Philippines strongest export performer in region-A A +A
Tuesday, November 13, 2012
THE Philippines became the strongest performer among its East and Southeast Asian neighbors in terms of export growth for September 2012, the Department of Trade and Industry (DTI) said Tuesday.
"The country's merchandise exports growth momentum remains robust despite significant threat posed by the crisis in the Euro area and lethargic state of the US economy," Trade Undersecretary Cristino Panlilio said.
In a report from the National Economic and Development Authority (Neda), the Philippines emerged as the top performer in the region in terms of export growth with 22.8 year-on-year increase in September 2012. Major trade-oriented economies in East and Southeast Asia registered mixed export performance in September 2012.
The Philippines bested Hong Kong SAR with 15.8 percent increase. Other countries which posted positive export growth were Vietnam (15.6%), Taiwan (14%), the People's Republic of China (9.9%) and Thailand (0.2%).
"We have always aimed to make our export growth rate at par with our Asean neighbors to sustain country's growth," Panlilio said.
In a report from National Statistics Office (NSO), export earnings for September 2012 expanded by 22.8 percent to US$4.784 billion from US$3.897 billion recorded in September 2011. On a monthly basis, it expanded by about 26 percent from US$3.798 billion posted in August 2012.
The total volume of outward shipments in September 2012 showed an increase of 47.3 percent year-on-year and 152.6 percent expansion compared to last month’s outward shipments. Likewise, cumulative merchandise exports for the first nine months of 2012 recorded a positive growth of 7.2 percent to US$40.067 billion from US$37.376 billion posted during the same period in 2011.
The growth was brought about by the increase in value of shipments of commodities such as tuna, metal components, fresh bananas, woodcrafts and furniture, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, petroleum products, coconut oil and electronic products.
"While Philippine exports have been previously growing at a slower rate because of weak demand especially in our large consumer market, we are optimistic to accomplish our targets to double our total exports to US$100 billion by 2016 with the current development in Philippine export growth," Bureau of Export Trade Promotion (BETP) Director Senen M. Perlada said.
In the NSO report, the top three destinations of the Philippine exports are Japan, USA including Alaska and Hawaii, and People's Republic of China (PROC) for September 2012. Japan was the top destination of the country's exports as it recorded US$1.5 million or 115.1 percent higher compared to US684.9 million in September 2011. Japan is followed by USA, and China with US$602.89 million and US$529.12 million, or 12.6 percent and 11.1 percent of total exports, respectively.
The other top markets for September were Hong Kong with US$358.88 million; Singapore, 341.19 million; Thailand, US$218.51 million; Taiwan, $182.92 million; Republic of Korea, US$179.76 million; Germany, US137.79 million; and Netherlands, US$120.92.
The total export revenues from PROC, Hong Kong and Taiwan accounted for 22.4 percent of the Philippines' total merchandise exports. Exports to the Asean and the European Union covered 15.3 percent and 93.3 percent, respectively.
The bulk of the shipments to the Philippines' top five overseas markets were composed semiconductors, miscellaneous manufactures and wood manufactures.
"With this progressive expansion in our export performance, we will continue our export promotion efforts to monitor developments in global trade with the end in view of finding new markets and seeking niche opportunities in conventional markets to achieve our export target," Panlilio said. (SDR/Sunnex)