The good news: Merchandise exports increased by 10.1 percent in May — NEDA

July 18, 2009 2:22 pm 

MANILA, July 18 — Merchandise exports in May this year increased by 10.1 percent from the previous month with receipts amounting to US$ 3.1 billion.

In a report to President Gloria Macapagal-Arroyo, National Economic and Development Authority (NEDA) Director –General Secretary Ralph Recto said the month-on-month recovery of merchandise exports in May was due to improvements in export receipts of manufactured products, mineral products, and total agro-based products.

Exports of manufactured goods rose by 10.4 percent compared to April 2009, albeit a 24.8 percent decrease from May last year.

“Positive month-on-month growth rates of electronics (7.6 percent), machinery and transport equipment (26.5 percent), and garments (9.8 percent), which constituted 66.3 percent of the total merchandise exports, helped boost manufactured exports in May,” Recto said.

He added that improvement in shipments of electronic products benefited from the 5.4 percent increase in global sales for the period April to May 2009. Sales of semiconductors grew in the Americas (3.9 percent), Europe (0.4 percent), Japan (7.2 percent), and Asia-Pacific (6.7 percent).

Likewise, export receipts from mineral products and total agro-based products registered better performances in May this year as these commodity groups posted month-on-month increases of 18.9 percent and 1.0 percent, respectively.

A look at specific commodities showed month-on-month improvements in coconut products (32.0 percent), other agro-based products such as fish, abaca fibers, and tobacco among others (5.9 percent), copper concentrates (85.5 percent), copper metal (37.5 percent), gold (10.7 percent), and iron ore (13.8 percent), mainly due to increasing world prices.

“For the first five months of 2009, total receipts from merchandise exports contracted by 34.5 percent to US$ 13.8 billion as the export sector continued to be adversely hit by the decline in world trade due to the global economic crisis,” Recto added.

Total merchandise exports declined by 27.0 percent year-on-year. Export receipts amounted to US$ 4.2 billion a year ago.

Mineral products and total agro-based products still recorded negative growth rates year-on-year, although at a slower rate. Exports of mineral products declined by 49.6 percent and total agro-based products fell by 28.7 percent.

Japan still emerged as the biggest overseas market for Philippine goods with a 16.4 percent share in the total value of merchandise exports in May 2009. The U.S. slid to second place with a 16.0 percent share in the total value of outbound shipments in the said month. China (9.8 percent), the Netherlands (9.3 percent), and Hong Kong SAR (8.5 percent) completed the top five biggest sources of receipts from overseas sales in May.

In addition, the value of outward shipments to China, Hong Kong, and Taiwan comprised 22.1 percent of the total merchandise exports in May 2009.

Semiconductor devices, electronic data processing (EDP) machines, and garments were the major shipments to the five biggest export markets, covering 65.6 percent of the value of the total cargos delivered to said countries.

Total exports to the five markets dropped sharply by 26.4 percent from May last year. However, orders from the said countries already improved by 7.8 percent compared to the preceding month.

Meanwhile, Hong Kong SAR, Taiwan ROC, Malaysia, and Thailand also posted month-on-month improvements in their respective exports in May. Other Asian neighbors like Japan, China, South Korea, and Singapore continued to experience downtrend in exports. (PNA) scs/OPS/rsm

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