Philippine exports up 33% in 2010

The Philippine  exports posted a 33.8 percent growth in 2010 to US$51.43 billion from $38.43 billion during the same period in 2009.

Total imports posted a 26.9 percent annual increase last year to $54.702 billion from $43.092 billion in 2009. The National Statistics Office (NSO) reported that the balance of trade in goods (BOT-G) for 2010 registered a deficit of $3.27 billion, lower than the $4.65 billion deficit in 2009.

Total external trade in goods in 2010 reached $106.13 billion, up by 30.2 percent from $81.52 billion registered during the same period in 2009.

Combined import and export merchandise trade for December 2010 was up by 25.8 percent to $9.13 billion from $7.25 billion in December 2009.

Total merchandise imports increased at 25.2 percent to $4.930 billion from $3.936 billion in December 2009. Total exports, on the other hand, rose by 26.5 percent to $4.201 billion from $3.321 billion in December 2009.

 The balance of trade in goods (BOT-G) in December 2010 posted a deficit of $729.00 million compared to last year’s recorded deficit value of $615.00 million.

Accounting for 34.6 percent of the aggregate import bill, payments for electronic products in December 2010 amounted to $1.706 billion, up by 35.3 percent from $1.26 billion in 2009.

Among the major groups of electronic products, semiconductors having the biggest share of 28.8 percent, expanded by 57 percent to $1.41 billion from $902.97 million in December 2009.

Imports of mineral fuels in December 2010 ranked second with 19.1 percent share and posted a positive growth of 23.7 percent to $940.95 million from $760.54 million in December 2009.

 Transport equipment the country’s third top imports for the month with 7.6 percent share to total imports at $373.61 million. The value accelerated by 77.7 percent from its previous year level of $210.20 million.

Industrial machinery and equipment contributing 4.8 percent to the total import bill, was the country’s fourth top import for the month with payments placed at $236.45 million, an increase of 18.5 percent from last year’s level of $199.51 million.

Fifth in rank and with 2.4 percent share of the total imports was iron and steel which expanded by 91.3 percent, the highest annual growth rate among the top ten imports to $116.83 million from $61.09 million in December 2009.

Chemicals ranked sixth, comprising 2.2 percent of the total imports, reached $106.08 million, higher by 27.2 percent from $83.37 million recorded in December 2009.

The other top imports for December 2010 were telecommunication equipment and electrical machinery worth $104.35 million, up by 41.8 percent; plastics amounting to $99.42 million increased by 46.5 percent; metal products valued at $67.06 million higher by 46.7 percent; and fertilizer with purchases placed at $64.28 million rose by 80 percent.

Advertisements