Philippine exports up 22.5% in January

CEBU, Philippines - Philippine exports started 2017 with an uptrend, as it rose 22.5 percent in January, the government reported yesterday.

The Department of Trade and Industry sees exports recovering this year as they exports totaled $5.130 billion January, up 22.5 percent from $4.187 billion recorded in the same period last year, data showed.

“We are positive that we will continue to drive growth and recovery for the export sector as we increase our efforts in promoting Philippine industries throughout the year in various key markets. We take the consistent growth since the last quarter of 2016 as a sign for positive outlook in the coming months,” said Trade Undersecretary Nora Terrado was quoted as saying in a statement.

Eight out of the top ten Philippine exports posted growth, with apparel and clothing accessories as the highest gainer at 270.1 percent. Other gainers include: coconut oil includes oil and refined (229.6 percent), chemicals (104.7 percent), metal components (66.3 percent), electronic equipment and parts (64.8 percent), other manufactures (58.8 percent), machinery and transport equipment (27.9 percent), and electronic products (10.4 percent).

Electronic products remain the country's top export comprising almost 46 percent of the total Philippine exports with total receipts of $2.365 billion in January. Also, non-electronic goods which accounts for 54 percent of exports increased by a hefty 35.19 percent.

Japan still remained the top Philippine export market with 17.3 percent share to total exports while United States ranked second with 16.5 percent share.

By economic bloc, exports to European Union member countries posted the highest growth with 82.5 percent increase from $491.34 million recorded in January last year to $896.69 million this year.

“The increase in our shipments to European Union member countries could be attributed to the impact of EU GSP+ which continues to gain traction for our exports. We wish to further build on this by integrating new strategic measures in promoting the Philippines and our products and services,” Terrado said.

Moreover, East Asia nations received most of Philippine exports accounting for 45.1 percent share at $2.315 billion.

Exports to ASEAN member countries comprised 14.7 percent of the total exports in January and was valued at $751.54 million, up 19.3 percent.

Economic Planning Chief Ernesto Pernia said: “This is a signal that our efforts in forging better relations with our Asian neighbors and the EU are finally paying off.” (FREEMAN)