Philippine exports up 9.3% in January

Philippine exports grew by 9.3 percent in January 2014 buoyed by the manufacturing sector and sustaining its positive growth momentum for the eighth consecutive month, according to the National Economic and Development Authority (NEDA).

The value of merchandise exports expanded to US$4.4 billion in January 2014 from US$4.0 billion in the same period in 2013, according to the Philippine Statistical Authority (PSA).

“The upward trajectory of Philippine exports as a result of the buoyant export performance of manufactured products clearly proves the significance of the manufacturing sector as one of our growth drivers,” said Economic Planning Sec. Arsenio Balisacan.

 Export earnings from manufactured goods continued to post a year-on-year increase in January 2014 at 15.3 percent. These goods reached US$3.8 billion as outbound shipments of electronics products, machinery and transport equipment, electronics equipment and parts, garments, and miscellaneous manufactures registered significant gains.

Balisacan added that the growth in manufactures also added a buffer against the reductions in export earnings from other major commodity groups such as total agro-based products, mineral products, petroleum, and forest products.

Total export receipts from agro-based products contracted by 28.8 percent to US$277.1 million from US$388.9 million in the same period last year. The contraction in the value of total agro-based exports was primarily driven by lower sales of sugar, coconut and fruits and vegetables.

“Despite the setbacks in some commodity groups and other sectors, the Philippines’ merchandise export growth in January 2014 is one of the fastest among selected trade-oriented economies in the East and Southeast Asian region, trailing behind PR China,” said the NEDA Director General.

Japan remains as the top destination of Philippine exports in January 2014, accounting for 26.3 percent of the country’s total overseas merchandise sales receipts, with a total value of US$1.15 billion. Other top markets for Philippine exports, were USA (13.8%), China (9.9%), Singapore (8.8%) and Hong Kong (7.5%).

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Philippines sustains export growth

The increase in overseas shipments of mineral, coconut, garments and electronic products has helped sustain the Philippine exports growth.
 
Socio-economic Planning Sec. Arsenio Balisacan noted that the growth in exports of mineral products has more than offset the decline in shipments of manufactures, petroleum, agro-based and forest products.
 
Coming from a contraction of 4.6 percent in September 2012, the receipts from mineral products significantly increased to 65.3 percent in the same period this year.
 
Copper metal (36.3%), copper concentrates (75.1%), gold (322.6%), and iron ore agglomerates (214.3%) compensated for the lower value of outward shipments of manufactures (-4.3%), petroleum (-41.4%), total agro-based (-6.5%) and forest products (-43.9%).
 
Agro-based coconut products (13.7%), particularly desiccated coconut (22.8%) and copra meal (78.3%), also supported exports growth, together with garments (12.1%) and electronic products 12.8%).
 
The earnings from electronics recovered from a 0.4 percent contraction in August 2013 and increased by 12.8% year-on-year in September 2013.
 
This was attributed to increased overseas sales of electronic data processing (EDP) (165.6%), control and instrumentation (27.7%), office equipment (11.9%), and communication radar (10.3%). This countered the year-on-year contractions posted by semiconductors (-3.9%), automotive electronics (-94.7%), telecommunications (-43.8%), consumer electronics (-15.9%) and medical/industrial instrumentation (-7.8%).
 
Sec. Balisacan said the increase in export earnings of EDP was buoyed largely by business purchases of personal computers in the third quarter of 2013 while the decline in exports of semiconductors was due to the less buoyant market in Japan, which recorded a 12.9-percent decline in domestic sales in September 2013.
 

“The country posted a positive export performance amid the sluggishness of the sector in some of its neighboring countries like Japan, Thailand, Taiwan, Indonesia, Korea, China, Malaysia and Hong Kong. This is notwithstanding the fact that we trailed behind Vietnam and Singapore,” Balisacan said.

 
Japan recorded the deepest decline of 12.2 percent in the total value of exports due to the depreciation of the Yen against the US dollar as the total value of Japan’s exports valued in Yen increased by 11.5 percent.
 
The exports performance of Thailand (-7.1%), Taiwan (-7.0%), Indonesia (-6.8%), Korea     (-1.6%), China (-0.3%), Malaysia (0.1%) and Hong Kong (3.4%) also lagged behind the Philippines.
 
Japan remained as the top destination of Philippine exports in September 2013, accounting for 22.4 percent of the country’s total export receipts. The US was the second largest export destination, with 15.0-percent share.

Export earnings up 2.3% to $4.8 billion

Export earnings in July 2013 posted a 2.3 percent growth to $4.83 billion from $4.72 billion recorded in the same period last year.
 
The National Statistics Office (NSO) reported that on a monthly basis, export earnings grew by 7.7 percent from $4.49 billion posted in June 2013, supported by five major commodities – machinery and transport equipment, woodcrafts and furniture, chemicals, electronic products and cathodes.
 
The aggregate merchandise exports for the first seven months of 2013 showed a decrease of 3.4 percent from $31.48 billion in 2012 to $30.42 billion in 2013.
 
Electronic products emerged as the country’s top export with total receipts of $1.893 billion, up by 11.2 percent from $1.702 billion registered in July 2012. 
 
Semiconductors which comprised 26.1 percent of the total exports, shared the biggest among the major groups of electronic products with export earnings worth $1.261 billion, down by 6.2 percent from $1.344 billion registered in July 2012.
 
Machinery and Transport Equipment was the second top export earner in July 2013 with export revenue of $516.46 million, up 131.7 percent.
 
Other manufactures recorded as the country’s third top export with revenue valued at $285.25 million, down by 37.6 percent compared to $457.41 million in same period a year ago.
 
Ranked fourth in July 2013 and contributing 5.3 percent share to the total export receipts was woodcrafts and furniture with earnings amounting to $255.08 million, up by 44.2 percent from $176.84 million last year.
 
Chemicals with 3.4 percent share to the total export receipts, ranked fifth with value posted at $165.37 million, up by 22.8 percent from $134.72 million recorded in the same month last year.
 
Other top exports were other mineral products with export earnings of $156.90 million, down by 21.3 percent; cathodes with export receipts of $140.59 million; articles of apparel and clothing accessories with earnings at $122.81 million, down by 19.5 percent; ignition wiring set with export earnings of $114.05 million, losing by 16.6 percent and coconut oil with total receipts of $113.87 million slightly down by 0.9 percent compared to same period in 2012.

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.

Philippine exports up 33% in 2010

The Philippine  exports posted a 33.8 percent growth in 2010 to US$51.43 billion from $38.43 billion during the same period in 2009.

Total imports posted a 26.9 percent annual increase last year to $54.702 billion from $43.092 billion in 2009. The National Statistics Office (NSO) reported that the balance of trade in goods (BOT-G) for 2010 registered a deficit of $3.27 billion, lower than the $4.65 billion deficit in 2009.

Total external trade in goods in 2010 reached $106.13 billion, up by 30.2 percent from $81.52 billion registered during the same period in 2009.

Combined import and export merchandise trade for December 2010 was up by 25.8 percent to $9.13 billion from $7.25 billion in December 2009.

Total merchandise imports increased at 25.2 percent to $4.930 billion from $3.936 billion in December 2009. Total exports, on the other hand, rose by 26.5 percent to $4.201 billion from $3.321 billion in December 2009.

 The balance of trade in goods (BOT-G) in December 2010 posted a deficit of $729.00 million compared to last year’s recorded deficit value of $615.00 million.

Accounting for 34.6 percent of the aggregate import bill, payments for electronic products in December 2010 amounted to $1.706 billion, up by 35.3 percent from $1.26 billion in 2009.

Among the major groups of electronic products, semiconductors having the biggest share of 28.8 percent, expanded by 57 percent to $1.41 billion from $902.97 million in December 2009.

Imports of mineral fuels in December 2010 ranked second with 19.1 percent share and posted a positive growth of 23.7 percent to $940.95 million from $760.54 million in December 2009.

 Transport equipment the country’s third top imports for the month with 7.6 percent share to total imports at $373.61 million. The value accelerated by 77.7 percent from its previous year level of $210.20 million.

Industrial machinery and equipment contributing 4.8 percent to the total import bill, was the country’s fourth top import for the month with payments placed at $236.45 million, an increase of 18.5 percent from last year’s level of $199.51 million.

Fifth in rank and with 2.4 percent share of the total imports was iron and steel which expanded by 91.3 percent, the highest annual growth rate among the top ten imports to $116.83 million from $61.09 million in December 2009.

Chemicals ranked sixth, comprising 2.2 percent of the total imports, reached $106.08 million, higher by 27.2 percent from $83.37 million recorded in December 2009.

The other top imports for December 2010 were telecommunication equipment and electrical machinery worth $104.35 million, up by 41.8 percent; plastics amounting to $99.42 million increased by 46.5 percent; metal products valued at $67.06 million higher by 46.7 percent; and fertilizer with purchases placed at $64.28 million rose by 80 percent.