Exports continue to grow by double digits in July

Photo from AFP

MANILA, Philippines – Exports continued to grow by double digits in July as demand for most of the country’s top commodities improved, the government reported Wednesday, September 10.

Philippine Statistics Authority (PSA) data showed export receipts reached $5.461 billion that month, up 12.4% from $4.858 billion in July 2013. The growth was faster than the 2.8% rise recorded last year, but slower than the 21.3% jump in June.

For the first 7 months, exports rose 8.5%, surpassing the government target of 6% for this year.

“The positive growth was mainly brought about by the increase of nine major commodities out of the top ten commodities for the month,” the PSA said in a statement.

Electronic products remained as the country’s top export with total receipts of $2.090 billion, accounting for 38.3% of the total in July. The figure was 2.7% higher than the $2.035 billion registered in July 2013.

The other top commodities also registered growths: machinery and transport equipment surged (193%), other mineral products (74%), other manufactures (12.2%), woodcrafts and furniture (9.1%), apparel and clothing accessories (44.9%), ignition wiring set (50.7%), metal components (35.6%), and coconut oil (10.7%).

Japan was the country’s top export destination in July, buying goods worth $1.212 billion, 22.2% of the total exports. – Rappler.com