Philippine exports rose 19.1% to $4.3B in April

The Philippines’ export receipts grew by 19.1 percent from that of the same month last year, according to data from the National Statistics Office.

The “significant” growth in exports was led by manufactured goods, agriculture and mineral products, according to the National Economic and Development Authority (Neda).

NSO data showed that export earnings amounted to $4.3 billion, higher than the $3.61 billion recorded in April 2010. However, there was a 1.2 percent month-on-month decline from the $4.35 billion in export earnings booked in March 2011.

From January to April this year, receipts from merchandise exports grew by 10.6 percent to $16.519 billion, from $14.943 billion during the same period a year earlier.

Even though demand for electronics had softened, Philippine exports continued to grow driven by agro-based and mineral products, Neda said in a statement.

“Improving sales of non-manufacturing products … will provide support for continued growth in exports this year should the electronics industry slowdown,” said Socioeconomic Planning Secretary Cayetano W. Paderanga Jr.

World markets continue to favor prices of coconut products, as well as copper metal, pushing up Philippine exports, Paderanga said.

“Coconut oil prices have been on an uptrend as a result of tight supply of copra from the Philippines, while copper price gained from re-stocking in China and the shrinking production among major exporters,” the Neda chief added.

Exports of copper metal grew by 204 percent, while exports of coconut products grew by 78.6 percent, according to the NSO.

Citing a report by the Semiconductor Industry Association, Paderanga also said that an increase in manufacture product exports, particularly semiconductors, could be due to improvements in the supply chain, which had been upset by the disasters in Japan last March.

Despite the disasters, Japan remained the top market for Philippine exports in April 2011 with a 17.3 percent share of total Philippine exports.

“Notwithstanding the string of disasters in mid-March, Japan’s demand for goods from the Philippines grew by 20.2 percent year-on-year to $741.9 million,” said Paderanga.

Following Japan were the United States (13.2 percent), People’s Republic of China (11.4 percent), Singapore (10.7 percent), and Hong Kong SAR (9.9 percent). Semiconductors, EDP units, and machinery and transport equipment accounted for 59.5 percent of aggregate exports in April 2011.