Feb export growth at 3-year high

Rappler.com
The government says 7 out of 10 major commodity groups for the month performed strongly

SUSTAINED GROWTH. Exports continue to grow by double digits on recovering demand from the Philippines' trading partners. Photo by AFP

MANILA, Philippines – Exports grew at their fastest pace in over 3 years in February, thanks to increased shipments of 7 out of 10 major commodities for the month, the government said Thursday, April 10.

Data from the Philippine Statistics Authority (PSA) showed exports surged 24.4% to $4.654 billion in February from $3.740 billion in the same month last year. Growth was faster than the 9.2% registered in January 2014. It was the fastest since December 2010, when exports rose 26.5%.

PSA said the positive growth was fueled by the strong performance of the main export group, electronic products.

Shipments of electronic products, including semiconductors, made up 40.4% of total exports in February at $1.88 billion, up 26.6%. This was the third straight month that the sector recorded a growth of above 20%.

The 6 other commodity groups that contributed to growth were:

  • Electronic equipment and parts – $126.26 million, up 121%
  • Other mineral products – $152.99 million, up 130.9%
  • Machinery and transport equipment – $252.17 million, up 91.8%
  • Chemicals – $202.85 million, up 65.7%
  • Woodcrafts and furniture – $341.07 million, up 55.6%
  • Other manufactures – $378.08 million, up 16.7%

Exports are a huge driver of the economy. The Philippines supplies about 10% of the world’s semiconductor manufacturing services, including for mobile phone chips and micro processors, according to Reuters.

Japan was the country’s top market for the month, accounting for 17.2% of the total receipt, at $665.70 million. This was 6.2% higher than last year’s $626.80 million. – Rappler.com

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