March exports post double-digit growth

MANILA, Philippines - Merchandise exports posted a double-digit growth in March with an 11.2-percent rise to $5.227 billion from the $4.699 billion a year ago.

"The positive growth was mainly brought about by the increase of seven major commodities out of the top ten commodities for the month.  These are: bananas (fresh); machinery and transport equipment; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; other mineral products; woodcrafts and furniture; electronic products; and articles of apparel and clothing accessories," the Philippine Statistics Authority said.

It was the second consecutive month exports posted a double-digit growth, after the revised 11.6 percent registered earlier.

Electronic products took the lion's share in the earnings, accounting for a 41.4 percent of the total revenue. The country's top export posted a 10.1-percent increase to $2.166 billion from the $1.967 billion posted last year.

Japan was the country's top export destination, with a 25-percent share in the total receipts. This was followed by the United States, (13.7 percent), China (10.7 percent), Hong Kong (8 percent) and Singapore (7.5 percent).

Exports to East Asia accounted for 51.7 percent of the total, followed by the Association of Southeast Asian Nations at 15.4 percent and the European Union which accounted for 11.8 percent.