Philippine exports at 3-year high

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Manila portExports from the Philippines grew at their fastest pace in over 3 years in February 2014, thanks to increased shipments of 7 out of 10 major commodities for the month, the government said on April 10.

Data from the Philippine Statistics Authority (PSA) showed exports surged 24.4 per cent to $4.65 billion in February from $3.74 billion in the same month last year. Growth was faster than the 9.2 per cent registered in January 2014. It was the fastest since December 2010, when exports rose 26.5 per cent.

PSA said the positive growth was fueled by the strong performance of the main export group, electronic products.

Shipments of electronic products, including semiconductors, made up 40.4% of total exports in February at $1.88 billion, up 26.6 per cent. This was the third straight month that the sector recorded a growth of above 20 per cent.

The 6 other commodity groups that contributed to growth were:

  • Electronic equipment and parts
  • Other mineral products
  • Machinery and transport equipment
  • Chemicals
  • Woodcrafts and furniture
  • Other manufactures

Exports are a huge driver of the economy. The Philippines supplies about 10 per cent of the world’s semiconductor manufacturing services, including for mobile phone chips and micro processors, according to Reuters.

Japan was the country’s top market for the month, accounting for 17.2 per cent of the total receipt, at $665.70 million. This was higher by 6.2 per cent from last year’s $626.8 million.

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Exports from the Philippines grew at their fastest pace in over 3 years in February 2014, thanks to increased shipments of 7 out of 10 major commodities for the month, the government said on April 10.

Reading Time: 1 minute

Manila portExports from the Philippines grew at their fastest pace in over 3 years in February 2014, thanks to increased shipments of 7 out of 10 major commodities for the month, the government said on April 10.

Data from the Philippine Statistics Authority (PSA) showed exports surged 24.4 per cent to $4.65 billion in February from $3.74 billion in the same month last year. Growth was faster than the 9.2 per cent registered in January 2014. It was the fastest since December 2010, when exports rose 26.5 per cent.

PSA said the positive growth was fueled by the strong performance of the main export group, electronic products.

Shipments of electronic products, including semiconductors, made up 40.4% of total exports in February at $1.88 billion, up 26.6 per cent. This was the third straight month that the sector recorded a growth of above 20 per cent.

The 6 other commodity groups that contributed to growth were:

  • Electronic equipment and parts
  • Other mineral products
  • Machinery and transport equipment
  • Chemicals
  • Woodcrafts and furniture
  • Other manufactures

Exports are a huge driver of the economy. The Philippines supplies about 10 per cent of the world’s semiconductor manufacturing services, including for mobile phone chips and micro processors, according to Reuters.

Japan was the country’s top market for the month, accounting for 17.2 per cent of the total receipt, at $665.70 million. This was higher by 6.2 per cent from last year’s $626.8 million.

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