MANILA, Philippines - The country’s merchandise exports rose nine percent in January compared to a year ago as outbound shipments of electronic products posted double-digit growth, the Philippine Statistics Authority (PSA) said.
The PSA said yesterday the value of the country’s merchandise exports reached $4.382 billion in January, up from $4.011 billion in the same month last year.
The growth in exports at the start of the year was attributed to the positive performance of electronic products and six other commodity groups.
Revenues from outbound shipments of electronic products which accounted for the bulk or 41 percent of the country’s total exports, reached $1.793 billion in January, 22 percent higher than the $1.469 billion in the same month last year.
Other manufactured goods also helped drive the growth in exports in January, with export revenues amounting to $600.25 million this year, a 100 percent increase from the $300.92 million in 2013.
“The upward trajectory of Philippine exports as a result of the buoyant export performance of manufactured products clearly proves the significance of the manufacturing sector as one of our growth drivers,†Socioeconomic Planning Secretary Arsenio Balisacan said in a statement.
He added that the growth in manufactures has also provided a buffer against the reductions in export earnings from other major commodity groups such as total agro-based products, mineral products, petroleum, and forest products.
Other commodity groups which posted positive performance in January were electronic parts and equipment; metal components; articles of apparel and clothing accessories; machinery and transport equipment; and woodcrafts and furniture.
While the value of exports climbed year-on-year in January, it declined 4.7 percent compared to the $4.599 billion in exports in December last year.
The PSA noted that Japan remained the country’s top market for exports with its 26.3 percent share.
Revenues from exports to Japan reached $1.150 billion, up 50 percent from the $769.04 million in the previous year.
“Despite the setbacks in some commodity groups and other sectors, the Philippines’ merchandise export growth in January 2014 is one of the fastest among selected trade-oriented economies in the East and Southeast Asian region, trailing behind PR (People’s Republic of) China,†Balisacan noted.
For his part, Philippine Exporters Confederation, Inc. president Sergio Ortiz-Luis, Jr. said in a telephone interview that while export growth targets under the Philippine Export Development Plan have yet to be finalized, the group is optimistic the positive performance in January would be sustained in the coming months.
“Hopefully, the further easing of the problem in US and Europe will support higher exports…Certainly, we can see a minimum of 10 percent growth (in merchandise exports) this year,†he said.
The country’s merchandise exports were valued at $54 billion in 2013.