Based on latest foreign trade statistics from the NSO, Philippine exports in May 2008 amounted to US$4,224.2 million from US$4,127.9 in May 2007, better by 2.3 percent.

Although electronic products remain the country’s top export, accounting for 58.6 percent of the total revenues, it decreased by 3.4 percent compared to the same month a year ago. The other top ten exports are: cathodes and sections of cathodes of refined copper, articles of apparel and clothing accessories, woodcrafts and furniture, petroleum products, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, coconut oil, other products manufactured from materials on consignment basis, metal components and fresh bananas.

Among the top ten exports, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships posted the highest growth at 22.3 percent compared to May last year. Other top gainers were metal components at 20.2 percent, bananas at 18.8 percent and cathodes and sections of cathodes of refined copper at 16.2 percent.  On the other hand, articles of apparel and clothing accessories and other products manufactured from materials on consignment basis declined by 17.7 and 7.3 percent, respectively.

The top five biggest export markets in May 2008 were the United States of America with 16.0 percent share, Japan with 15.8 percent share, People’s Republic of China at 11.9 percent, Hongkong at 9.4 percent and Republic of Korea at 7.4 percent.

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 May 2008 data on exports on July 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/ex0805tx.html