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Tuesday, August 11, 2009


     Socioeconomic Planning Secretary and NEDA Director General Ralph G. Recto said June 2009 is the second consecutive month that exports expanded as global trade started to recover.

The receipts from merchandise exports increased to US$3.4 billion in June, 10.4 percent higher than US$3.1 billion posted the previous month.

        "The June exports expansion was broad-based as all major commodity groups increased, except mineral products," Recto said

        He also noted that "major economies in the East and Southeast Asian regions also posted month-on-month increases in their respective exports in June 2009, reflecting the positive signs of improvement in the world economic landscape".

        Exports of manufactured goods rose at a faster pace of 11.2 percent compared to the 10.5-percent increase in the previous month. Positive month-on-month growth rates of electronics (7.6%), garments (25.9%), and machinery and transport equipment (54.2%), which constituted the bulk of merchandise exports, helped boost manufactured exports in June.

        Exports of electronic products posted positive month-on-month growth rates since January this year which followed the trend of increasing worldwide sales. In his memorandum to the President, Recto cited a report by the Semiconductor Industry Association (SIA) saying semiconductor sales grew by 3.7 percent in June 2009. He said that sales in the Americas, Europe, Japan and Asia Pacific (excluding Japan) grew by 4.8 percent, 0.7 percent, 8.2 percent, and 2.8 percent respectively.

        Recto likewise related that earlier, the Semiconductor and Electronic Industries in the Philippines, Inc. (SEIPI) upgraded its 2009 sales forecast from the 20-30 percent expected contraction to a lower projected drop of 15-20 percent.

        Meanwhile, total agro-based products also performed better than in the previous month and forest and petroleum products reversed the preceding month's negative growth rates.

The 23.4-percent month-on-month growth of total agro-based products was supported by increase in coconut products (47.9%), fruits and vegetables (10.0%), and other agro-based products (10.4%). The 35.9-percent month-on-month expansion of forest products was driven
by an increase in world prices of lumber, plywood and veneer sheets or corestocks. The 28.0-percent growth of exports of petroleum products was pushed by both increase in exports volume and increase in the prices of petroleum products in the world market. The average price of Dubai oil increased by 20 percent from the previous month's US$69.41 per barrel. Likewise, the volume of petroleum exports rose by 16.7 percent from May 2009.

        Recto further said that the 17.3-percent month-on-month decline in exports of mineral products may be attributed to the still subdued metal prices in the world market, as total volume of exports grew by 48.1 in June.

        Year-on-year, total merchandise exports declined slightly by 24.7 percent from US$4.53 billion exports receipts reported in June 2008.

        For the first semester of 2009, total receipts reached US$17.2 billion, 32.8-percent lower than the US$25.6 billion recorded in the same period of 2008.

        The United States regained the top spot as the country's biggest export market in June. Recto said this was driven by the 0.7 percent year-on-year growth in the shipments of electronic data processing (EDP) machines to the US. The US has a 17.8-percent share in the total overseas sales.

        Japan slipped back to second place with a 17-percent share in export revenues in June. Other major export destinations in June were Netherlands (8.5%), China (8.0%) and  Hong Kong (7.5%). Aggregated shipments to China, Hong Kong and Taiwan covered 19 percent of the total value of outward cargos in the said month. Semiconductors, EDP machines, and garments comprised 63.6 percent of the total shipments to the first five biggest markets.

        Contraction of exports to the five markets slightly eased to 24.3 percent in June from 26.4 percent in the previous month. Shipments to the said countries have sustained a month-on-month growth of 8.4 percent.

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