Despite the negative growth for the past months, the country’s export earnings for July rebounded by 2.3 percent to $4.8 billion compared to the $4.7 billion recorded during the same month last year.
According to Socioeconomic Planning Secretary Arsenio Balisacan, the export growth for July “is good” as the outward shipment of products only showed increases rising in 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 said in a press conference on Tuesday.
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 to $30.4 billion from the $31.5 billion recorded in the same period last year.
But Balisacan said that the government expects “positive growth for the coming months” and that “prospects are good” when it comes to export growth, with the relatively good numbers 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,” he added.
Electronic and semiconductors products accounted for the largest share in total exports revenue, having a 65.2-percent share—39.1 percent for electronics and 26.1 percent for semiconductors—totaling $3.2 billion.
Machinery and transport equipment followed in export revenues, posting a 131.7-percent increase worth $516.5 million, having the highest growth among the top 10 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) and chemicals (3.4-percent share, $165.4 million).
Top export destinations for the Philippines include Japan, which also emerged as the top destination with $956.4 million for a 19.8-percent share. The other countries that were top export destinations were China (13.2-percent share, $640.4 million), United States including Alaska and Hawaii (12.6 percent, $610.8 million), Hong Kong (8.5 percent, $411.3 million) and Singapore (6.8 percent, $327.7 million).