Export earnings up 38.9% in 1st 4 months

EXPORT EARNINGS continued their double-digit rise in April at 27.4 percent year-on-year, reaching $3.573 billion, the National Statistics Office said Thursday.

But the rate of increase in April was slower than the 43.8 percent yearly growth observed in March, when earnings reached $4.181 billion.

Also, the April export performance was a turnaround from the 35.2-percent decline observed in the same month of 2009.

“This was the fourth consecutive month that exports registered positive year-on-year growth as global trade continued to recover,” said Augusto B. Santos, Acting Socioeconomic Planning Secretary.

From January to April, receipts hit $14.903 billion, growing by 38.9 percent from $10.73 billion the same period last year.

In April, the value of electronics products shipped out grew by 29.7 percent to $2.183 billion from the same month previous year.

Although electronic products accounted for 61.1 percent of total outbound cargoes that month, the country’s top dollar earner posted a decrease of 9.7 percent from $2.416 billion the previous month.

Still, growth in electronics shipments was driven by a 29.5-percent improvement in semiconductor components and devices.

NSO data further showed that receipts from the country’s second top export, coconut oil, went up by 372 percent year-on-year to $107.25 million.

Articles of apparel and clothing accessories, grew by 6.2 percent to $106.63 million.

Fourth on the list were woodcraft and furniture, which increased by 37.4 percent to $70.44 million.

Fifth were automotive wiring sets, which rose by 49.2 percent to $61.67 million.

Also, metals components went up by 64.1 percent to $51.88 million; products made from imported inputs, down by 4.4 percent to $47.62 million; cathodes made of refined copper, down by 31.2 percent to $42.95 million; petroleum products, down by 43.4 percent to $29.83 million; and tuna, down by 5.2 percent to $28.04 million.

Manufactured goods represented 86.7 percent of receipts and went up in aggregate value by 29.7 percent to $3.097 billion in April.

Agriculture products posted a total income of $208.12 million—an increase of 34.3 percent.

Receipts from mineral products reached $134.09 million, rising by 16.1 percent.

In April, all three of the biggest markets for Philippine goods had increased orders for shipments.

Japan regained the top spot with 17.3 percent of total outbound traffic. The value of shipments increased by 42.2 percent to $616.97 million.

Exports to the United States followed with 16.1 percent of total—up by 28.3 percent to $573.62 million.

Shipments to China made up 9.9 percent of total, rising 15 percent to $352.83 million. –Ronnel Domingo, Philippine Daily Inquirer