Exports rise 22.5 pct in January, fastest in 3 years

Reuters

Posted at Mar 10 2017 01:51 PM

MANILA - Exports grew 22.5 percent in January, the fastest pace in three years, driven by strong demand for the country's top products including apparel, electronics and coconut oil, government data showed.

January exports totaled $5 billion, with electronics accounting for P2.37 billion, the Philippine Statistics Authority said.

Imports during the same period rose 9.1 percent to P7.44 billion, bringing total trade to $12.6 billion, 14.2 percent higher compared to the same period last year.

Exports to the country's top trading partner Japan fell 6.6 percent from 2016, but exports to the United States jumped 21.2 percent. Shipments to Hong Kong and China surged 20.7 percent and 23.6 percent, respectively.

Domestic economic activity remained strong with import
growth buoyant at 9.1 percent in January, but eased from two
months of double-digit gains.