Exports jump 22.8% in September

MANILA, Philippines - Merchandise exports rose by nearly a quarter in September, reversing the decline seen in the previous month, amid a recovery in outbound shipments of electronic products.

The National Statistics Office (NSO) reported yesterday that the value of the country’s exports went up 22.8 percent to $4.78 billion in September from the previous year’s $3.90 billion.

On a month-on-month basis, export earnings were up 26 percent from the $3.80 billion in August.

Export revenues were down nine percent in August from a year ago.

The latest result brought cumulative export earnings for the nine-month period to $40.07 billion, increasing 7.2 percent from the same period last year.

Electronic products, which account for the largest share in the country’s export earnings, grew 1.1 percent to $1.83 billion from a year ago.

Outward shipments of semiconductors also posted a 1.3-percent increase to $1.47 billion in September compared to the previous year.

The NSO said other commodities which contributed to the growth in export earnings in September were tuna, metal components, bananas, woodcrafts and furniture, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, petroleum products, and coconut oil.

Export receipts of tuna surged 128.7 percent to $47.99 million from last year.

Outward shipments of metal components which were valued at $144.86 million, also expanded by 116.6 percent from a year ago.

Export revenues from fresh bananas grew by 87.8 percent to $81.81 million from last year, while woodcrafts and furniture jumped 80.4 percent to $276.10 million from the previous year.

Export receipts of ignition wiring set were up by 49.9 percent to $141.90 million compared to last year, while petroleum products had recorded sales of  $62.65 million which rose 7.4 percent from a year ago.

Earnings from coconut oil shipments climbed by two percent to $79.10 million from last year.

In terms of export destination, the NSO said Japan accounted for the bulk of exports with revenues amounting to $1.47 billion, 115.1 percent higher than last year.

Philippine Exporters Confederation president Sergio Ortiz-Luis, Jr. said earlier the country’s merchandise exports may expand by a lower five to six percent, than the 10 percent growth target for this year amid weak performance of electronics shipments.

In a telephone interview yesterday though, he said it is still possible to meet the target depending on the performance of electronics products in the remaining months of the year.

“If they (electronics products) continue to grow in the next three months, mathematically, it is still possible to meet the target,” he said.