Tuna, banana hike October exports by 6.1% to $4.4-B

Agriculture exports push up the country's merchandise exports to a 6.1% growth in October, says the National Statistics Office

MANILA, Philippines – Agriculture exports pushed up the country’s merchandise exports to a 6.1% growth in October, according to the National Statistics Office (NSO) on Tuesday, December 11.

Data showed that exports in October increased to $4.408 billion, higher than the $4.156 billion recorded in October last year. 

The NSO said agriculture exports such as tuna and fresh bananas offset the measly 0.3% growth in the shipments of electronic products. 

Tuna exports, which includes fresh, frozen, prepared or preserved in airtight containers, posted 294.4% to $63.91 million in October. Last year, Tuna exports were at $16.2 million. 

It can be noted that the Philippines was granted a special 4-month access to the high seas Pocket 1 from October 2012 to February 2013 with the condition that it would implement conservation measures established by the Western and Central Pacific Fisheries Commission (WCPF).

Exports of fresh bananas, on the other hand, recorded exports of $96.34 million, a 101.9% increase over last year.

However, Electronic Product exports continued to account for the bulk of the country’s merchandise exports. Electronics account for 43.1% of total export earnings. This, however, represented a 2.1% contraction from last year.

Shipments of semiconductor products account for 35.5% of total exports. Revenues from these product shipments amounted to $1.564 billion, a growth of 7.5% from $1.455 billion in October 2011.

The top 3 export markets of the Philippines in October were Japan, including Okinawa, which accounts for 16.6% of total exports for October 2012.

This was followed by Hong Kong with 14.7%, and the United States of America (USA), including Alaska and Hawaii, 13.2%. 

Exports to Japan amounted to $730.71 million, a 12.9% contraction from the $838.74 million last year. The Philippines exports to Japan mostly woodcrafts furniture, fresh bananas and semiconductors.

Shipments to Hong Kong amounted to $646.93 million, a 135.8% growth from the $274.42 million reported last year. The country exports to Hong Kong mostly electronic products particularly semiconductors and petroleum products.

The country exported $583.56 million-worth of goods to the US, a 4% contraction from last year’s $607.94 million. Products exported to USA were electronic products, coconut oil, and tuna. – Rappler.com