PH total mineral product export earnings rise

Business

The Philippines’ January-October free-on-board receipts from its export shipments of mineral products collectively surpassed its counterpart 2019 total, partly fueled by the nearly 1,193% increase in 2020 export earnings of iron ore agglomerates.

Philippine Statistics Authority (PSA) data show that the 2020 US$4.22 billion total mineral product export receipts, is about 5.3% higher than the US$4.01 billion generated in 2019.

The export receipts this year were generated from copper concentrates (US$128.19 million), copper metal (US$1.14 billion), gold (US$670.51 million), iron ore agglomerates (US$145.81 million), chromium ore (US$4.97 million), and others (US$2.13 billion). Total receipts in 2019 amounted to US$513.34 million, US$991.52 million, US$821.64 million, US$11.28 million, US$6.82 million and US$1.66 billion, respectively.

PSA reported no export data for nickel this year but said receipts generated from it last year amounted to US$97,000.

Outbound shipment of Philippine mineral products helped bring to some US$52.11 billion the total receipts from the country’s January-October 2020 exports, lower than the  US$59.55 billion revenue last year.

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