EXPORTED GOODS INCREASE BY 3.7 PERCENT IN OCTOBER 2016

The     Philippines’     export   sales   amounted to $4.758 billion in October 2016, a 3.7 percent increase from $4.590 billion recorded value in October 2015.  The increase was attributed to six major commodities out of the top ten export commodities for the month.  These include coconut oil (60.4%); metal components (55.6%); other mineral products (23.9%); electronic equipment and parts (11.2%); electronic products (4.7%); and ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (2.4%) (Table 1).

Furthermore, total merchandise exports for the period January to October 2016 registered  a  5.3  percent decrease  to  $46.449  billion  in  2016 from $49.050 billion in the same period of 2015 (Table 2).

EXPORTS OF ELECTRONIC PRODUCTS WENT UP BY 4.7 PERCENT

Electronic Products remained as the country’s top export with total receipts of $2.494 billion, accounting for 52.4 percent of the total exports revenue in October 2016. It went up by 4.7 percent from $2.381 billion registered in October 2015.  Components/Devices     (Semiconductors),     having     the    biggest    share     of      35.9 percent among electronic products, increased by 0.5 percent to $1.709 billion in October 2016 from $1.699 billion in October 2015.

Other Manufactures ranked second at $311.92 million or 6.6 percent share to the total export receipts. It recorded a decrease of 7.8 percent from October 2015 value of $338.44 million.

Machinery and Transport Equipment was the third top export earner in October 2016   with   export   revenue   of $274.87 million.  Export sales for this commodity group dropped by 9.2 percent from $302.67 million in October 2015.

Woodcrafts and Furniture ranked fourth, with a contribution of 5.1 percent share to the total export receipts, recording sales of $241.85 million in October 2016.  It   registered a 14.7 percent decrease from the previous year level of $283.52 million.

Ignition Wiring Set and Other Wiring Sets Used in  Vehicles, Aircrafts and Ships    was   recorded   as   the   country’s   fifth top export earner with value at $176.32 million or 3.7 percent share to total exports. It went up by 2.4 percent from $172.21 million in same period of 2015.

Rounding up the list of the top ten exports with corresponding export sales for the month of October 2016 were:

• Coconut Oil (includes crude and refined) with $153.10 million, grew by 60.4 percent, registering the highest growth among the top ten exports;
• Metal Components with $123.03 million, increased   by   55.6 percent;
• Chemicals    with    $104.59 million went down by 4.8 percent;
• Other Mineral Products with $91.72 million, accelerated by 23.9 percent; and 
• Electronic Equipment and Parts with $71.37 million, recorded an upward growth of 11.2 percent.

Total receipts from the top ten exports increased by 3.6 percent in 2016 and reached $4.043 billion or 85.0 percent of the total exports.

EXPORTS OF MANUFACTURED GOODS INCREASE BY 1.9 PERCENT

Outward shipments of Manufactured Goods were valued at $4.136 billion, accounting for 86.9 percent of the total export receipts in October 2016.  It recorded an increase of 1.9 percent from $4.061 billion recorded in October 2015 (Table 3).

Exports from Total Agro-Based Products, with a 7.3 percent share to total exports       in       October    2016,    amounted   to   $346.30 million.   It   went up by 30.6 percent from $265.18 million in October 2015.

Merchandise exports from Mineral Products, which shared 3.6 percent of   the   total exports revenue, increased by 15.1 percent from $150.42 million in October 2015 to $173.18 million in October 2016.

Special Transactions with a 2.0 percent share to total exports, increased by 6.8 percent to $94.69 million in October 2016 from $88.63 million in October 2015.

Petroleum Products, with 0.1 percent share, decreased by 76.5 percent to $5.35 million in October 2016 from $22.80 million during the same month in 2015.

Moreover, sales from Forest Products, accounting for less than 0.1 percent share of the total    exports,    decreased   by   8.0 percent from $2.44 million in October 2015 to $2.25 million in same period of 2016.

JAPAN ACCOUNTS FOR 20.7 PERCENT OF THE TOTAL EXPORTS IN OCTOBER 2016

Total export receipts from the country’s top ten market destinations for the month of October 2016 was valued at $3.993 billion, accounting for 83.9 percent share of the total export receipts (Table 5).

Japan including Okinawa remained as the country’s top export destination with revenue amounting to $983.84 million, comprising 20.7 percent share to total exports for October 2016.  It decreased by 5.0 percent from $1.035 billion recorded in the same month a year ago.

United States of America (USA) including Alaska and Hawaii ranked second, accounting 15.5 percent of total exports, with receipts valued at $737.21 million in October 2016. It recorded an increase of 8.9 percent from $676.76 million in same month last year.

People’s Republic of China ranked third with $571.87 million or 12.0 percent share of the total exports.  It increased by 34.1 percent from $426.47 million recorded in the same month last year.

Hong Kong with 11.4 percent share to total exports, ranked fourth with   shipments   valued   at   $541.57 million.  It grew by 9.1 percent from $496.32 million in same month a year ago.

Singapore placed fifth, representing a 6.7 percent share to total exports, with export earnings worth $317.40 million.  It declined by 6.0 percent from
$337.57 million posted in October 2015.

Other top ten market destinations for October 2016 were: Germany, $180.68 million; Thailand, $180.25 million; Taiwan, $176.83 million;  Netherlands, $153.79 million; and Republic of Korea, $149.14 million.

Exports to Other Countries which was valued at $765.33 million accounted for 16.1 percent of the total exports for the month of October 2016.  Among the Other Countries, Malaysia (including Sabah and Sarawak) recorded the highest at $110.57 million or 2.3 percent of the total exports.

MORE THAN 50 PERCENT OF EXPORTS ARE FOR COUNTRIES IN EAST ASIA

Majority of the country’s merchandise exports in October 2016 went to countries in East Asia,   accounting for 51.0 percent share to total exports valued at $2.427 billion.  It increased by 5.6 percent from $2.299 billion of October 2015. 

Commodities exported to ASEAN member countries comprised 15.6 percent of the total exports in October 2016 and was valued at $740.21 million. This slightly went up by 0.6 percent from $736.13 million posted in same month a year ago.

Exports to European Union member countries, with 11.0 percent share to total merchandise exports amounted to $525.29 million.  It recorded a 12.6 percent decrement from $601.13 million recorded in October 2015 (Table 6).