Philippines sustains export growth

The increase in overseas shipments of mineral, coconut, garments and electronic products has helped sustain the Philippine exports growth.
Socio-economic Planning Sec. Arsenio Balisacan noted that the growth in exports of mineral products has more than offset the decline in shipments of manufactures, petroleum, agro-based and forest products.
Coming from a contraction of 4.6 percent in September 2012, the receipts from mineral products significantly increased to 65.3 percent in the same period this year.
Copper metal (36.3%), copper concentrates (75.1%), gold (322.6%), and iron ore agglomerates (214.3%) compensated for the lower value of outward shipments of manufactures (-4.3%), petroleum (-41.4%), total agro-based (-6.5%) and forest products (-43.9%).
Agro-based coconut products (13.7%), particularly desiccated coconut (22.8%) and copra meal (78.3%), also supported exports growth, together with garments (12.1%) and electronic products 12.8%).
The earnings from electronics recovered from a 0.4 percent contraction in August 2013 and increased by 12.8% year-on-year in September 2013.
This was attributed to increased overseas sales of electronic data processing (EDP) (165.6%), control and instrumentation (27.7%), office equipment (11.9%), and communication radar (10.3%). This countered the year-on-year contractions posted by semiconductors (-3.9%), automotive electronics (-94.7%), telecommunications (-43.8%), consumer electronics (-15.9%) and medical/industrial instrumentation (-7.8%).
Sec. Balisacan said the increase in export earnings of EDP was buoyed largely by business purchases of personal computers in the third quarter of 2013 while the decline in exports of semiconductors was due to the less buoyant market in Japan, which recorded a 12.9-percent decline in domestic sales in September 2013.

“The country posted a positive export performance amid the sluggishness of the sector in some of its neighboring countries like Japan, Thailand, Taiwan, Indonesia, Korea, China, Malaysia and Hong Kong. This is notwithstanding the fact that we trailed behind Vietnam and Singapore,” Balisacan said.

Japan recorded the deepest decline of 12.2 percent in the total value of exports due to the depreciation of the Yen against the US dollar as the total value of Japan’s exports valued in Yen increased by 11.5 percent.
The exports performance of Thailand (-7.1%), Taiwan (-7.0%), Indonesia (-6.8%), Korea     (-1.6%), China (-0.3%), Malaysia (0.1%) and Hong Kong (3.4%) also lagged behind the Philippines.
Japan remained as the top destination of Philippine exports in September 2013, accounting for 22.4 percent of the country’s total export receipts. The US was the second largest export destination, with 15.0-percent share.