Feb export growth at 3-year high

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