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THE
decline in export earnings from the country’s top
exports has failed to temper year-on-year
export-earnings growth in April, which was registered at
4.9 percent, according to data released by the National
Statistics Office (NSO) Tuesday.
The NSO
said export earnings in April 2008 was higher at $4.325
billion from $4.124 billion in April 2007. Compared with
the previous month’s level, total export revenue also
grew by 3.2 percent from $4.193 billion.
This
occurred despite the -7.96-percent growth in export
earnings from semiconductors, the country’s main export,
and accounted for 43.49 percent of total exports in
April. Export earnings from semiconductors amounted to
$1.88 billion in April, higher by 1.82 percent over the
$1.85 billion posted in March.
With
this, the export of electronic products posted a
–1.7-percent year-on-year growth to $2.519 billion from
$2.563 billion in April 2007. On a monthly basis,
however, export earnings of this commodity group
increased by 2.9 percent from $2.448 billion.
Export
earnings from garments, the country’s second-biggest
earner, posted a –5.87-percent year-on-year growth to
$153.58 million, which accounted for 3.55 percent of
total export earnings. Month-on-month garment export
earnings posted a –7.97-percent growth from $166.88
million in March.
Myrna
Asuncion, OIC-director of the National Economic and
Development Authority’s National Planning and Policy
Staff, told reporters that the negative growth in
electronics and garments were offset by the significant
growth posted by several minor export-commodity groups.
Asuncion
said some of these commodities and commodity groups are
coconut products, which posted a 103.09-percent
year-on-year growth and contributed 3.9 percent of total
exports; coconut oil, which grew by 125.53 percent
year-on-year and contributed 3.42 percent of total
exports; machinery and equipment, which posted a
double-digit increase of 18.33 percent and accounted for
3.89 percent of the total; processed food and beverages,
which posted a 37.76-percent growth and accounted for
1.77 percent of total exports; and other exports, which
grew by 12.68 percent and accounted for 4.98 percent of
the total.
This,
however, does not hold enough evidence that the country
is in transition or is already shifting its priority in
producing other commodities to become top exports.
Asuncion said the export industry might only be reacting to the
demand in the world market for certain commodities, such
as processed food.
On the
other hand, economist Benjamin Diokno, former budget
secretary and current University of the
Philippines
professor, said the increase in exports still reflected
some weakness since the biggest earner, electronics,
posted a –1.7-percent growth.
Diokno
also disagreed with the government’s projection that
exports will grow by 8 percent this year. He said export
growth would be flat this year, consistent with the
expectations of the Philippine Exporters Confederation
Inc.
“This
still shows some weakness due to the performance of the
electronics industry. This is consistent with the
overall weakening of the economy,” Diokno said in a
phone interview.
NSO data
showed the country’s total receipts from its top 10
exports reached $3.325 billion, or 76.9 percent of total
exports.
The data
also said 82.4 percent of total receipts were
contributed by export earnings from manufactured goods,
which reached $3.562 billion in April, or a growth of
2.2 percent from $3.484 billion in April 2007.
Meanwhile, total export receipts from the Philippine’s
top 10 markets in April 2008 amounted to $3.665 billion,
or 84.8 percent of the total.
The
United States was the country’s top market in April,
with export receipts of $691.34 million. This accounted
for 16 percent of the country’s aggregate income for the
month, or an increase of 8.7 percent from $635.83
million in April 2007.
Japan
followed as the country’s second top market for April
with export earnings of $664.50 million, or a
15.4-percent share of the total exports with an
increment of 14.4 percent from $580.88 million in April
2007.
China
emerged as the third-biggest market for April 2008 with
shipments amounting to $520.64 million or 12 percent of
the total exports, an increase of 24.8 percent from the
year-ago level of $417.35 million. |
