Exports post 2-digit growth

MANILA, Philippines - Philippine merchandise exports earnings continued to post double-digit growth in September from a year ago on strong demand for electronic products and five other commodities.

The Philippine Statistics Authority (PSA) said yesterday the country’s merchandise exports were valued at $5.849 billion in September this year, up  15.7 percent from $5.056 billion in the same month last year.

The growth in exports in September was due to the positive performance of electronic products which remained the country’s top export.

Total receipts from outbound shipments of electronic products rose 13.6 percent to $2.442 billion in September this year from the previous year’s $2.150 billion.

Other major commodities which contributed to the higher export result in September were: chemicals; machinery and transport equipment; other mineral products; coconut oil; and other manufactures.

Japan continued to be the top destination of Philippine merchandise exports with its 29.6 percent share of the total in September.

Earnings from Philippine exports to Japan grew 52.6 percent to $1.734 billion in September this year from the $1.136 billion recorded value in the same month a year ago.

For the January to September period, the value of the country’s total merchandise exports posted a 9.9 percent uptick to $46.596 billion this year from $42.386 billion in the same period of 2013.

National Economic and Development Authority deputy director general Rolando Tungpalan said the country’s exports are seen to continue to post positive gains during the remaining months of the year citing the holiday season.

“The Japanese and the US markets will likely boost Philippine exports for the remaining months given the recent optimism building up in the Japanese manufacturing sector and the broad-based expansion in industrial production in the US,” he said.

For his part, Philippine Exporters Confederation, Inc. president Sergio Ortiz-Luis, Jr. said in a telephone interview the group expects total merchandise exports this year to grow by 10 percent from last year.

“This growth is really based on the recovery of the market of the electronics sector. Before, the electronics sector was negative…Considering all product lines are constant, I think the 10 percent (growth) is very achievable,” he said.

The country’s total merchandise exports were valued at $53.978 billion last year.