Exports up 7% to $5.5 B in May

MANILA, Philippines - The country’s export earnings grew by nearly seven percent in May from a year ago, boosted largely  by the strong performance of seven major commodity groups.

In a report, the  Philippine Statistics Authority (PSA) said exports reached $5.483 billion in May, up 6.9 percent from  $5.131 billion in the same period last year.

This brought the five-month tally to $24.365 billion, a six percent increase from $23.025 billion last year.

Revenues from electronic products, which continued to account for  the lion’s share of total export receipts, declined by 1.6 percent to $2.048 billion from the previous year’s $2.082 billion.

Leading the growth last May were mineral products, which surged 107 percent year-on-year. These, however, accounted for only nine percent of the country’s total exports in May.

Coconut oil, which comprised 2.6 percent of total exports, was the second-fastest grower, increasing 45 percent from a year ago due to higher prices.

In terms of exports destination, the PSA said Japan continued to hold the top spot, accounting for a 20.4 percent share in total exports for May.

Merchandise exports to Japan were valued at $1.120 billion in May, 6.1 percent higher than the $1.056 billion a year ago.

In a separate statement, the  National Economic and Development Authority (NEDA) said the outlook for the rest of the year is upbeat.

“However, while overall export outlook for the year is positive, sales in total agro-based exports may decline due to the adverse impact of a possibly prolonged dry spell in the coming months,” NEDA deputy director general Emmanuel Esguerra said.

Esguerra  said it is important for policies to remain supportive of higher exports growth.

“In the short-term, efforts must be intensified to help the areas vulnerable to the adverse impact of a prolonged dry spell. Measures to contain the spread of coconut scale insect must also be stepped up. Moreover, the capacities of exporters to improve product quality and packaging in line with internationally-accepted standards and practices must be enhanced,” he said.

Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis, Jr. said in a telephone interview the group is sticking to its 10 percent growth forecast for merchandise exports this year.