Exports post 2-digit growth in February

MANILA, Philippines - February exports rose 14.6 percent to $4.431 billion, backed by sustained growth in the electronics sector, the National Statistics Office (NSO) reported yesterday.

Month-on-month, exports grew 7.4 percent from $4.123 billion in January. 

Aggregate merchandise exports for the first two months of 2012 rose 8.8. percent to $8.554 billion from $7.865 billion posted during the same period in 2011.

This is the highest growth in exports since a growth rate of 19.1 percent was recorded in April last year.

Electronic products, which account for 52.7 percent of the total export revenues, registered total receipts of $2.333 billion in February, up 8.4 percent from $2.153 billion posted in January. Total receipts grew 15.8 percent from $2.015 billion registered in February 2011.

Components/devices (semiconductors), which comprised 37.9 percent of the total exports, posted export earnings of $1.681 billion up by 15.9 percent from $1.451 billion registered in February last year.

Woodcrafts and furniture had total receipts of $165.53 million, making up 3.7 percent of total exports revenue. It rose by 20.2 percent from $137.72 million in February last year.

Export revenues from articles of apparel and clothing in February fell 4.7 percent from $153.41 million recorded during the same period last year.

Earnings from ignition wiring set and other wiring sets used in vehicles, aircrafts and ships consisting only of electrical wiring harness for motor vehicles reached $109.57 million, up 5.4 percent from $103.98 million last year.

Metal Components receipts reached $72.20 million, down 5.2 percent from $76.15 million year on year.

Coconut oil, including crude and refined, posted export revenues of $64.33 million, was down 47.9 percent; gold extracted from copper ores and concentrates, posted revenue of $63.40 million, up 1,414 percent, the highest annual growth among the top 10 exports; other products manufactured from materials imported on consignment basis with export receipts of $60.93 million up 40.7 percent; cathodes and section of cathodes, of refined copper with revenue of $40.32 million, down by 35 percent; and bananas (fresh) with proceeds billed at $32.04 million up by 13.2 percent.

Total receipts from the top 10 exports reached $3.088 billion, or 69.7 percent of the total exports.

Exports to Japan account for 18 percent of the export bill in February, amounting to $796.56 million, up by 19.7 percent from $665.70 million in the same period last year.

Shipments to the US, including Alaska and Hawaii accounted for 15.5 percent of total with export earnings worth $687.64 up by 11.5 percent from $616.89 million reported a year ago.

Exports to China, accounting for 13.3 percent share to total exports, reached $588.89 million, up by 35.7 percent from $433.98 million in February last year.

Exports to Hong Kong amounted to $497.13 million up by 76.3 percent from $282.06 million a year ago.

Singapore shipments were placed at $346.93 million down by 7.7 percent from $375.71 million posted in February 2011.

Other top 10 markets for February 2012 were Germany, $252.13 million; Thailand, $193.30 million;Taiwan, $145.97 million; Republic of Korea, $132.83 million and Netherlands, $120.84 million.

Total export receipts from the country’s top 10 markets for the month of February 2012 amounted to $3.762 billion or 84.9 percent of the total export bill.