MANILA – Earnings from Philippine merchandise exports continue to grow in September with consistently strong demand for electronics and five other commodities.
According to the Philippine Statistics Authority (PSA), the local merchandise exports increased by 15.7 percent to $5.849 billion in September 2014 compared with $5.056 during the same period of last year. This is because of the good performance of electronic products.
Outbound shipments of electronic products account for $2.442 billion in September, up by 13.6 percent from 2013’s $2.150 billion.
Aside from electronic products, other goods that contributed to the September growth include chemicals; machinery and transport equipment; other mineral products; coconut oil; and other manufactures.
In terms of destination of the exported products, Japan takes the top spot with 29.6 percent share of the total.
The country’s exports to Japan increased by 52.6 percent to $1.734 billion in September compared to $1.136 billion in the same period last year.
From the start of the year until September, the country’s total merchandise exports increased by 9.9 percent to $46.596 billion from $42.386 billion in 2013.
Deputy Director General Rolando Tungpalan of National Economic and Development Authority said that there will be an upward trend in the country’s exports for the remaining months of the year, especially during the holiday season.
“The Japanese and the US markets will likely boost Philippine exports for the remaining months given the recent optimism building up in the Japanese manufacturing sector and the broad-based expansion in industrial production in the US,” he said.
Meanwhile, Philippine Exporters Confederation, Inc. president Sergio Ortiz-Luis Jr. said that they expect the merchandise exports to increase by 10 percent from last year.
“This growth is really based on the recovery of the market of the electronics sector. Before, the electronics sector was negative…Considering all product lines are constant, I think the 10 percent (growth) is very achievable,” he said.
Last year, the Philippines’ total merchandise exports were valued at $53.978.