Exports end 5-month slump, up 4% in June

Receipts for first six months still down 4.4% at $25.58B

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Philippine exports rebounded in June from a slump in the previous months as global demand for the country’s petroleum, agro-based and mineral products rose.

The pickup came despite the sustained contraction in global demand for electronics, the country’s main dollar earner.

The National Statistics Office on Tuesday reported that merchandise exports amounted to $4.49 billion in June, up 4.1 percent from $4.31 billion in the same month last year.

This brought total exports for the first semester to $25.58 billion, still down by 4.4 percent from $26.76 billion in the same period last year.

The government, which set an exports growth target of 10 percent this year, had expected a recovery in outbound shipments in the second half of 2013.

Economic Planning Secretary Arsenio Balisacan, who is also director general of the National Economic and Development Authority, earlier said the government was keeping its exports growth target for the year despite the declines from January to May.

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  • Manong Johnny

    The artificially stronger peso is dampening our exports. The bounce back of exports in June still failed to stave off the slide in our Q2 GDP growth rate. From Q1 to Q2, GDP still managed to slide down from 7.8% to 7.5%. NEDA Chief Jun Balisacan has a lot to worry about.

    • Chrisnadal19

      is this (7.5%) the official growth rate? FYI, NSCB has not yet released the official Q2 growth rate. And talking of the “artificially” stronger peso, it has now depreciated to “reasonable” levels and that would help a lot.

      • Manong Johnny

        NEDA Chief Jun Balisacan came out with 7.5% the other day as reported by PDI several days ago. I really hope that the peso has weakened to a “reasonable” level. My own surveys among members of MBC and the BPO executives however does not bear that out.

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