Exports up 4.1% to $4.5 B in June

MANILA, Philippines – Merchandise exports recovered in June, gaining 4.1 percent to $4.490 billion from $4.314 billion a year ago due to increases posted by four major commodity groups, the National Statistics Office (NSO) reported yesterday.

Month-on-month shipments, however, were 8.2 percent lower than May’s $4.893 billion.

The latest export performance was driven by four major commodities namely woodcrafts and furniture, other mineral products, metal components and other electronics.

Total export receipts from woodcrafts and furniture reached $281.12 million, 77.6 percent higher than the $158.25 million a year ago.

Shipments of other mineral products which were valued at $184.47 million rose 58.4 percent from the previous year’s $116.46 million.

Export earnings from metal components grew 14.6 percent to $171.04 million while income from other electronics increased 6.5 percent to $110.78 million from a year ago.

Electronic products, which accounted for 44.7 percent share of total exports in June declined 2.2 percent to $2.006 billion from $2.051 billion last year.

Japan emerged as the country’s biggest market with sales of $985.15 million, up 39.7 percent from $704.95 million a year ago.

While merchandise exports improved year-on-year in June, the first semester tally which stood at $25.585 billion was still 4.4 percent lower than the previous year’s $26.759 billion.

Even as the first half export value was down from last year’s level, Philippine Exporters Confederation, Inc. president Sergio Ortiz-Luis Jr. expressed confidence the positive performance seen in June will be sustained in the coming months.

“We will maintain that positive growth. We just cannot say to what extent or how much,” he said, adding that much of the result will depend on the performance of the electronics sector. –Louella D. Desiderio (The Philippine Star)