PHL exports up 3% in Jan., reverse 8-mo. downtrend – NSO

Philippine merchandise exports for January grew by 3.0 percent to $4.121 billion from $4.000 billion a year earlier, following eight months of declines since May 2011, the National Statistics Office said Tuesday.   Month-on-month, merchandise export receipts went up by 21.0 percent from $3.407 billion in December 2011, NSO data showed.   Electronic products were the country’s top export with total receipts of $2.152 billion, accounting for 52.2 percent of export revenues last January. Receipts from electronic products rose by 0.4 percent from $2.142 billion in January 2011.     The NSO said exports of electronic products increased by 35.1 percent from $1.593 billion in the December.   Receipts from the Top 10 exports reached $3.023 billion, or 73.3 percent of the total shipments.

  The Top 10 exports include:

• Woodcrafts and furniture ($189.62 million, up 79.5 percent)

• Articles of apparel and clothing accessories ($170.87 million, up 5.2 percent)

• Cathodes and sections of cathodes of refined copper ($108.03 million, up 269.4 percent)

• Ignition wiring set and other wiring sets used in vehicles, aircrafts and ships ($105.12 million, up 9.6 percent) 

• Coconut oil ($88.11 million, down 45 percent)

• Metal components excluding brakes and servo brakes ($75.90 million, up 21.9 percent)

• Other products manufactured from materials imported on consignment basis ($54.21 million, up 52.7 percent)

• Petroleum products ($47.28 million, up 14.9 percent)

• Pineapple and pineapple products ($31.99 million, up 116.2 percent).

2012   2011 January p December r January r          Total exports          FOB Value (in Million US Dollars) 4,121.07 3,407.16 4,000.44    Year-On-Year Growth (Percent) 3.0 -18.9 11.8    Month-On-month Growth (Percent) 21.0 2.0 -4.8          Electronic products          FOB Value (in Million US Dollars) 2,151.54 1,592.85 2,141.97    Year-on-Year Growth (Percent) 0.4 -29.4 5.3    Month-on-month Growth (Percent) 35.1 4.3 -5.1

Japan is top buyer of PHL goods   Japan including Okinawa emerged as the Philippines top export destination, buying 17.2 percent of total Philippine shipments in January equivalent to $706.92 million (up 11.3 percent from $634.87 million a year earlier).   United States of America (USA) including Alaska and Hawaii was the second top market for Philippine products, buying 16.0 percent total exports worth $657.58 million and representing a 23.5-percent increase from $532.29 million.   People’s Republic of China accounted for 14.3 percent of Philippine exports, with shipments amounting to $589.99 million. Year-on-year, shipments to China was up 26.2 percent from $467.55 million.   Hong Kong ranked fourth with $359.37 million, or 8.7 percent of total exports, reflecting a 43.4-percent growth from $250.65 million.   Singapore was the fifth largest buyer of Philippine goods, representing 8.2 percent of total exports and receipts worth $339.42 million. Exports to Singapore were up 42.9 percent from $237.49 million.   Other top markets for January were Germany ($251.86 million), Republic of Korea ($171.51 million), Thailand ($154.07 million), Taiwan ($149.26 million), and Netherlands ($113.35 million).   Export receipts from the country’s Top 10 markets last January amounted to $3.493 billion or 84.8 percent of total shipments.