Malacañang on Thursday lauded the country’s 20.2 percent increase in exports in August following a 2.3 percent increase in July.
In a press conference, Palace spokesman Edwin Lacierda announced that the Philippines’ exports climbed more than expected in August.
“Merchandise exports increased by 20.2 percent in August 2013 to $4.6 billion from $3.8 billion in August of 2012,” Lacierda said, citing that the manufactured and mineral products mainly buoyed export performance.
“The exports of manufactured goods rose by 8.7 percent in August 2013 to $3.7 billion from $3.4 billion in August 2012,” he added
The higher exports of total agro-based and forest products, he said, also contributed to the robust export in 2013.
According to Lacierda, Japan was the Philippines’ top export market in August 2013 which accounted for 25 percent of the country’s total export receipts.
The United States of America, he said was the second largest export destination of Philippine products with the 12.6 percent share.
Other major markets of Philippine exports in August 2013, he said, were the People’s Republic of China, 10.5 percent; Singapore, 8.5 percent; and Hong Kong, 7.6 percent.
“And the Philippines is the strongest performer amongst its East and Southeast Asia neighbors in terms of export growths in August 2013,” Lacierda pointed out.
Following the Philippines as top export performer, he said, were Vietnam with an annual increase of 15.5 percent, the Republic of Korea, which placed third with 7.7 percent annual gain followed by the People’s Republic of China at 7.2 percent.
According to the statistical office, the positive growth was mainly led by increased overseas sales of seven major commodities out of the top ten commodities including petroleum products, other minerals products, chemicals, and aircraft and ships. CATHERINE S. VALENTE