Exports rebound in November 2009
Davao City (14 January) -- Exportation of Philippines products has started to increase in November 2009, growing by 5.1 percent year-on-year at US$3.7 billion, according to preliminary reports of the National Statistics Office.
"This ended the 13-month episode of contractions [in exports] which started at the onset of the global financial and economic crisis in late-2008," Acting Socioeconomic Planning Secretary Augusto B. Santos said in his memorandum to the president. He noted that mineral products and manufactured goods boosted outgoing trade in that period last year.
"This also indicated a continued improvement from a month-on-month perspective as merchandise exports grew for the fourth consecutive month," Santos said. The November 2009 exports posted a 0.6 percent increase from the previous month. Receipts from merchandise exports amounted to US$ 35.0 billion for January to November 2009.
The 6.8 percent year-on-year growth of exported manufactured goods contributed largely to the November 2009 growth.
"This was mainly supported by the rise in electronic product shipments, the biggest contributor to the country's export receipts, which grew by 6.9 percent from the same period in 2008," Santos added.
Global semiconductors sales grew by 8.5 percent in November 2009 compared to the same month a year ago and by 3.7 percent relative to October 2009. Santos cited report from the Semiconductor Industry Association (SIA) that semiconductor sales worldwide in November increased for the first time in 2009. SIA said the year ended with sales of many IT and consumer products "faring better than earlier projections."
Furthermore, mineral products increased by 11.4 percent year-on-year due to increase in export receipts of copper concentrates, gold, and iron ore agglomerates. This is partially attributed to increases in the world prices of gold at 48.1 percent, and copper at 79.6 percent as reported in the World Bank Commodity Price Database.
Meanwhile, exports of total agro-based products went down by 22.7 from the previous year as all sub-products registered declines.
Exports of coconut products decreased by 29.2 percent, sugar by 7.9 percent, fruits and vegetables by 34.9 percent, and other agro-based products by 1.6 percent. Forest products fell by 0.8 percent while petroleum products dropped by 83.4 percent.
The US remained as the Philippines ' biggest export market in November 2009 with a 17.7 percent share in total merchandise exports for the month. The value of shipments to the US went up by 1.9 percent month-on-month and by 7.5 percent year-on-year. The increase is partly due to the 12.7 percent surge in export-heavyweight electronic products.
Japan placed second with 16.2 percent share. Total shipments to PR China, Hong Kong SAR, and Taiwan ROC consisted 15.8 percent of the total export earnings in November 2009. Exports to the ASEAN countries accounted for 16.2 percent of the total outward cargo in November.
The top export products to the five major markets in November were semiconductors, electronic data processing machines, and machinery and transport equipment, accounting for 66.7 percent of the value of total outward cargo in November.
Total orders of the five biggest buyers in November grew by 2.2 percent month-on-month and by 29.3 percent from the same month a year ago.
All major export-oriented neighbors of the country posted positive export figures in November 2009, led by Indonesia at 26.7 percent year-on-year, with the exception of Japan, PR China, and Malaysia. (NEDA) [top]