Exports up by 14%

MANILA, Philippines - The country's merchandise exports expanded to 14 percent or $5.026 billion in October 2013 from the 6.1 percent or $4.410 billion recorded the previous year, the National Statistics Office (NSO) reported on Tuesday.

"The positive growth was mainly brought by the increase of nine major commodities out of the top ten commodities for the month and these are: chemicals; machinery and transport Equipment; Other Mineral Products; Cathodes & Sections of Cathodes, of Refined Sugar; Other Manufactures; Articles of Apparel and Clothing Accessories; Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships; Other Electronics; Woodcrafts and Furniture; Electronic Products; and Metal Components," NSO noted.

Socioeconomic Planning Secretary Arsenio Balisacan said the exports growth since June this year has brought the cumulative year-on-year growth to positive territory for the first time this year.

Japan remains as the top exports destination in October 2013, accounting for 22.1 percent of total Philippine overseas merchandise sales receipts.With a total value of $1.1 billion, exports to Japan was higher by a hefty 51.6 percent compared to $730.8 million posted last year.

The United States followed Japan with a 14.2 percent share of the country’s total exports followed by China (12.8 percent), Singapore (8.5 percent) and Hong Kong (7.7 percent).