Exports surge 36.6% to $4.745 billion in August

MANILA, Philippines - The country’s export earnings climbed by a strong 36.6 percent to $4.745 billion in August from $3.473 billion in the same period last year as demand from the country’s major trading partners continued to pick up, the National Statistics Office (NSO) reported yesterday.

The government statistics office said the sector’s double-digit growth was its best performance since the 37.3 percent expansion recorded in May this year. 

Month-on-month, exports rose 5.4 percent from the $4.504 billion posted in July.

Merchandise exports for the first eight months surged by 37.3 percent to $32.970 billion from $24.011 billion during the same period in 2009.

Electronic products remained the country’s top export with total receipts of $2.989 billion, accounting for 63 percent of total export revenue.

Growth in the sector was mainly fueled by exports of semiconductors, which accounted for 50.9 percent of total electronics exports. Apparel and clothing accessories, which only comprised 3.8 percent of total exports, followed as the second top earner with earnings valued at $180.9 million.

Singapore was the Philippines’ top market, with a share of 20.3 percent or $962.28 million of total exports.

The US came in second, with $641.74 million, followed by Japan ($603.68 million), China ($589.39 million), and Hong Kong ($404.27 million).

The government expects exports to climb 15 percent this year, and imports are forecast to increase 20 percent.

The electronics industry group, meanwhile, expects its exports to climb by 25 percent to 30 percent this year.

The local economy is projected to grow faster than the official government target of five percent to six percent in 2010, partly driven by a rebound in demand for the country’s electronic and semiconductor exports.