The National Statistics Office (NSO) said that the country’s merchandise exports for November increased by 18.9 percent to $4.3 billion compared to the $3.6 billion for the same period in 2012 because of the annual increase of 10 major commodities, according to the NSO’s November merchandise exports data released on Friday.
Socioeconomic Planning Secretary Arsenio Balisacan said that exports grew annually because of heightened value of agro-based export products, and that the country is the “top export performer” in East and Southeast Asia.
“Export revenues from agro-based products also soared as a result of higher value of our exported bananas, fish products, centrifugal and refined sugar, desiccated coconut, and unmanufactured tobacco . . . We are the top export performer among major trade-oriented economies in East and Southeast Asian region,” said Balisacan, who is also National Economic and Development Authority director-general.
Though annual figures increased, monthly exports dropped by 14.6 percent to $4.3 billion in November than October’s $5 billion as manufacturing, and electronics and semiconductors sectors declined on a monthly basis.
“Total merchandise exports for January to November 2013 registered a 2.6 percent increase to $49.4 billion in 2013 from $48.1 billion in same period of 2012,” the state-run statistical body added.
Electronics and semiconductors remained the top export product of the country having a total of $1.9-billion and $1.2-billion export receipts, respectively, with electronics increased by 10 percent and semiconductors fell by 11 percent compared to November 2012 figures.
“The buoyant export performance of manufactured products, driven primarily by electronics, reflects gains from the revival of the manufacturing sector as one of our growth drivers,” Balisacan said, citing manufactured export articles such as electronics, garments, wood manufactures, chemicals and machinery and transport equipment.
Other sectors raising annual exports include other manufactures which increased by 46.6 percent compared to November 2012; woodcrafts and furniture up by 4 percent; machinery and transport equipment up by 0.9 percent; and ignition set and other wiring sets for vehicles, aircrafts and ships up by 42.1 percent.
In terms of export product types, the NSO said that manufactured goods took the most with 85.8-percent share of total November exports amounting to $3.7 billion, which was followed by total agro-based products with 6.2-percent share to $265.4 million; and mineral products with 4.4-percent share to $187.9 million.
Other top export types also include special transactions with 2.5-percent share to $107.6 million; petroleum products with 1-percent share to $44.5 million; and forest products with 0.1-percent share to $4.66 million.
The country’s top export destinations were Japan with 23.6-percent share total exports amounting to over $1 billion and the United States with 13.7-percent share to $589.3 million.
They were followed by China with 12 percent share of Philippine exports in November, accounting to $516 million, Hong Kong with 9.6-percent share to $329.6 million and Singapore with 7.7 percent to $329.6 million.
“Other top 10 market destinations for November 2013 were: Germany, $206.17 million; Korea, $194.65 million; Thailand, $178.48 million; Taiwan, $172.07 million; and Netherlands, $113.42 million,” the NSO said.