(UPDATE) Exports rise 3.61 pct in 2013

MANILA, Philippines (Xinhua) - Philippine export revenues inched up by 3.61 percent on year to $53.97 billion in 2013 on the back of higher shipments of forest, agro-based, and mineral products, the National Statistics Office (NSO) said Tuesday.

In December alone, the NSO said, export earnings jumped by 15.8 percent on year to $4.59 billion due to higher shipments of electronic products, minerals, woodcrafts and furniture.

Data from the NSO showed that earnings from electronic products - the top export product of the Philippines - declined by 3.97 percent on year to $21.82 billion in 2013.

The NSO said export receipts from agro-based products last year jumped by 15.13 percent on year to $4.12 billion. Shipments of coconut products including coconut oil boosted exports of agro-based products, growing by 14.59 percent on year to $3.17 billion.

Revenues from mineral products rose by 46.21 percent on year to $3.41 billion while export receipts from forest products went up by 61.21 percent on year to $93.87 million.

Analysts and exporters had earlier said that meeting the government's target of increasing exports by 10 percent in 2013 would be difficult.

Main buyers of Philippine products in 2013 were Japan, China, the United States, and Singapore.