Home » Customs & Trade » August exports up 37% to $4.7B

PHILIPPINE export receipts grew 36.6% in August to $4.745 billion from $3.473 billion in the same month last year, according to the National Statistics Office. This marked ten consecutive months of positive year-on-year growth since November 2009.

Month-on month, August exports increased 5.4% from $4.504 billion.

From January to August, receipts jumped 37.3% to $32.97 billion from $24.011 billion during the same period last year.

“At this rate, we are optimistic that the country could exceed the 2010 exports growth target of 15%,” National Economic and Development Authority officer-in-charge Rolando Tungpalan said.

“The Philippines joined Vietnam as top performers among neighboring Asian economies in terms of export growth in August,” Tungpalan said.

Top export items

Electronics remained the country’s top export grouping, accounting for 63% or $2.989 billion of the total, up 45.3% year-on-year from $2.058 billion.

Articles of apparel and clothing accessories came next with earnings of $180.92 million in August or 3.8% of the total.

In third place were coconut oil shipments, which comprised 2.8% or $132.27 million of the total, up 181.6% from $46.97 million in August 2009.

Singapore was the country’s top export destination in August, buying 20.3% of the aggregate shipments amounting to $962.28 million. The figure is 278.4% more than the $254.28 million recorded a year ago.

The US followed with earnings of $641.74 million or 13.5% of the total.

Representing 12.7% of the pie was Japan with receipts amounting to $603.68 million.

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