PH export shoots up by 20%
by FFE PH News staff
Philippine exports reached a new high this year with a growth rate of 20.2% in August. The last time the country’s exports hit the 20%-mark was September 2012.
August exports reached $4.581 billion (€3.387 billion), the highest in a period of global economic recovery. The spike also brought January-August exports to $35.003 billion (€25.878 billion). This is slightly lower than a year ago, where exports reached $35.297 billion.
National Economic and Development Authority officer-in-charge (OIC) and deputy director-general Rolando Tungpalan said ‘With this growth, the Philippines was the strongest performer among its East and Southeast Asian neighbours in terms of export growth in August 2013.’
‘We are now reaping the benefits of our efforts to diversify the country’s exports base. This, when combined with strong performance of manufactured goods, will bring our exports industry to full recovery and sustained growth.’
Taking up 39% of exports revenue in August, electronic products registered at $1.785 billion, 0.4% lower than last year’s $1.791 billion.
Presidential spokesperson Edwin Lacierda stated that August export revenue was boosted by manufactured goods and agro-based and forest products. The Philippines’ main export markets in August were: Japan (25% share), USA (12.6%), China (10.5%), Singapore (8.5%) and Hong Kong (7.6%).