Exports up 12% in January

MANILA, Philippines—Philippine merchandise exports in January rose by 11.8 percent from the same month last year, according to the National Statistics Office (NSO).

The statistics office reported that in January, exports reached $4 billion from the $3.579 billion seen in the same month the previous year.

But month on month, export receipts registered a decline by 4.8 percent from the $4.201 billion posted in December 2010.

Noting the double-digit increase in exports from a year ago, Socioeconomic Planning Secretary Cayetano Paderanga told reporters that “there was rather strong momentum coming from last year.”

Receipts from the top 10 exports reached $2.886 billion, accounting for 72.1 percent of total outbound shipments.

Electronics products continued to be the country’s top export, accounting for 53.5 percent of total revenue in January.

Electronic products rang up $2.142 billion in total receipts—up 5.3 percent from the $2.034 billion registered in the same month last year.

Apparel and clothing accessories followed with $162.35 million in total receipts, accounting for 4.1 percent of total revenue.

The country’s top market in January was the United States, which took in 15.1 percent of total shipments from the Philippine exports. Exports to the United States amounted to $602.21 million that same month. Next in line was Singapore, with a 14.3-percent export share worth $573.61 million.

Japan was the third top destination of Philippine goods, with a 14.1-percent share amounting to $565.81 million.

The country’s top 10 markets collectively accounted for 83.3 percent of total export receipts in January, amounting to $3.332 billion.

Shipments to Asean member states accounted for 22 percent of total merchandise exports, amounting to $879.58 million.