Exports up 5%

MANILA, Philippines - Merchandise exports grew by five percent in September from a year ago supported by the demand for electronic products and seven other commodities, the National Statistics Office (NSO) said.

The NSO said yesterday earnings from merchandise exports amounted to $5.045 billion in September, up from the $4.811 billion in the same month last year.

“The positive growth was mainly brought by the increase of eight out of the top 10 commodities for the month and these are: Other mineral products; cathodes and sections of cathodes, of refined copper; other manufactures; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; metal components; electronic products; articles of apparel and clothing accessories; and chemicals,” the statistics agency said.

Revenues from outbound shipments of electronic products in particular rose12.8 percent to $2.102 billion in September from $1.864 billion in the same month in the previous year.

The NSO noted that compared to the $4.581-billion merchandise export revenues posted in August, the value of merchandise exports in September climbed by 10.1 percent.

By destination, the NSO said Japan continued to account for the largest share or 22.4 percent of Philippine merchandise exports in September.

Revenues of exports to Japan amounted to $1.130 billion in September, down 23.3 percent from last year’s $1.473 billion.

The United States of America, including Alaska and Hawaii, was the second top destination of merchandise exports in September, accounting for 15 percent valued at $755.12 million, up 26.1 percent from the same month a year ago.

China meanwhile, came in third, comprising a 13-percent share of total merchandise exports with receipts valued at $653.88 million, 23.2 percent higher than the previous year.

For the January to September period, the value of total merchandise exports declined slightly to $40.048 billion this year from $40.085 billion in the same period of 2012.

Last month, Department of Trade and Industry’s Bureau of Export Trade Promotion director Senen Perlada said the department expects total value of merchandise exports for 2013 to at least match last year’s $51.994 billion following the move of the Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) to slash its projection for shipments of electronic products for this year.

 Electronic products account for the bulk of the country’s merchandise exports.

The SEIPI announced last month it has revised its forecast and expects outbound shipments of electronic products to decline by 10 to 12 percent this year from last year’s $22.557 billion citing weak performance of electronic exports.

The group initially expected electronic exports to grow by five percent this year compared to a year ago.

Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr. said earlier his group likewise expects the total value of merchandise exports this year to post flat growth this year from a year ago.