Philippines’ September exports up 4.9% on higher electronics shipments

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Philippine_Electronics_IndustryExports rose anew in September, thanks to higher electronics shipments, although growth was slower than previous month, the statistics office reported Tuesday, November 12.

The National Statistics Office said the country sold goods overseas worth $5.045 billion in September, up 4.9% from $4.81 billion in the same month of 2012. In August, exports surged 20.2%.

Shipments of electronics – the main export group accounting for 41.7% of total exports – amounted to $2.101 billion in September, 12.8% higher than last year’s $1.863 billion.

September’s results however failed to buoy the country’s export performance for the first 9 months. Goods sold during this period amounted to $40.048 billion, down 0.1% from $40.085 billion in January-September 2012.

The electronics industry group earlier said its exports will likely decline this year on weak demand from global markets. But it said modest growth is expected by 2014.

Top markets

Japan remained the Philippines’ top export destination in September, accounting for $1.130 billion (22.4%) of the total bill.

US came second with $755.12 million (15%), followed by China with $653.88 million (13%), and Hong Kong with $511.65 million (10.1%).

Report from Rappler

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