Exports post double-digit growth in Oct

MANILA, Philippines – Merchandise exports grew for the fifth straight month in October on more shipments of electronic products.

Data from the National Statistics Office released on Tuesday, December 11 showed the country sold $5.025 billion worth of goods overseas in October, 14% higher than the $4.410 billion sold in the same month of 2012.

This was the second month this year that exports grew by double digits. Exports rose 20.2% in August.

Socioeconomic Planning Secretary Arsenio Balisacan said “the continued positive expansion of exports since June 2013 has brought the cumulative year-on-year growth to positive territory for the first time this year.”

Total exports for January to October amounted to $45.085 billion, up 1.3% from $44.518 billion in the same period last year.

Shipments of electronics – the main export group, accounting for 42.9% of total exports – amounted to $2.157 billion in October. This was 13.4% higher compared to the $1.903 billion shipped in 2012. 

Balisacan was confident that the electronics sector would continue to post growth for the rest of the year.

“Despite the projected decline in worldwide sales of personal computers for full-year 2013, bright prospects remain for the sector in the fourth quarter of the year, particularly for the business computers segment,” he said.

The electronics industry group earlier said its exports would likely slow down this year due to weak demand from global markets.

Top markets

Below were the Philippines’ main export markets in October:

• Japan – 22% share; $1.108 billion, up 51.6%
• USA – 14.2% share; $714.55 million, up 22.4%
• China – 12.8% share; $643.76 million, up 16.9 %
• Singapore – 8.5% share, $427.9 million, up 45.9%
• HongKong – 7.6% share; $386.70 million, down 40.2%

– Rappler.com