Date: March 2003

Exports Up by 2.3 Percent in January

Philippine merchandise exports may have posted a minimal growth of 2.3 percent YoY in January this year but a closer look at the data shows that the figure was the lowest in 11 months.

The National Statistics Office (NSO) said that the country's total outbound shipments reached US$2.691 billion in January this year, from only US$2.631 billion in January 2002. The figure, however, was 6.9 percent lower than the US$2.889 billion registered in January 2001.

Measured month-on-month, total export receipts actually slowed by 7.5 percent to US$2.691 billion in January this year from US$2.909 billion in December last year. Economic analysts quickly blamed the exports growth slowdown to external pressures, particularly the tension in the Middle East.

In particular, electronic exports, accounting for 56.4 percent of the total export revenue for January, went up slightly by 4.7 percent to US$1.518 billion this year from US$1.451 billion a year ago.

Shipments of articles of apparel and clothing accessories, the country's second largest export items accounting for 6.6 percent of the total picked up by 6.1 percent to US$178.37 million in January this year from only US$168.11 million a year earlier.

The third top export group, petroleum products, posted the largest increase of over 380 percent to US$39.77 million in January this year from only US$8.18 million a year earlier. Coconut oil came fourth in the list, with sales reaching US$35.19, or 39 percent higher than US$25.36 million recorded in January 2002.

Meanwhile, shipments of ignition wiring set and other wiring sets used in vehicles, aircrafts and ships fell 36 percent to US$35.13 million in January this year from US$54.83 million a year ago.

Other top Philippines exports in January were metal components, with total sales of US$31.56 million; other products manufactured from materials imported on consignment basis, US$28.17 million; woodcrafts and furniture, US$25.41 million; bananas, US$23.61 million; and cathodes and sections of cathodes, of refined copper, US$21.27 million.

Total agricultural products barely improved by 0.5 percent to US$117.33 million from US$116.74 million. Agricultural exports accounted for only 4.4 percent of the aggregate export revenues.

Despite the shrinking demand from the United States, the world's largest economy remained the country's top export destination. Exports to the US, accounting for 20.3 percent of the total, dropped by a hefty 16.2 percent to US$545.33 million in January this year from US$650.46 million a year earlier.

On the other hand, shipments to Japan, accounting for 15.7 percent of the total, recovered by 6.1 percent to US$423.33 million in January this year from US$399.16 million a year earlier.

Other top destinations of Philippine exports were the Netherlands, which bought US$236 million worth of Philippine shipments; Hong Kong, US$224.95 million; Taiwan, US$191.94 million; Singapore, US$180.63 million; Malaysia, US$157.41 million; China, US$108.04 million; Germany, US$97.92 million; and Thailand, US$97.52 million.

 

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