PH exports up, reversing 9-month trend
Arsenio Balisacan of NEDA. INQUIRER FILE PHOTO
MANILA, Philippines—Exports grew in October as improving global economic conditions fueled higher demand even for non-essential products such as electronics, which remained the country’s key export product.
Sales of Philippine-made goods to offshore markets during the month brought the cumulative, 10-month exports growth to positive territory after being in negative territory in the first nine months.
The National Statistics Office reported Tuesday that merchandise exports amounted to $5.03 billion in October, up year on year by 14 percent.
Total export earnings in January to October reached $45.09 billion, up year on year by 1.3 percent.
Arsenio Balisacan said the performance of the export sector in October was an indication of a more favorable trend in 2014.
He said global demand has started to pick up and potentially would accelerate next year as key export markets, including the United States, hasten their speed of recovery.
Electronics remained the Philippines’ top export earner in October, accounting for $2.16 billion, or nearly 43 percent, of the revenues during the month. The amount marked a 13.4-percent year-on-year growth.
The second-biggest export earner in October was woodcraft and furniture, which accounted for $300 million of the export bill for the month. This was up by 26.5 percent from a year ago.
Other top exports were the following: machinery and transport equipment (up 89.9 percent to $223.97 million), other mineral products (up 89.1 percent to 197.34 million), and chemicals (up 96.4 percent to $195.71 million).
Japan was the biggest export market for Philippine-made goods in October, accounting for $1.11 billion of the total. This was up by 51.6 percent from a year ago.
The United States followed, with $714.55 million, up year on year by 22.4 percent.
Exports to China, the third-biggest export market for the month, accounted for $643.76 million, up year on year by 16.9 percent.
Other top export markets in October were Singapore and Hong Kong, which accounted for $427.9 million and $386.7 million of the total export earnings, respectively.
The government had set its 2013 exports growth target at 10 percent. Economic officials, however, have already acknowledged that the target likely would be missed due to anemic global demand in the first half.
Balisacan said export earnings for the full year were likely to register an increase from a year ago, but the rise would probably be in the low single-digit level.
For 2014, the government expects better export performance, resetting the target at 6-percent growth.
This was lower than the original target of 12 percent, with the officials taking into account the smaller-than-expected export revenues for this year.
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