Exports surged 14% to $5.03B in October

Merchandise exports grew in October as improving global economic conditions fueled higher demand even for non-essentials like electronics, which remained the country’s key export product.

Sales of Philippine-made goods to offshore markets during the month brought the 10-month exports growth to positive territory after the decline 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 from January to October reached $45.09 billion, up 1.3 percent from a year ago.

Economic Planning Secretary 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 would potentially accelerate next year as key export markets, including the United States, hasten the speed of their recovery.

Electronics remained the Philippines’ top export earner in October, accounting for $2.16 billion or 43 percent of the revenues for the month. This was a 13.4-percent growth from the previous year.

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 also up 26.5 percent from a year ago.

Other top exports were 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, amounted to $643.76 million, up 16.9 percent from a year ago.