Export up 9.3% in January

MANILA, Philippines (Xinhua) — Philippine export revenues in January rose by 9.3 percent on year to 4.38 billion U.S. dollars due to higher shipment of electronic products, the Philippine Statistics Authority (PSA) said Tuesday.

PSA said electronic products remained as the country's top export item during the period, accounting for nearly 41 percent of revenues in January. Receipts from electronic products went up by 22.1 percent on year to 1.79 billion U.S. dollars.

Receipts from woodcrafts and furniture, machinery and transport equipment metal components, clothing, chemicals and other mineral products also propped up the country's export merchandise performance in January.

Main buyers of Philippine products in January were Japan, the United States, China, and Singapore.

The Department of Trade and Industry (DTI) earlier projected a 7-percent growth for exports this year. The anticipated increase in demand for Philippine products in traditional markets coupled with the peso depreciation are projected to boost exports in 2014.

While Philippine export revenues went up by 3.61 percent last year, it was lower than the 10-percent target set by the government for 2013.

Lower demand for Philippine products in the country's traditional markets made it difficult for exporters to meet the government's target last year.