Philexport raises export target growth to 25%

The Philippine Exporters Confederation (Philexport) has raised its export target growth for 2010 to 25 percent from 20 percent following the higher-than-expected growth in merchandise exports during the first half of the year.

“The average for the first six months is 35 percent and our projection for the whole year is only 20 percent. So we may have to re-calibrate our year-end projection because of this,” said Philexport president Sergio Ortiz-Luis Jr.

At least 25-percent average export growth for the year is possible, even if revenue figure declines to 20 percent in the remaining months of 2010.

“It is expected that exports will be going down towards the end of the year because it started very high,” Ortiz-Luis said.

 He noted that this year’s export growth drivers would continue to be electronics and services sectors and even some coconut and agriculture products.

Merchandise exports from January to June 2010 posted an increase of 37.7 percent to $23.71 billion from last years $17.22 billion, according to National Statistics Office (NSO) data.

June 2010 exports earnings registered a double-digit growth of 33.4 percent to $4.54 billion.

Electronic products, already accounting for about 64 percent of the total export revenue in June 2010, grew by whopping 49 percent to $2.9 billion. These were followed by articles and apparel and clothing accessories and coconut oil with total export earnings during the month reaching $152.4 million and $95.62 million, respectively.