Philippine exports up 9 percent in 2014

MANILA, Philippines (Xinhua) - Philippine annual export earnings in 2014 expanded by 9 percent on year to $61.81 billion, the country's statistics agency said today.

"Compared to other economies in the region, the Philippines' full year exports growth performance was relatively strong despite the challenging external environment," said Economic Planning Secretary Arsenio M. Balisacan.

However, data released by the Philippine Statistics Authority ( PSA) showed a 3.2 percent export decrease of the country in December 2014 due to lower outbound shipments of manufactures, total agro-based, and petroleum products.

Total revenue from Philippine exports declined to $4.8 billion in December from $5 billion in December 2013.

Outbound shipments of Manufactured Goods decreased 1.1 percent on year to $4.18 billion, accounting for 87.1 percent of the total export receipts in December, according to PSA.

Receipts from total agro-based products recorded a decrease of 24.9 percent to $291.79 million, with a share of 6.1 percent in December.

Top foreign buyers of Philippine-made products during the period were Japan, the United States, and China.

Moving forward, Balisacan also warns of a possible slight tempering in the exports sector in 2015 given weakness in China and Euro deflation.

"What could provide an upside support to exports is the continuing US recovery and possibly some respite from Japan, which may realize economic expansion towards end-2015," he said.