Phl exports post hefty growth in February

MANILA, Philippines - Exports posted their strongest growth in February since December 2010, government data on Thursday showed.

According to the National Statistics Office, Philippine export revenues rose 24.4 percent to $4.654 billion from about $3.741 billion  year ago.

“Compared to the manufacture-driven growth in January 2014, the export performance in February 2014 was more broad-based as all major commodity groups registered gains,” said NEDA Office-In-Charge (OIC) and Deputy Director-General Emmanuel F. Esguerra.

Electronic products, which made up 40.4 percent of the exports in February, grew 26.6 percent, contributing $1.485 billion in revenues.

“Most of the selected economies in the East and Southeast Asian region posted positive export growth rates in February 2014, led by Vietnam and the Philippines,” Esguerra said.

Japan was the top destination of Philippine exports in February 2014, with a total value of US$1.2 billion, accounting for 25.4 percent of our country’s total revenues from merchandise exports.

The People’s Republic of China followed with a 14.7 percent share after the country’s outward shipments of electronic data processing (EDP) machines, semiconductors and chemicals grew by a hefty 79.3 percent in February.

Other top markets for Philippine exports were USA (13.4 percent), Hong Kong (7.0 percent), Singapore (6.7 percent), and South Korea (4.5 percent).