Philippine exports slightly drop in May 2013

Philippine export earnings in May 2013 posted a slight drop of 0.8 percent to $4.891 billion from $4.932 billion recorded in the same period last year.

The National Statistics Office (NSO) attributed the drop to the negative growth of five major commodities such machinery and transport equipment, ignition wiring sets, articles of apparel and clothing accessories, electronic products and metal components.
The aggregate merchandise exports for the first five months of 2013 showed a decrease of 6.0 percent from $22.445 billion in 2012 to $21.093 billion in 2013.

 Accounting for 35.4 percent of the total exports revenue in May 2013, electronic products emerged as the country’s top export with total receipts of $1.731 billion, down by 9.3 percent from $1.908 billion registered last year.

Semiconductors posted earnings worth $1.39 billion, down by 1.9 percent from $1.41 billion registered in May 2012.

Other manufactures recorded as the country’s second top export with revenue valued at $396.42 million, up by 36.5 percent compared to $290.32 million in same period a year ago.
Ranked third in May 2013 was machinery and transport equipment with earnings amounting to $343.85 million, down by 40.4 percent from its year ago level of $577.09 million
Export of other mineral products posted a 189 percent growth to $332.14 million from $114.72 million recorded in the same month last year.
Woodcrafts and furniture with export revenue of $306.92 million, up by 74.7 percent followed as the fifth top export earner in May 2013.
Other tope exports were chemicals with export earnings of $229.26 million, up by 48.0 percent; metal components with export receipts of $138.07 million lower by 1.1 percent; petroleum products registering the highest year-on-year change of 521.3 percent to $129.66 million; articles of apparel and clothing with proceeds billed at $128.51 million down by 14.7 percent; and ignition wiring sets with total receipts of $109 million down by 5.4 percent compared to same period last year.