Upbeat
No. 19.12.14 No. 2123 10.30.2008
PHL export growth jumps 15.7% Exceeding growth of most economies in the region, the Philippines’ merchandise exports grew by 15.7% in September 2014, the National Economic and Development Authority (NEDA) reported. The Philippines surpassed one of its top trading partners, China, whose merchandise exports growth for the review period was 15.3%. Growth of exports in other Asian countries in the review period were as follows: Viet Nam (14.4%); Republic of Korea (6.9%); Taiwan (4.7%); Indonesia (3.9%); Thailand (3.2%); Malaysia (3%); and Hong Kong (1%).
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"The Philippines’ latest merchandise export growth signals the rebound of the exports sector," NEDA Officer-In-Charge (OIC) and Deputy DirectorGeneral Rolando G. Tungpalan said.
It also reflects a positive mood across some markets, including Singapore, Germany, South Korea, Thailand, and the Netherlands. Japan remained as the country’s top export market, accounting for 29.6% of the total merchandise exports revenue during the period, followed by the United States (U.S.) at 13.6% and China at 10.5%. Bulk of the exports (56.3%) went to East Asia like China, Hong Kong, Taiwan, Japan, the Republic of Korea, Macau, Mongolia, and North Korea; followed by the Association of Southeast Asian Nations (ASEAN) member-countries (13.9%); and the European Union (EU) market (10.4%). Robust gains from machinery and transport products and the continued electronics exports’ solid expansion, especially in semiconductors and electronic data processing (EDP), were the main growth drivers. Manufactured products registered its highest year-on-year (YoY) revenue growth this year at 19.7% to reach USD 5B from USD 4.2B in September 2013. Meanwhile, outward shipment for petroleum products was higher by 53.2%, from USD 54.7M to USD 83.8M in the same month last year. Chemical products leaped by 94.6% in export volume and contributed 7.2 percentage points to exports growth.