Exports sustain 2-digit expansion in November

MANILA, Philippines - The country’s merchandise export earnings sustained its double-digit growth in November due to strong demand for electronics and eight other commodities.

The Philippine Statistics Authority (PSA) said yesterday revenues from merchandise exports reached $5.178 billion in November 2014, a 19.7- percent growth from the $4.325 billion recorded value in November 2013.

The National Economic and Development Authority  (NEDA) said the 19.7-percent growth posted in November makes the country the highest export performer among East and Southeast Asian economies.

The Philippines outperformed Vietnam (10.8 percent), People’s Republic of China (4.7 percent),

Taiwan (3.7 percent), Hong Kong (2.8 percent), Thailand (negative one percent), Republic of Korea (-2.1 percent), Malaysia (-2.3 percent), Singapore (-6.4 percent), Japan (-10 percent), and Indonesia (-14.6 percent).

The positive performance of electronic products, which remained the country’s top export, supported the double-digit growth in total merchandise exports in November.

Receipts from outbound shipments of electronic products rose 27 percent to $2.546 billion in November 2014 from $2.005 billion in the same month a year earlier.

Other major commodities which bolstered the higher export result in November were coconut oil; cathodes and sections of cathodes of refined copper; machinery and transport equipment; chemicals; woodcrafts and furniture; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; articles of apparel and clothing accessories; and metal components.

Japan continued to be the top destination for Philippine merchandise exports in November with its 21-percent share.

Philippine merchandise exports to Japan were valued at $1.093 billion in November 2014, 5.5 percent higher than the $1.036 billion in the same month a year ago.

As for the January to November period, the country’s cumulative merchandise exports climbed 10 percent to $56.926 billion in 2014 from $51.738 billion in same period of 2013.

Sought for comment, Philippine Exporters Confederation, Inc. president Sergio Ortiz-Luis, Jr. said in a telephone interview the country’s total merchandise exports for 2014 could easily grow by 10 percent.

The country’s total merchandise exports were valued at $53.978 billion in 2013.