MANILA, Philippines - The country's merchandise exports soared by 6.9 percent to $5.483 billion in May, the Philippine Statistical Authority (PSA) reported on Thursday.
"The positive growth was mainly brought about by the increase of seven major commodities out of the top ten commodities for the month. These are: other mineral products; coconut oil; other manufactures; metal components; machinery and transport equipment; ignition wiring set and other wiring sets used in vehicles, aircraft and ships; and articles of apparel and clothing accessories," PSA said.
The state agency said total exports for the first five months of the year posted a 5.8-percent growth to $24.365 billion from the same period a year ago.
Electronic products remained as the country's top export, raking in $2.048 billion and accounting for 37.3 percent of the total receipts. This was followed by other manufactures, other mineral products, woodcrafts and furniture, and machinery and transport equipment.
“The positive outturn in the manufactured segment of the export industry during the period, a reversal from the 3.2 percent year-on-year contraction in May 2013, was broadly in line with a stronger global manufacturing activity,” said Emmanuel Esguerra, National Economic and Development Authority Deputy Director-General and currently officer-in-charge.
Japan remained as the country's top export destination with a 20.4-percent share of the total exports. It was followed by China (17.5 percent), United States of America (13.7 percent), Hong Kong (7.7 percent) and Singapore (6.5 percent).
Exports to East Asia accounted for more than half of the total exports at 52.1 percent, while exports to the Association of Southeast Asian Nations made up for 16.6 percent of the total. Exports to the European Union, meanwhile, stood at 11 percent of the total.