MANILA, Philippines - Merchandise exports grew by 14 percent in October compared to October last year amid positive performance of electronics and eight other commodity groups, the National Statistics Office (NSO) said.
The statistics agency said yesterday the value of merchandise exports reached $5.026 billion in October, up from $4.410 billion in the same month last year.
“The positive growth was mainly brought by the increase of nine major commodities out of the top 10 commodities for the month and these are: chemicals; machinery and transport equipment; other mineral products; cathodes and sections of cathodes, of refined sugar; other manufactures; articles of apparel and clothing accessories; ignition wiring set and other wiring
sets used in vehicles, aircrafts and ships; other electronics; woodcrafts and furniture; electronic products; and metal components,†the NSO said.
Revenues from outbound shipments of electronic products, the country’s
top export, rose 13.4 percent to $2.158 billion in October compared to the $1.903 billion registered in the same month in 2012.
The NSO said that compared to September’s export revenues of $5.056 billion, the October result was down by 0.6 percent.
Japan remained the country’s top export destination of with revenue amounting to $1.108 billion, comprising 22 percent share to total exports for October 2013.
Philippine exports to Japan increased 51.6 percent from the $730.76 million recorded in the same month a year ago.
The United States of America including Alaska and Hawaii, was the second top destination of merchandise exports in October, accounting for a 14.2 percent share with shipments valued at $714.55 million, up 22.4 percent from $583.56 million in the same month last year.
China, meanwhile, placed third with its 12.8 percent share and export receipts valued at $643.76 million in October which climbed 16.9 percent from $550.5 million in the same month in 2012.
For the January to October period, merchandise exports registered a 1.3 percent increase to $45.085 billion in 2013 from $44.518 billion in same period of 2012.
Philippine Exporters Confederation, Inc. president Sergio Ortiz-Luis, Jr. said in a telephone interview the latest exports performance shows recovery in demand for goods being shipped overseas.
Given the latest result, he said the group expects to end the year with positive growth in exports.
“We hope the increase will continue in November and December,†he added.
Total merchandise exports reached almost $52 billion in 2012.