H1 exports dip by 4.4% to $25.6B


PHILIPPINE merchandise exports for the first half of the year went down by 4.4 percent to $25.6 billion.

Data from the National Statistics Office (NSO) showed that aggregate exports from January to June were lower compared to the $26.7 billion recorded in the same period in 2012.

For June alone, export earnings reached $4.5 billion, or 4.1 percent higher from the $4.314 billion recorded in 2012.

Receipts from merchandise exports on a monthly basis, however, dropped by 8.2 percent from $4.9 billion posted in May 2013.

“The positive growth was supported by four major commodities out of the top 10 commodities for the month. These are woodcrafts and furniture, other mineral products, metal components and other electronics,” the NSO stated.

On the other hand, despite the 2.2-percent decline in the exports of electronic products, it remains the country’s top export accounting for 44.7 percent of the total exports revenue in June. Compared to last year’s figure of $2.051 billion, it went down to $2.006 billion in June 2013.

Month-on-month, electronic products managed to pick up by 15.6 percent from the $1.7 billion posted in June.

Furthermore, the NSO data also showed that exports of other manufactures followed as the second top export earner in June with revenue valued at $321 million; ranked third was woodcrafts and furniture with earnings amounting to $281.12 million; other mineral products ranked fourth with value posted at $184.47 million; and machinery and transport equipment with export revenue of $177.37 million was the fifth top export earner in June 2013.

Other top exports earners for June were metal components; chemicals; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships consists only of electrical wiring harness for motor vehicles; other electronics export; and articles of apparel and clothing accessories.

By commodity, the NSO data showed that exports of manufactured goods accounted for 82.2 percent of the total export receipts, and estimated at $3.716 billion in June 2013, a decrease of 0.02 percent from the $3.717 billion recorded a year ago.

Other top commodity exports were: total agro-based products, $322.46 million; mineral products, $262.54 million; special transactions, $93.99 million; petroleum products, $89.37 million; and forest products, $5.40 million.

The data further showed that Japan continues to be the top exports destination in June 2013 with revenue amounting to $985.15 million.

Meanwhile, the United States was the second top market of the country with export earnings worth $633.05 million; China came in third with shipments amounting to $613.92 million; Singapore ranked fourth with $389.01 million; and fifth in rank was Hong Kong with export earnings worth $386.79 million.

Other top markets for June 2013 were, Germany, South Korea, Taiwan, Thailand and Malaysia.


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