Forest products defy fall in export receipts

Philippine News Agency

March 14, 2021

MANILA – Philippine forest products collectively registered double-digit growth in January 2021 free-on-board export receipts, outshining all other major types of goods shipped from the country.

Forest products' total January receipts grew 12.1 percent to USD31.35 million this year from almost USD28 million only during the same month in 2020, showed data Philippine Statistics Authority (PSA) released this week.

However, 2021 receipts covering outbound shipments of total agro-based products, mineral products, petroleum products, special transactions and even re-exports shrank 22.7 percent, 33.7 percent, 98.8 percent, 5.0 percent and 26.3 percent from 2020 levels, respectively.

Receipts for manufactured goods also shrank by less than 1.0 percent this year.

Outbound shipment of forest products contributed to the USD5.49 billion total in January 2021 receipts from all major types of goods that the country exported then.

That total is 5.2 percent lower than the country's USD5.79 billion receipts from such exports in January last year.

Fanning the January 2021 growth in forest product export receipts were outbound shipments of lumber, plywood and others, PSA data showed further.

Such shipments generated receipts worth USD17.49 million, USD8.34 million and USD5.52 million, respectively.

Those receipts are correspondingly 8.8 percent, 19.2 percent and 12.7 percent higher than the shipments' USD16.07 million, USD7 million and USD4.90 million in 2020.

PSA reported no data for logs and veneer sheets/corestocks. (PNA)

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