The country’s merchandise export figures increased by 14 percent in October year-on-year, according to latest data from the National Statistics Office (NSO) released on Tuesday.
On a monthly basis, the NSO said that October exports were up slightly by 0.6 percent compared to numbers in September.
“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,” said Socioeconomic Planning Secretary Arsenio Balisacan.
The nine export products which gained for the month include chemicals; machinery and transport equipment; other mineral products; cathodes and sections of cathodes; refined sugar; other manufactures; articles of apparel and clothing accessories; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; other electronics; woodcrafts and furniture; electronic products; and metal components.
Exports from January to October also increased by 1.3 percent to $45.1 billion from the total $44.5 billion recorded during the same period last year.
The NSO added that the October export figure was the “second double-digit expansion for the year,” alongside with August’s 20.2 percent gain.
“Despite the projected decline in worldwide sales of personal computers for full-year 2013, bright prospects remain for the sector in the fourth quarter of the year, particularly for the business computers segment,” Balisacan said, referring to the increase in sales of electronics and semiconductors.
Manufactures —which took 82.8 percent of the total exports—went up by 17.5 percent to $4.5 billion compared to last year, which comprised mostly of electronics that grew by 13.4 percent in October from the 15.4 percent growth in September.
“Strong sales of electronic data processing [197.9 percent], automotive electronics [72.3 percent], consumer electronics [55.9 percent], office equipment [15.4 percent], and communication/radar [52.1 percent] backed this growth in October 2013,” the state-run statistical body said.
“This sector [electronics]will benefit from the firms’ investment expansion plans and from the need to replace computers running in old operating systems,” added Balisacan, who is also the National Economic and Development director general.
Sectors with highest growth in exports revenue include minerals with 9.8 percent export growth to $369.2 million, and forest products with 36.8 percent increase, while sectors that declined include petroleum and agro-based products with 43.8 percent and 8.8 percent descent, respectively.
In terms of markets, Japan remained the top buyer of Philippine products with 22.1 percent share or $1.1 billion of the total country’s export receipts for the month.
Japan was followed by United States with 14.2 percent share, or $714.6 million, China with 12.8 percent, or $643.8 million, Singapore with 8.5 percent, or $427.9 million, and Hong Kong with 7.7 percent, or $386.70 million.