Philippine Exports growth peak up its highest to 22% in nearly 2 yrs

Exports pick up in September with 22% hike

After months of slump, Philippine exports, an indicator of the impact of the global slowdown on the Philippines, bounced back in September.

Export revenues reach $4.78 billion during the month, the highest since May 2012, and a rebound after a 9% drop in August.

This 22% increase from a year ago was the also the highest since December 2010 when exports posted a growth of 26.5%. The 26% quarter-on-quarter export growth, on the other hand, was the highest since 2006.

After 5 months, electronics products--the single biggest export of the Philippines--posted a positive growth of 1.1% in September. However, 'other exports' overshadowed electronics' gains.

The country's top three export markets for September are Japan which accounted for 30.8% with $1.473 billion; United States, 12.6% with $602.89 million; and China, 11.1% with $526.12 million.

The NSO also said exports to East Asia - China, Hong Kong, Japan, Macau, North Korea, South Korea, and Taiwan - accounted for 57% of total exports. Revenues from these shipments amounted to $2.73 billion, a 47.3% increase from last year's $1.85 billion.

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