May exports ease by 0.8% to $4.891B


Philippine merchandise exports in May 2013 contracted by 0.8 percent reaching $4.891 billion from the $4.932 billion recorded a year ago, data from the National Statistics Office (NSO) showed on Wednesday.

Meanwhile, aggregate merchandise exports from January to May 2013 showed a decrease of 6 percent from to $21.093 billion from $22.445 billion a year ago.

Receipts from merchandise exports on a monthly basis, however, grew by 18.7 percent from the $4.121 billion posted in April 2013.

Electronic exports
Despite the 9.3-percent decline in the exports of electronic products, it remains the country’s top export accounting for 35.4 percent of the total exports revenue in May 2013.

Month-on-month, electronic products managed to pick up by 6.2 percent from the $1.630 billion posted in April 2013.

Furthermore, the NSO data also showed that exports of other manufactures followed as the second top export earner in May with revenue valued at $396.42 million; ranked third was machinery and transport equipment with export revenue of $343.85 million; other mineral products ranked fourth with value posted at $332.14 million; and woodcrafts and furniture with earnings amounting to $306.92 million were the fifth top export earner.

Other top exports earners for May 2013 were chemicals, metal components, petroleum products, articles of apparel and clothing accessories and ignition wiring set and other wiring sets.

By commodity, the NSO data showed that exports of manufactured goods accounted for 77.3 percent of the total export receipts and estimated at $3.782 billion in May 2013, a decrease of 10.6 percent from the $4.229 billion recorded a year ago.

Other top commodity exports were: total agro-based products, $374.50 million; mineral products, $490.96 million; petroleum products, $129.66 million; special transactions, $86.53 million and forest products, $27.44 million.

The data further showed that Japan continues to be the top exports destination in May 2013 with revenue amounting to $982.29 million.

It was followed by United States with export earnings worth $607.06 million; China with shipments amounting to $571.99 million; Singapore with $414.47 million and South Korea with export earnings worth $375.89 million.


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