2006.  

All Agro-Based Products with a 5.2 percent share of the total export receipts generated a combined income of $243.43 million, up by 51.0 percent from $161.26 million in October 2006.  This is due to the increase in the shipments of coconut oil.

Earnings from Mineral Products reached $270.43 million or 5.8 percent share of the total export revenue, recording a 25.9 percent increase from $214.88 million in October 2006. 

Petroleum Products likewise increased by 43.1 percent to $99.08 million from $69.22 million in October 2006. 

Export receipts of Special Transactions posted an increase of 1.7 percent to $128.05 million from $125.87 million in October 2006.  Meanwhile, exports revenue of Forest Products went down by 16.2 percent to $1.82 million from $2.18 million in October 2006.

Fig. 2  Philippine Exports by Commodity Group: October 2007 and 2006
(F.O.B. Value in Million US Dollars)
 

EXPORTS TO UNITED STATES ACCOUNT FOR 17.7 PERCENT

Accounting for 17.7 percent of the countrys aggregate income for the month, United States of America (USA) continued to be the top market of the country for October with export receipts of $820.62 million, up by 3.2 percent from $795.56 million in October 2006.

Despite a decline of 3.4 percent to $649.65 million from $672.14 million in October 2006, Japanremained to be the second top market for the month with a 14.0 percent share of the total exports.

Hong Kong emerged as the third biggest market for the month with shipments amounting to $595.32 million or 12.8 percent of the total, up by 56.9 percent from its year-ago level of $379.39 million.

Peoples Republic of China ranked fourth with $576.66 million or 12.4 percent of the total revenue, up by 22.8 percent from $469.48 million in October 2006.

Other top markets for October 2007 were Netherlands, $355.99 million; Singapore, $267.28 million; Malaysia, $238.14 million; Germany, $183.46 million; Republic of Korea, $138.92 million; and Taiwan, $122.47 million.

Total export receipts from RPs top ten markets for the month of October 2007 amounted to $3.949 billion or 85.0 percent of the total.

Fig. 3  Philippine Exports by Top Markets : October 2007
(F.O.B. Value in Million US Dollars)

Technical Note:

Starting with the January 2007 Press Release, analysis and tables are based on the 2004 Philippine Standard Commodity Classification (PSCC) groupings.  This is in compliance with   NSCB   Resolution No. 03, Series of 2005 entitled Approving and Adopting the 2004 Philippine Standard Commodity Classification by all concerned government agencies and instrumentalities.

Source:    Foreign Trade Statistics Section
               Industry and Trade Statistics Department
               National Statistics Office
               Manila, Philippines