MANILA, Philippines – Exports continued to grow by double digits in December, thanks to the surge in electronics shipments.
Data from the National Statistics Office showed exports grew 15.8% in December to $4.599 billion from $3.970 billion in December 2012.
This was the 7th consecutive month that exports grew, indicating that demand from the country’s trading partners was recovering. The latest figure brought total exports for 2013 to $53.978, up 3.6% from $52.10 billion in 2012.
Electronics, which made up over 41% of total exports, jumped 26.1% to $1.904 billion from $1.510 billion. This was the highest increase since the 38.2% rise in October 2010.
Exports are a key driver of economic growth.
In a statement, the National Economic and Development Authority Director General Arsenio Balisacan said growth in December receipts made the Philippines one of the top performers in East and Southeast Asia.
“The positive exports performance of the Philippines – and even those of the majority of trade-oriented economies in the East and Southeast Asia – was reflective of the recovery of major economies such as the United States of America, European Union, and Japan,” noted Balisacan.
The Philippines outpaced the growths posted by Vietnam (12.6%), Indonesia (8.5%), Malaysia (7.6%), Korea (7.0%), Singapore (5.6%), China (4.3%) and Thailand (1.9%). Other economies in the region posted export declines such as Taiwan (-1.9%), Hong Kong (-3.0%) and Japan (-6.2%).
Top markets
Japan remained as the top destination of Philippine exports in December, accounting for 23% of the country’s total overseas merchandise sales, with a total value of $1.06 billion. This was higher by 48.1% relative to the $715.3 million worth of Philippine exports to said country in December 2012.
China was the second-largest export market, with a 16.2% share, followed by US, with a 12.4% share. – Rappler.com
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