The NSO said January was the 14th consecutive monthly gain and the fifth month since December 2003 that exports showed a double-digit increase.
Compared with December, exports were up 2.9 percent. According to previously published figures, December exports grew 2.9 percent from a year earlier after a rise of 19.5 percent in November.
"With this performance, we hope to improve the country’s export growth performance this year. If our exports continue to grow in this manner, our target of 10 percent, set in the Philippine Export Development Plan for 2005-2007, is achievable," Trade and Industry Secretary Juan Santos said.
Under the new PEDP, exports are set to grow to $47.45 billion in 2005, $52.3 billion in 2006 and $58.2 in 2007.
The upturn in January was attributed largely to electronic products which rose 12.8 percent to $2.18 billion from $1.930 billion in the same period last year.
Electronic products accounted for 66.3 percent of the total shipments in January.
Apparel and clothing accessories remained the second largest export category, rising 34.4 percent to $213.2 million.
Luz Lorenzo, an economist with ATR Kim Eng Securities, said the figure had exceeded expectations of eight percent to 10 percent growth for this month.
However, she said this rate of growth may not be sustainable in the coming months due to higher cost pressures from increases in fuel and taxes which will hurt the short-term competitiveness of exports.
The expiry of the Multi-Fiber Arrangement in January, which meant the end of all textile quotas, would also likely affect garments adversely, Lorenzo said.
She said the government target of 20 percent export growth this year was unlikely to be met and estimated the increase instead at only eight percent.
In 2004, exports grew 9.3 percent, below a government target of 10 percent.
Other top exports for January include: ignition wiring set and other wiring set, $65.59 million; woodcrafts and furniture, $44.43 million; and other manufactured products, $7.74 million.
Japan remained the number one buyer of Philippine exports in January accounting for 20.9 percent of the total or $685.3 million, a 37.1-percent increase from the same period last year.
The United States was second with $627 million, or a 19.1 percent share while the Netherlands was third with $313.17 million or 9.5 percent of the total.
China accounted for 8.5 percent of total receipts, with $279.61 million reflecting a 75.2 percent increase from $159.59 million in the same period last year.
Other top markets in January were: Hong Kong, $227.46 million; Singapore, $166.87 million; Taiwan, $161.73 million; and Malaysia, $147.15 million. – With a report from AFP