Exports surge 46% to $5.314 billion in September

MANILA, Philippines – The country’s exports continued to surge, posting a double-digit growth of 46.1 percent to $5.314 billion in September – the highest in almost 30 years – as global recovery boosts demand for locally-made electronic products, the National Statistics Office (NSO) reported yesterday.

The latest growth rate was the highest export growth recorded since January 1981. In August, exports recorded a year-on-year expansion of 37 percent.

Month-on-month, exports rose 11.7 percent from the $4.758 billion posted in August this year.

For the first nine months of the year, exports increased by 38.5 percent to $38.298 billion from $27.649 billion registered during the same period in 2009.

Electronic products, the country’s main export item with a share of 65.5 percent of the total bill, surged by 54.6 percent to $3.478 billion from last year’s $2.250 billion.

Articles of apparel and clothing accessories emerged as the second top dollar earner with $146.59 billion or a share of 2.8 percent to total export revenue. The figure was also 27 percent higher than last year’s $114.59 million.

Woodcraft and furniture which comprised 2.1 percent of total exports in September was the country’s third top gainer with revenue valued at $113.66 million, an increase of 28 percent from last year’s $88.53 million.

Ranked fourth in September was coconut oil with $97 million followed by other products manufactured from materials imported on consignment basis with $97.49 million.

Rounding up the lost of top exports were ignition wiring set, $94 million; cathodes and section of cathodes, $80 million; metal components, $53 million; copper concentrates, $39 million and tuna, $31 million.

Singapore emerged as the Philippines’ top market for September, accounting for 24.2 percnt of the total exports at $1.283 billion.

Japan came in second, with $765.85 million, followed by China ($669.74 million), US ($558.68 million), and Hong Kong ($383.99 million).

Other top markets for September were Taiwan, $201 million; Netherlands, $192 million; South Korea, $189 million; Thailand, $168 million; and Germany, $155 million.

The government expects exports to climb 15 percent this year, and imports are forecast to increase 20 percent.

The electronics industry group, meanwhile, expects its exports to climb by 25 percent to 30 percent this year.

As demand from the country’s trading partners continues to improve alongside with the global economy, the government is confident it can beat its growth targets this year. –Rica D. Delfinado (The Philippine Star)