A process is described for the manufacture of aryl esters such as phenyl esters by liquid phase reaction of an aromatic compound such as benzene with molecular oxygen in the presence of a perfluorocarboxylic acid and carboxylic acid preferably having 5 or more carbon atoms over a catalyst composed essentially of a compound of palladium, an antimony compound and optionally a compound of at least one member selected from the group consisting of chromium, cobalt, nickel, manganese, iron and tin wherein the aromatic compound is added continuously to the reaction and water formed in the reaction is rapidly and continuously removed from the reaction mixture.