PH sees double-digit growth in export Sector
by FFE PH News Staff
The Philippines’ export sector registered a 14% growth for October 2013, jumping 8 notches from last years’ 6.1%. October’s figures is the second time the sector recorded a double-digit growth for the year, the last being August’s 20.2% figure.
Exports to America from January–October 2013 also beat last year’s figure by 1.3%, putting total American exports at USD 45.1 billion.
Manufactured goods, which take up 82.8% of the total exports, shot up by 17.5% this October compared to October 2012. Strong sales of electronic data processing items, automotive electronics, consumer electronics, office equipment and communication helped improve the growth of manufactured goods.
Mineral exports grew by 9.8% in October 2013 mainly because of sales from copper concentrates, gold and iron ore agglomerates. Forest products increased by 36.8% because of lumber and veneer sheets sales. Petroleum products and agro-based products meanwhile fell by 43.8% and 8.8% respectively.
Japan remains as the top export market, taking up 22.1% of total overseas receipts valuing at USD1.1 billion. This is 51.6% higher than the value of exports in the same period last year. America is the Philippines’ second top export market, taking up 14.2% of the share.
Other Philippine export markets include China (12.8%), Singapore (8.5%) and Hong Kong (7.7%). Economic Planning secretary Arsenio Balisacan was optimistic about the news, saying ‘The continued positive expansion of exports since June 2013 has brought the cumulative year-on-year growth to positive territory for the first time this year.’