The latest foreign trade statistics from the National Statistics Office (NSO) show that Philippine exports amounted to US$2,494 million in January 2009 from US$4,231 million in January 2008, registering a decrease of 41.0 percent. Exports have dropped for four consecutive months now with decreases of 14.9 percent in October 2008, 11.9 percent in November 2008 and 40.4 percent in December 2008.

Although electronic products remain the country’s top export, accounting for 54.0 percent of the total revenues, it also reflected a huge decline of 48.4 percent compared to the same month a year ago. The other top ten exports are: articles of apparel and clothing accessories; woodcrafts and furniture; other products manufactured from materials on consignment basis; gold; cathodes and sections of cathodes of refined copper; fresh bananas; metal components; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; and tuna.

Among the top ten exports, tuna posted the highest growth at 70.2 percent compared to January last year of 18.1%. This was followed by fresh bananas at 24.3 percent, from a decline of 2.5%; and other products manufactured from materials on consignment basis at 15.6 percent, from a decline of 32.7%.  On the other hand, aside from electronic products, two more exports exhibited a decline of more than 50 percent. These are ignition wiring set and other wiring sets used in vehicles, aircrafts and ships which declined by 60.2 percent from a growth of 13.5% in January 2008; and cathodes and sections of cathodes of refined copper down by 54.0 percent from 28.0% growth also in January 2008.

The top five biggest export markets in terms of share in January 2009 were United States of America with 18.3 percent, Japan with 15.2 percent, Germany 9.7 percent, Netherlands at 5.0 percent and Hongkong at 8.0 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 January 2009 data on exports on March 10, 2009, earlier by seven 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: Merchandise Export Performance for January 2009