The country’s export for December increased by 15.8 percent to $4.6 billion compared to a year ago, because of the growth of six local commodities.
The Philippine Statistics Authority (PSA), through the National Statistics Office (NSO), said that the exports for December 2013 went up by 15.8 percent to $4.59 billion compared to the $3.97 billion recorded in the same period in 2012.
“On a monthly basis, it increased by 7.1 percent from $4.29 billion posted in November 2013. Total merchandise exports for January to December 2013 registered a 3.6-percent increase to $53.98 billion in 2013 from $52.1 billion in same period of 2012,” the PSA said.
“The positive growth was mainly brought by the increase of six commodities. These are other manufactures, electronic equipment and parts, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, electronic products, other minerals and woodcrafts and furniture,” the PSA said.
The unified state-run body PSA holds statistical boards such as the NSO and National Statistical Coordination Board, among others.
According to the Socioeconomic Planning Secretary Arsenio Balisacan, the rise in December exports marks the seventh straight month that the country’s outward shipment of goods increased since a drop was recorded in the earlier months of 2013.
“The positive exports performance of the Philippines—and even those of the majority of trade-oriented economies in the East and Southeast Asia—was reflective of the recovery of major economies such as the United States of America, European Union and Japan,” said Balisacan, who is also the director general of the National Economic and Development Authority (NEDA).
According to NEDA, the country “outshone” the export increases posted by Vietnam (12.6 percent), Indonesia (8.5 percent), Malaysia (7.6 percent), Korea (7 percent), Singapore (5.6 percent), China (4.3 percent) and Thailand (1.9 percent).
“[The country] also outperformed other economies in the region which posted negative exports growth such as Taiwan [-1.9 percent], Hong Kong [-3 percent] and Japan [-6.2 percent],” the NEDA added.
Top contributors, destinations
Electronic products continued to top the country’s exports, contributing 41.4 percent, or $1.9 billion of the total export revenue for December, though it decreased by 2 percent on a monthly basis from the $1.9-billion export revenues in November.
Besides electronic products, top export contributors were semiconductors with 27.7-percent share, or $1.3 billion; other manufactures such as pins, buttons and the likes with $741.4-million share; woodcrafts and furniture with 5.2-percent share of $238.9 million; ignition wiring set and other wiring sets with 3.6-percent share of $167.1 million; and chemical with 3.2-percent share of $120.9 million.
On the types of export products, manufactured goods topped the country’s annual export in December, taking up 85 percent at $3.9 billion, which is an increase of 20.8 percent from the $3.2 billion registered in December 2012.
Manufactured goods was followed by agro-based products with a 6-percent share, or $274.36 million; mineral products with 4.1- percent share, or $186.8 million; merchandise exports from special transactions with 3.7-percent share, or $170.3 million; petroleum products with 1.2- percent share, or $95.1 million; and forest products with 0.1-percent share, or $4 million.
Balisacan said that December exports were slowed by the decline in agro-based, petroleum, mineral and forest products.
“The lower outward shipments of coconut products in December 2013, which account for about 40 percent of the total agro-based exports, was mainly due to the adverse effects of Super Typhoon Yolanda as 73 percent of total crop area in major coconut producing regions was damaged,” Balisacan explained.
“The combined destructions in plantations and milling facilities tightened the coconut supply and this resulted in large declines in the volume shipments of coconut products such as desiccated coconut, copra meal/cake and coconut oil,” he added.
On the other hand, Japan took up most of the country’s exports with a 23-percent share, or $1.06 billion, for an increase of 48.1 percent from a year ago.
Other top export locations were China with 16.2-percent share, or $746.8 million; United States including Alaska and Hawaii with 12.4 percent, or $570.4 million; Hong Kong with 8.8 percent, or $405.4 million; and Singapore with 7.7 percent, or $353.8 million.
Completing the list of top export destinations are South Korea ($199.2 million), Germany ($197.5 million); Netherlands ($157.9 million), Taiwan ($156.4 million) and Thailand ($155.4 million).
“Total export receipts from the country’s top 10 markets destinations for the month of December 2013 was valued at $4.002 billion, or 87 percent of the total,” the PSA said.