(UPDATE) Exports up 11.2 pct in March

MANILA, Philippines (Xinhua) - Export revenues rose by 11. 2 percent on year to $5.22 billion in March due to higher shipments of electronic products, according to preliminary data released by the local statistics agency today.

The Philippine Statistics Agency (PSA) said other major commodities such as woodcrafts and furniture and machinery and transport equipment also went up in March.

PSA said revenues from shipments of electronic products expanded by 10.1 percent on year to $2.16 billion. The commodity remained as the country's top export, accounting for 41. 4 percent of total receipts in March.

Figures from PSA also showed that earnings from woodcrafts and furniture jumped by 50.6 percent on year to $367.55 million.

Shipments of machinery and transport equipment, the country's top fourth export product, almost doubled to $301.44 million in March, from $153.5 million recorded a year ago.

Major buyers of Philippine products in March were Japan, the United States, and China.

The Philippine government is targeting to increase revenues from merchandise exports by 6 percent this year.