Despite economic troubles in overseas markets, shipments of Philippine goods abroad are poised to exceed the government’s growth goal of 6 percent for 2014, according to Economic Planning Secretary Arsenio M. Balisacan.
“For this year, exports have gone pretty much better than what we expected,” Balisacan, who is also the director-general of the National Economic and Development Authority, told reporters last week.
Latest Philippine Statistics Authority data showed that as of the end of October, export receipts reached $51.769 billion, up by 9.2 percent from $47.413 billion in the same months last year.
In this regard, Balisacan said the government was confident the 2014 growth target would be exceeded.
The fourth quarter is traditionally the peak season for exports, auguring well toward breaching the full-year target.
The government is also “hopeful” that exports growth could still hit a double-digit figure, Balisacan said.
In 2013, merchandise exports totaled $53.978 billion, higher by 3.6 percent than $52.1 billion in 2012.
Early this month, Balisacan warned that external shocks may slow the growth of exports in the near-term, after shipments posted the slowest growth in five months at 2.9 percent last October.
“The October performance of the exports sector reflected the softening of the country’s main trading partners. Major economies such as Japan, China and the Euro area are facing a myriad of economic difficulties, which could dampen exports growth in the short run,” Balisacan said.
Japan is in a recession, China’s economy is slowing down, while Russia is facing a currency crisis.
Still, exporters remain optimistic of higher sales during the fourth quarter amid the Christmas season, according to Balisacan.