The country’s exports in September grew from that of a year ago as global demand for electronics recovered.
But the growth figure was not enough to offset the contraction seen in the first half of the year. Cumulative export revenues in the first three quarters still fell in the negative territory.
The National Statistics Office on Tuesday reported that exports in September amounted to $5.05 billion, up by 4.9 percent year-on-year.
This was driven by the 12.8-percent expansion in electronics exports to $2.1 billion as people around the world started to purchase more nonessential items.
The Philippines mainly export intermediate electronics goods, which are used in the manufacture of end-products like laptop computers and cellular phones.
Year-on-year exports growth in September was much slower than the 20 percent recorded in August, when demand for non-electronics merchandise picked up.
From January to September, export receipts were 0.1 percent lower at $40.05 billion.
The lingering economic problems of the United States and euro zone—emerging Asia’s key export markets—led to the weak global demand in the first semester.
Other top exports in September, apart from electronics, were woodcraft and furniture (down by 1.7 percent to $271.53 million), ignition and other wiring sets for vehicles (up 31 percent to $185.53 million), and metal components (up 18.7 percent to $170.8 million)
The country’s biggest export markets in September were Japan, the United States and China, which accounted for $1.13 billion, $755 million, and $653.88 million of total exports, respectively.
Arsenio Balisacan, director general of the National Economic and Development Authority, said Philippine exports would continue rise in the remaining months of the year, bringing the full-year growth figure in the positive territory.
Nonetheless, the country’s chief economist admitted that the full-year growth figure could fall short of the government’s exports growth target of 10 percent.
Balisacan said the government’s economic team would meet in the next few days to come up with latest macroeconomic projections.
He said the new export growth forecast for this year would likely be below 10 percent, but that for next year could still remain in the double-digit growth territory.
The government originally set its 2014 exports growth target at 12 percent.
Balisacan said rising imports of raw materials and other inputs for production by Philippine enterprises indicated that local manufacturers had expected higher demand both from domestic and foreign buyers.