Exports up 11.2% in March

MANILA, Philippines - The country’s merchandise exports grew 11.2 percent in March from a year ago amid strong demand for electronic products and six other major commodities, the Philippine Statistics Authority (PSA) said.

Data from the PSA released yesterday showed total export earnings were valued at $5.227 billion in March, up from the $4.699 billion earned in the same month last year.

Compared to the $4.657 billion value of exports in February, the March figure rose by 12.2 percent.

The positive growth was seen as electronic products, the country’s top merchandise export for the month, saw receipts from outbound shipments rising 10 percent to $2.166 billion this year from $1.967 billion in 2013.

Other major commodities that helped push the value of exports up in March were bananas; machinery and transport equipment; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; other mineral products; woodcrafts and furniture; and articles of apparel and clothing accessories.

Socioeconomic Planning Secretary Arsenio Balisacan said in a statement yesterday manufactured goods continue to drive the growth in the country’s merchandise exports.

“Manufactures remain as the major contributor for export growth. Accounting for 84.5 percent of our total merchandise exports, this means that we are riding the wave of a sustained expansion in global manufacturing activity,” he said.

The PSA noted that Japan continued to be the Philippines’ biggest market for exports, accounting for a 25-percent share.

Revenues from exports to Japan posted a 51-percent increase to $1.305 billion in March from $864.87 million last year.

For the first quarter, the country’s merchandise exports climbed 6.5 percent to $14.263 billion from $13.387 billion in the comparable period last year.

Philippine Exporters Confederation (Philexport) Inc. president Sergio Ortiz-Luis Jr. said in a telephone interview the latest result shows that the country may attain a 10-percent growth in total exports covering merchandise and services this year.

“On merchandise goods, we see that what is improving is what experienced difficulty last year, electronics. We also see strong demand in agricultural products,” he said.

The Export Development Council (EDC) which is composed of representatives from the public and private sector, aims to submit the Philippine Export Development Plan (PEDP) for 2014 to 2016 for President Aquino’s approval by the third quarter.

The PEDP would cover strategies and export targets.