DESPITE the negative growth for the past months, the country’s July export earnings rebounded by 2.3 percent increase to $4.8 billion this year, compared to the $4.7 billion same month last year.
According to Socioeconomic Planning Secretary Arsenio Balisacan, the growth on exports for July “is good” as exports remained negative for some time until it started rising up by June.
“Our expectation is that the export growth will recover in the second half of the year. Whether it is going to be big enough to offset the negative growth in the first half of the year is something else. We hope that it is big enough but still that might require us to take a second look at the forecast,” Balisacan told reporters on Tuesday.
The July merchandise exports also grew by 7.7 percent compared to the $4.5 billion posted in June, though collective exports this year from January to July decreased by 3.4 percent from total of $31.5 billion last year to $30.4 billion same time this year.
But Balisacan said that they expect “positive growth for the coming months” and that “prospects are good” when it comes to export growth with the relatively good numbers we get from economies like the United States and Europe.
“If we can get exports growing faster than our economy, better because as of the last quarter [second quarter], it was really domestic growth that contributed to the overall [economic]growth,” Balisacan said.
Electronic and semiconductors products account for the largest share in total exports revenue, having 65.2 percent share—39.1 percent for electronics and 26.1 percent for semiconductors—totaling $3.2 billion.
Machinery and Transport Equipment sector followed in export revenues posting 131.7 percent increase worth $516.5 million, having the highest growth among the top ten product exports.
Wrapping up the top five include: Other manufactures such as buttons, zippers and the likes (5.9 percent share, $285 million), woodcrafts and furniture (5.3 percent share, $255.1 million), chemicals (3.4 percent share, $165.37).
Top export locations of the country include Japan, having the top share on total exports for July amounting to $956.4 million, a 19.8 percent share. Other countries topped as export locations for the country’s products include China (13.2 percent share, $640.40 million), US including Alaska and Hawaii (12.6 percent, $610.84 million), Hong Kong (8.5 percent, $411.33 million) and Singapore (6.8 percent, $327.78 million). KRISTYN NIKA M. LAZO