Date:
May 2003
Philippines Exports Show Strong Growth
Strong
gains in the export performance across a number
of sectors has led to an 8.6% overall growth
in merchandise exports in March. For that
month, gross value of exports reached US$3.1
billion as compared to a figure of US$2.85
billion recorded for the same month last year.
Export growth was 2.3% in January and 3.6%
in February.
Taken on a year on year (YoY) basis, in value
terms, manufactured goods grew by 5.9% compared
to one year ago. Agriproducts meanwhile increased
by 25.8% while the export of mineral products
grew by 41.6 percent. The target growth in
export value for the year as a whole is 5%.
For March, electronic products accounted for
64.7% of exports in value terms. Within this
figure; semiconductors accounted for 46.8%
of all exports and grew by 4.8% from the same
period last year. The export of articles of
apparel and clothing accessories grew by 21.5%
to $191.17 million.
The top 10 export destinations accounted for
more than 85% of all exports from the Philippines.
The United States remains the top export destination
and took 21 percent of all exports - to a
value of $650.97 million. However, this represented
an 8.9% decline from the $714.22 million recorded
in the same period of the previous year. Japan
accounted for $479.21 million while Hong Kong
accounted for a further $272.58 million.
Within Europe, the Netherlands was the leading
trade partner and fourth biggest export market
at $250.8 million. Germany was also in the
top 10.
According to reports the robust export growth
in the first quarter has resulted in a trade
surplus of $4.197 Billion.
|
Mercantile Exports 1Q 2003
|
|
|
Value
(US$ Million)
|
% of Total
|
|
All Exports
|
3100.00
|
|
|
Electronics
|
2003.00
|
64.61%
|
|
Clothing and Apparel
|
191.17
|
6.17%
|
|
Manufactured Goods
|
2720.00
|
87.74%
|
|
Agribusiness
|
158.33
|
5.11%
|
|
Mineral Products
|
58.91
|
1.90%
|
|
Petroleum Products
|
37.77
|
1.22%
|
|
Other
|
|
4.03%
|
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