Exports grow 18.9% in November

MANILA, Philippines - The Philippines posted the highest export growth among countries in the East and Southeast Asian region in November 2013 with revenues from outbound shipments rising by 18.9 percent compared to November 2012.

The Philippine Statistics Authority said yesterday the value of merchandise exports reached $4.292 billion in November 2012, up from the $3.611 billion in November 2012.

Socioeconomic Planning Secretary Arsenio Balisacan said the latest export result makes the Philippines the top export performer among major trade-oriented economies in the East and Southeast Asian region.

Vietnam and China followed, posting export growths of 15 and 12.7 percent, respectively, in November 2013.

“The buoyant export performance of manufactured products, driven primarily by electronics, reflects gains from the revival of the manufacturing sector as one of our growth drivers,” he said.

Revenues from outbound shipments of electronic products, the country’s top export, rose 10 percent to $1.914 billion in November 2013 from the $1.741 billion registered in November 2012.

Japan remains the top market for Philippine exports, with a  23.6-percent share of total outbound shipments in November 2013.

Revenues from the country’s exports to Japan amounted to $1.012 billion, 37.1 percent higher than the $738.65 million recorded in November 2012.

The United States of America, including Alaska and Hawaii,  placed second, accounting for a 13.7-percent share with shipments valued at $589.33 million in November 2013, which climbed 22.7 percent from the $480.39-million exports reported in November 2012.

China ranked third with a 12-percent share and export receipts amounting to $516.04 million in November 2013, an increase of 38.2 percent from November 2012’s $373.28 million.

As of end-November, merchandise exports rose 2.6 percent to $49.376 billion from $48.129 billion in November of 2012.

Given the performance in the 11-month period, Sergio Ortiz-Luis Jr., private sector vice chairman of the Export Development Council and president of the Philippine Exporters Confederation Inc., said in a telephone interview that total merchandise export revenues for 2013 are projected to reach $54 billion.

“We expect electronics exports to have continued the positive performance in December,” he said.

Total merchandise exports reached almost $52 billion in 2012.

Ortiz-Luis said services exports revenues meanwhile are projected to amount to $22 billion in 2013.

“Merchandise and services exports together will (post) 10 to 15 percent growth from 2012, the target we have set for the year,” he added.

Malacañang yesterday welcomed the growth of the country’s merchandise exports and vowed to sustain efforts aimed at promoting economic development.

“We welcome the National Statistics Office’s report stating that, for the sixth consecutive month since June 2013, merchandise exports showed positive growth,” Presidential Spokesman Edwin Lacierda said.

“This is positive news for our government, as we continue in our pursuit of sustained economic growth that benefits all Filipinos—growth that leaves no one behind,” he added.

Lacierda said the growth speaks of the potential of the country’s manufacturing as well as the agricultural sector, one of the government’ priority sectors in boosting countryside growth. – Alexis Romero