As reported by the National Statistics Office (NSO), the total merchandise exports was estimated at US$4.1 billion in February 2008, a 10.7 percent increase compared to US$3.7 billion in February 2007.

Electronic products, the country’s top export, which comprised 59.6 percent of the total exports, slowed down to 4.7 percent from 6.4 percent registered in the same month a year ago. Other commodities in the list of top ten exports, which accounted for 19.4 percent of the total, include:  (a) articles of apparel and clothing accessories; (b) petroleum products; (c) woodcrafts and furniture; (d) ignition wiring set and other wiring sets used in vehicles, aircrafts, and ships;  (e) cathodes and sections of cathodes of refined copper; (f) other products manufactured from materials imported on consignment basis; (g) coconut oil;    (h) metal components; and (i) gold.

In terms of contribution to the growth in exports, the biggest share came from electronic products at 3.0 percentage points, followed by petroleum products at 2.4 percentage points and coconut oil with 1.0 percentage point. 

Among the top ten exports, gold posted the highest growth rate at 376.5 percent compared to February last year. Other top gainers were petroleum products at 268.2 percent and coconut oil at 130.6 percent. On the other hand, cathodes and sections of cathodes of refined copper, and articles of apparel and clothing accessories declined by 12.8 and 11.9 percent, respectively.

The biggest markets for exports in February 2008 were: the USA with 17.4 percent share; Japan with 16.0; and People’s Republic of China with 9.9.  Compared to February 2007 figures on percent share, Japan slightly increased by 0.8 percentage point while China and USA weakened by 2.3 and 0.1 percentage points, respectively.

Monthly data on merchandise exports are generated from the compilation of foreign trade statistics, which is one of the designated statistical activities of the NSO under Executive Order No. 352, Designation of Statistical Activities That Will Generate Critical Data for Decision-Making of the Government and the Private Sector, issued on July 1, 1996.  Per EO, data on exports should be made available 45 days after the reference month.  The NSO released the February 2008 data on exports on April 10, 2008, earlier by five days than the target date of release.  It may be noted that the top ten exports listed in the NSO foreign trade statistics are different from the principal merchandise exports in the national accounts, which are based on the 1988 list of top exports to maintain the national accounts link series over a period of time.

For further inquiries, please contact Ms. Rosie B. Sta. Ana, Chief of the Economic Indicators and Indices Division of the NSO, at telefax numbered 716-39-35 and e-mail address r.staana@census.gov.ph.

Link to data source:  http://www.census.gov.ph/data/pressrelease/2008/ex0802tx.html