Total Mineral Product Export Earnings Rise

January-October free-on-board receipts from Philippine outbound shipments of mineral products collectively surpassed the corresponding total in 2019, partly fueled by the nearly 1,193 percent increase in 2020 export earnings of iron ore agglomerates.

The country’s mineral product receipts totaled USD4.22 billion in 2020 — about 5.3 percent higher than the USD4.01 billion these exports generated last year, showed data from the Philippine Statistics Authority (PSA) released on Wednesday.

Such export receipts this year were generated from copper concentrates (USD128.19 million), copper metal (USD1.14 billion), gold (USD670.51 million), iron ore agglomerates (USD145.81 million), chromium ore (USD4.97 million), and others (USD2.13 billion).

Receipts in 2019 amounted to USD513.34 million, USD991.52 million, USD821.64 million, USD11.28 million, USD6.82 million and USD1.66 billion, respectively.

PSA reported no export data for nickel this year but said receipts for such mineral product amounted to USD97,000 in 2019.

Outbound shipment of Philippine mineral products helped bring to some USD52.11 billion, total receipts from the country’s January-October 2020 exports.

Corresponding 2019 receipts totaled USD59.55 billion. (PNA)