The value of Philippine goods shipped abroad rose 2.1 percent year-on-year last March on the back of higher shipments of manufactured and mineral products, ending three straight months of lower exports.
For the rest of the year, signs pointing to global economic recovery are expected to boost the country’s exports, according to the National Economic and Development Authority (Neda).
The Philippine Statistics Authority (PSA) on Tuesday reported that merchandise export revenues in March rose to $5.38 billion from $5.27 billion a year ago. The PSA attributed the slight increase in exports that month to higher sales posted in seven major commodity groups: Apparel and clothing accessories; chemicals; coconut oil; electronics; machinery and transport equipment; metal components; and minerals.
“Increased sales in manufacture and mineral products kept growth afloat in March, counteracting the declines in total agro-based and petroleum products,” Economic Planning Secretary Arsenio M. Balisacan said in a statement. Exports of manufactured goods, which comprise the bulk of the country’s exports, went up 2.8 percent last March; those of minerals, especially copper metal and gold, jumped by a faster 20.8 percent.
“Considering that exports have been declining since December 2014, the performance of the country’s exports for March 2015 is a welcome development as exports are starting to revert to positive territory,” added Balisacan, who is also the director general of Neda.
But despite the recovery in exports last March, the first-quarter total was down year-on-year by 0.2 percent to $14.25 billion from the $14.28 billion recorded during the first quarter of last year.
Balisacan noted that only the Philippines and Vietnam registered exports growth in March while most of their East and Southeast Asian neighbors registered declines.
The Neda chief expressed optimism that a looming recovery in major markets overseas would support the increase in exports for the rest of this year.
“Moving forward, growth in exports will likely be driven by favorable economic environment in the United States and in part supported by cheap oil prices and accommodative monetary policy in the European Union,” Balisacan explained.
Last March, the top 10 destinations of Philippine exports were Japan, United States, China, Hong Kong, Singapore, Germany, Netherlands, South Korea, Thailand and Taiwan.