MANILA, Philippines - The country’s merchandise exports grew nine percent in 2014 from a year ago, supported by the performance of electronic products.
Data released by the Philippine Statistics Authority yesterday showed the value of merchandise exports reached $61.810 billion in 2014, up from the $56.698 billion posted in 2013.
Electronic products, which accounted for the largest share in total exports, rose 8.1 percent to $25.876 billion last year from $23.931 billion in 2013.
“Compared to other economies in the region, the Philippines’ full year exports growth performance was relatively strong despite the challenging external environment. This is a good indication of the growing resiliency of our sectors given that economies in the Euro area, Japan and China remain sluggish, causing regional trade flows to soften,” Socioeconomic Planning chief Arsenio Balisacan said in a statement.
While full-year merchandise exports grew year-on-year, it was lower than the Philippine Exporters Confederation Inc.’s (Philexport) forecast of a 10 percent growth for last year.
For the month of December alone, the value of the country’s outbound merchandise shipments declined 3.2 percent to $4.801 billion last year from the $4.960 billion posted in the same month in 2013.
“This can be traced mainly to year-on-year declines in other manufactured products, wood manufactures and electronic equipment and parts,” Balisacan said.
Lower revenues from exports of agro-based products were also seen amid sluggish performance of shipments of coconut products and sugar products.
“Nonetheless, outbound sales of electronic products, machinery and transport equipment, garments, miscellaneous manufactured articles and chemicals remained buoyant,” Balisacan said.
Japan continued to be the top destination for Philippine merchandise exports in December with its 21.2 percent share valued at $1.017 billion last year, 3.2 percent lower than the $1.050 billion exported in 2013.
For this year, Balisacan said exports growth may be tempered slightly by the weakness in China and deflation in the Eurozone.
“What could provide an upside support to exports is the continuing US recovery, and possibly some respite from Japan, which may realize economic expansion towards end-2015,” he added.
Philexport president Sergio Ortiz-Luis, Jr. said in a telephone interview the group expects merchandise exports to continue to grow this year.
“For this year, it will be at least 10 percent growth considering the rebound of electronics, while other goods remain constant,” he said.
He noted though that certain issues affecting exporters such as the congestion at the ports and high trucking costs still needs to be addressed for exports to continue to grow.