February exports rise for fourth straight month

MANILA, Philippines - The country’s export earnings rose for the fourth consecutive month in February following a sharp increase in electronic product sales, the National Statistics Office (NSO) reported yesterday.

According to the government statistics office, the country earned $3.567 billion from exports in February, a notable 42.3-percent increase from $2.506 billion in February last year.

Analysts said global recovery boosted demand for locally-made products, encouraging recovery in the Philippine export sector.

For the two-month period, dollar earnings reached $7.146 billion or a 42.4-percent growth from $5.017 billion year ago level.

Accounting for 58.1 percent of total export revenues in February, electronic products were the country’s top export, growing by more than half to $2.072 billion.

Semiconductors, which made up 42.3 percent of the total, increased by 59.6 percent to $1.508 billion. Month on month, electronic products went up by 1.9 percent.

Apparel and clothing accessories, which had a 3.6-percent share in total exports in February, emerged as the country’s second top export earner with revenues worth $126.58 million. 

Wiring sets, which has a 2.6-percent market share, more than tripled to $91.85 million from a year earlier.

Woodcrafts and furniture, with revenues amounting to $79.43 million was the fourth biggest dollar earner during the period in review, contributing 2.2 percent to total export receipts.  

The amount, however, was 3.3 lower than the year-ago level, the NSO said.

Metal component emerged as the fifth biggest earner with shipments worth $$60.72 million or more than double the level in February last year.

Rounding up the list of the top 10 exports in February were coconut oil (up by 96 percent to $54.61 million); products made from imported materials on consignment basis (up by 2 percent to $46.06 million; cathodes (down by a quarter to $40.85 million); fresh bananas (up by almost a fifth to $30.18 million); and petroleum products (more than six fold increase to $27.53 million).

Japan emerged as the country’s top export market with revenues amounting to $627 million. The amount was higher by 55.4 percent from $403.44 million a year ago.

The US followed with export earnings of $603.83 million, 29.5 percent higher than last year’s $466.36 million.

Singapore came in third followed by China, Germany, Hong Kong, the Netherlands, South Korea, Thailand and Taiwan.

Export receipts from the top 10 markets reached $3.029 billion in February or 84.9 percent of the total.