Growth of Philippine exports was faster than in any other major Asian economy in June, a development that bodes well for the country’s economic prospects in coming months, officials reported on Tuesday.
“Export gains are broad-based, as reflected by increased overseas demand for our manufactures, mineral products, total agro-based, and forest product,” Socioeconomic Planning Secretary Arsenio Balisacan said in a statement.
The Philippine Statistics Authority (PSA) reported that exports rose by 21.3 percent in June—so far the best showing for any month this year. In May, exports grew by 6.9 percent. The value of exports shipped reached $5.4 billion, with close to half going to major trading partners’ Japan, China, and the United States.
June’s increase meant the country’s exporters outperformed counterparts in Vietnam, China, Malaysia, Singapore, Thailand, Indonesia, Hong Kong, South Korea, Taiwan, and Japan. Among the country’s neighbors, Vietnam performed the best with a growth of 12.7 percent, while Japan was the worst, with its shipments contracting 6.5 percent.
“This is the highest level since the economy started posting a continuous positive growth in the same period last year,” Balisacan said.
Semiconductors, which comprised more than half of the country’s total electronics exports during the period, posted its first positive growth rate in 2014. These chips are used in computers that are shipped around the world. Electronics exports were up by a tenth, driven by the 14.5-percent expansion in semiconductors.
Balisacan, who heads the National Economic Development Authority, said the Semiconductors and Electronics Industries in the Philippines Inc. was likely to hike its forecast for shipments this year.