Exports maintain double-digit growth

MANILA, Philippines - The country's merchandise exports grew by 10.5 percent in August, hitting $5.474 billion from the $4.956 billion posted a year ago, the Philippine Statistics Authority (PSA) reported on Friday.

"The positive growth was mainly brought about by the increase of eight major commodities out of the top ten commodities for the month and these were: coconut oil; articles of apparel and clothing accessories; machinery and transport equipment; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; other mineral products; metal components; chemicals; and electronic products," PSA noted. Growth in the country's outward goods hit 21.3 percent in June and 12.4 percent in July.

Electronic products was the country's top export, accounting for 41.6 percent of the total export receipts. This was followed by other manufactures, machinery and transport equipment, other mineral products and woodcrafts and furniture.

Emmanuel Esguerra, deputy director-general of the National Economic and Development Authority, said he expects the double-digit growth in the country's exports to be sustained.

“This expectation is primarily anchored on increasing global demand alongside business expansions and new product launches for garments and information technology sectors as well as improved availability of raw materials and agricultural products. Moving forward, export revenue growth is likely to be driven by the rebound in the export of electronic products, machinery and transport and other electronics,” he said.

Japan was the country's top exports destination, with a 19.1-percent share of the total revenues. This was followed by China, United States, Hong Kong and Singapore.