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10/09/2013: July 2013 exports up on electronics recovery

From the National Economic and Development Authority

Merchandise exports grew for the second consecutive month, after electronics posted a turnaround due to increased demand, according to the National Economic and Development Authority (NEDA).

This statement came after the National Statistics Office reported that total export earnings reached $4.8 billion in July 2013, higher by 2.3 percent than last year’s level.

Secretary of Socioeconomic Planning Arsenio M. Balisacan said the increase is attributed to robust electronics demand from trading partners, coupled with expansion in exports of minerals, petroleum, total agro-based products, and forest products.

“Exports of electronic products posted its first positive growth for this year due to increased demand from major trading partners such as China, Singapore, Japan, Hong Kong, and the U.S.,” he said.

Electronics exports went up by 11.2 percent to $1.9 billion in July 2013, a reversal from last year’s decline of almost 25 percent.  This growth moderated the 5.4-percent contraction in manufactured exports, as electronics comprised almost half of the total value of exported manufactured goods worth $3.8 billion.

The growth in electronics is supported by higher exports of mineral products (68.6%), petroleum (3,356.8%), total agro-based products (4.0%), and forest products (2.4%).

“The lackluster performance of manufactured exports mirrored the sluggish growth in global manufacturing, specifically in the Asian region. Fortunately, demands for other commodities buoyed merchandise exports in July,” said Balisacan, who is also NEDA Director-General.

For the first seven months of 2013, export earnings were down by 3.4 percent to $30.4 billion from $31.5 billion in the same period in 2012.

Japan remained as the top exports destination of the Philippines in July 2013, accounting for 19.8 percent of the country’s total export receipts.  This was followed by China (13.2%), US (12.6%), Hong Kong (8.5%), and Singapore (6.8%).