Philippine exports up 19.7% in May

MANILA -- The country's merchandise exports grew by 19.7 percent to $4.93 billion in May this year from $4.119 billion in the same period last year, the National Statistics Office (NSO) reported on Tuesday.

On a monthly basis, exports went up by 6.4 percent from $4.635 billion posted in April 2012.

In the first five months, the country's exports rose by 8.4 percent to $22.443 billion from $20.711 billion posted during the same first five months last year.

Electronics, which accounted for 38 percent of the total exports, dropped by 0.7 percent to $1.872 billion in May from $1.886 billion registered in May 2011.

From January to May, electronic exports fell by 1.63 percent to $10.258 billion from $10.428 billion last year.

Exports of woodcrafts and furniture amounted to $175.67 million, down by 5.7 percent compared to May 2011 level of $186.34 million.

Articles of apparel and clothing accessories recorded an export revenue of $150.46 million, decreased by 5.9 percent from $159.93 million recorded during the same month in 2011.

Rounding up the list of the top ten exports for the month of May were metal components with earnings amounting to $140.28 million; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, $128.79 million; coconut oil including crude and refined, $101.25 million; bananas (fresh); gold extracted from copper ores and concentrates, $52.11 million; pineapple and pineapple products, $36.62 million and tuna that includes fresh, frozen, prepared or preserved in airtight containers, $33.29 million.

Japan remained as the country’s top destination of exports with revenue amounting to $1.133 billion. It was higher by 81.5 percent from $624.26 million recorded a year ago.

This was followed by United States of America (USA) with total exports value $714.06 million; Thailand, $568.92 million; People’s Republic of China, $560.18 million and Hong Kong with export earnings worth $347.17 million.

Other top ten markets for May 2012 were Singapore, $338.44 million; Germany, $149.40 million; Republic of Korea, $142.29 million; Taiwan, $140.27 million; and Netherlands, $132.09 million. (PNA/Sunnex)