November exports post biggest growth in 3 months
MANILA, Philippines – Merchandise exports grew for the 6th straight month in November 2013 due to the brisk performance of electronics and agro-based products.
Data from the National Statistics Office released on Friday, January 10, showed that the country’s earnings from exports reached $4.292 billion last November. This was 18.9% higher than the $3.611 billion sold in the same period in 2012, and mirrored the biggest growth in 3 months.
“The buoyant export performance of manufactured products, driven primarily by electronics, reflects gains from the revival of the manufacturing sector as one of our growth drivers,” Economic Planning Secretary Arsenio Balisacan said in a statement.
Shipments of electronics, which accounted for 44.6% of total exports, amounted to $1.914 billion in November. This was 10% higher than the $1.741 billion shipped in November 2012.
Shipments of total agro-based products amounted to $265.4 million in November, 38.1% higher than the $192.2 million in the same period in 2012.
“Export revenues from agro-based products also soared as a result of higher value of our exported bananas, fish products, centrifugal and refined sugar, desiccated coconut, and unmanufactured tobacco,” Balisacan added.
Total exports for January to November reached $49.376 billion, up 2.6 % from $48.129 billion in the same period in 2012.
“We are the top export performer among major trade-oriented economies in East and Southeast Asian region,” Balisacan stressed.
The Philippines was followed by Vietnam and China which grew by 15% and 12% respectively, in November.
For his part, Presidential Spokesperson Edwin Lacierda said, “This is positive news for our government, as we continue in our pursuit of sustained economic growth that benefits all Filipinos – growth that leaves no one behind."
Below were the Philippines' main export markets in November:
- Japan – 23.6% share; $1.012 billion, up 37.1%
- USA – 13.7% share; $516.04 million, up 38.2%
- China - 12% share; $516.04 million, up 38.2 %
- Hong Kong - 9.6% share; $410.47 million, up 9.8%
- Singapore – 7.7% share, $329.58 million, up 12.1%