PH exports grew at double-digit pace in May

The country’s exports rose by a double-digit pace in May after recovering slightly in April.

Outbound shipments increased by 19.7 percent in May from a year earlier due to robust growth in metal components, ignition wiring set and other wiring sets used in vehicles, aircraft and ships, which managed to offset contractions seen in electronic products, garments, woodcrafts and furniture.

According to the National Statistics Office (NSO), exports in May generated $4.931 billion in receipts—higher than the $4.119 billion reported in the same month last year.

Electronics, which accounted for 38 percent of revenue in May, declined by 0.7 percent to $1.872 billion. But on a monthly basis, electronic products went up by 14.5 percent from $1.635 billion in April. Semiconductors, which make up bulk of electronics shipped out of the country, earned $1.417 billion, or 0.7 percent more than last year.

Month on month, exports rose 6.4 percent from the $4.635 billion reported in April.

Aggregate exports in the first five months grew 8.4 percent to $22.443 billion from $20.711 billion during the same period last year.

Benjamin Diokno of the University of the Philippines noted that the value of exports could still be less than the pre-crisis level.

“Given the sharp contraction in exports in the second half of last year, modest growth may still be seen as weakness rather than strength. Electronic product exports continue to struggle,” Diokno said in an e-mail.

According to Philippine Exporters Confederation president Sergio R. Ortiz-Luis Jr., the group will keep its export target of 10 percent, believing that electronics will improve while other sectors are expected to perform well.

Even though woodcrafts and furniture were the second-top export item in May, with $175.67 million in receipts, the value still represented a decline of 5.7 percent from that of last year.

On the other hand, revenue from shipments of metal components reached $140.28 million, rising by 162.4 percent from that of the previous year.

Japan was the country’s top export destination in May, accounting for $1.133 billion in receipts.

Other top buyers of Philippine products were the United States with $714.06 million, and Thailand with $568.92 million.

NSO also reported that total external trade in goods for 2011 reached $108.801 billion, representing a 2.2 percent increase from the $106.430 billion reported in 2010.

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