Philippine exports grew 2.9 percent year-on-year in October, with higher earnings from agro-based commodities offsetting weaker sales of minerals, petroleum and forest products, official data showed on Wednesday.
But the rate of increase slowed sharply from 15.7 percent recorded in September, according to the numbers released by the Philippine Statistics Authority (PSA) and the National Economic and Development Authority (NEDA).
Total Philippine export earnings in October rose to $5.173 billion from $5.027 billion a year earlier.
The month’s export performance brought the country’s cumulative merchandise exports for the year until October to $51.769 billion, up 9.2 percent from $47.413 billion posted in the corresponding 10-month period in 2013. MAYVELIN U. CARABALLO, REPORTER