ELECTRONIC PRODUCTS POST 36.5 PERCENT DECLINE

Accounting for 46.4 percent of the total exports revenue in October 2011, Electronic Products emerged as the country’s top export with total receipts of $1.896 billion. It decreased by 36.5 percent from $2.988 billion registered in October 2010.   On a monthly basis, however, Electronic Products, improved by 4.6 percent from $1.813 billion posted in September 2011.

Among the major groups of electronic products, Components/Devices (Semiconductors) got the major share with 35.6 percent to total exports, posting a negative annual growth at 38.6 percent to $1.455 billion from $2.370 billion in October 2010.

Woodcrafts and Furniture followed as the second top export earner in October 2011 with total receipts of $208.70 million or a share of 5.1 percent to total exports revenue. It accelerated by 76.5 percent from its October 2010 level of $118.26 million.

Articles of Apparel and Clothing Accessories ranked third with sales amounting to $172.55 million or an equivalent share of 4.2 percent to total exports. This value increased by 18.9 percent from $145.14 million posted in October 2010.

Ranked fourth in October 2011 and contributing 3.1 percent share to total export receipts was Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships, consisting only of electrical wiring harness for motor vehicles with export earnings worth $125.41 million. Receipts rose by 25.0 percent from $100.29 million.

Coconut Oil including crude and refined with 2.4 percent share to total export receipts ranked fifth with value posted at $96.64 million or a 31.2 percent year-on-year decline from $140.48 million in October 2010.

Rounding up the list of the top ten exports for the month of October 2011 were: Metal Components excluding brakes and servo-brakes with export revenue at $73.64 million, decelerating by 7.6 percent; Cathodes and Section of Cathodes, of Refined Copper with export earnings worth $59.38 million dropping by 4.8 percent; Petroleum Products including refined petroleum products, manufactures from crude petroleum oil imported on consignment basis with  export receipts worth $57.46 million, going up by 203.6 percent; Sugar with recorded sales amounting to $47.87 million, registering with the highest positive annual growth at 547,580.4 percent among the top ten exports from $8.740 in October 2010; and Bananas (Fresh) with proceeds billed at $46.31 million, accelerating by 83.9 percent.

Total receipts from the top ten exports reached $2.784 billion, or 68.1 percent of the total exports.

EXPORTS OF MANUFACTURED GOODS STAND AT $3.306 BILLION

Accounting for 80.9 percent of the total export receipts in October 2011, outward shipments of Manufactured Goods were estimated at $3.306 billion, representing a decrease of 21.7 percent from $4.221 billion recorded in October 2010. Compared to previous month’s level, revenue for export of manufactured goods went up by 3.7 percent from $3.189 billion recorded in September 2011.

Income from Total Agro-Based Products comprising 8.8 percent share to total exports revenue in October 2011 rose by 27.3 percent to $359.90 million from $282.74 million in October 2010.  On a monthly basis, it registered a 12.6 percent gain from $319.74 million recorded in September 2011.

Earnings from Mineral Products with a 5.6 percent share in October 2011 reached $227.09 million. It increased by 54.1 percent from $147.38 million in October 2010.  Moreover, export receipts from Special Transactions reflecting 3.2 percent share to total exports was higher by 13.4 percent to $131.93 million from $116.39 million posted in October 2010.

Petroleum Products accounting for 1.4 percent share to total exports revenue accelerated by 203.6 percent to $57.46 million from $18.92 million in October 2010.  Similarly, Forest Products with 0.1 percent share rose by 264.1 percent to $5.84 million from $1.60 million in October 2010.

EXPORTS TO JAPAN ACCOUNT FOR 20.2 PERCENT

Japan including Okinawa getting 20.2 percent share of the total exports for October 2011 emerged as the country’s top destination of exports with revenue amounting to $827.76 million. This value went up by 8.6 percent from $762.27 million recorded a year ago.

United States of America (USA) including Alaska and Hawaii with 14.9 percent share of total exports followed as the second top market of the country for October 2011 with export earnings worth $607.21 million. This represented a decrease of 12.8 percent from $696.15 million reported a year earlier.

People’s Republic of China accounting for 14.0 percent share of total exports came in third with shipments amounting to $568.02 million or a 0.8 percent year-on-year decline compared to its previous year’s level at $572.43 million.

Hong Kong’s share of 6.7 percent to total exports in October 2011, ranked fourth with $274.40 million, a decline by 22.5 percent from $353.89 million in October 2010.

Fifth in rank and representing also a 6.7 percent share to total exports was Singapore with export earnings worth $273.17 million or a 67.8 percent drop from $848.47 million posted in October 2010.

Other top ten export markets for October 2011 were Republic of Korea, $192.39 million (4.7%); Netherlands, $174.40 million (4.3%); Taiwan, $155.20 million (3.8%); Thailand, $153.50 million (3.8%); and Germany, $139.79 million (3.4%).

Total export receipts from the country’s top ten markets for the month of October 2011 amounted to $3.366 billion or 82.3 percent of the total.

EXPORTS TO EAST ASIA WORTH $2.022 BILLION

Merchandise exports to East Asia comprising 49.5 of the total Philippine exports in October 2011 were estimated at $2.022 billion, higher by 1.8 percent from its year ago level at $1.987 billion.

Meanwhile, exports to ASEAN member-countries with a share of 15.8 percent to total PH exports in October 2011 decelerated by 47.2 percent to $644.02 million from $1.219 billion in October 2010. Similarly, exports to European Union (EU) representing 12.3 percent to total PH exports in October 2011 contracted by 4.4 percent to $503.64 million from $526.63 million in October 2010.

Technical Note:

Page last revised:  December 13, 2011