MANILA, Philippines (UPDATE) - Merchandise exports continued to post double-digit growth in June, although slower than the previous month's rise.
Data from the National Statistics Office showed that the country's total export bill grew 33.4% to $4.55 billion in June from the year-ago level of $3.41 billion. Month on month, exports went up 7.2% from $4.24 billion in May.
Overall exports in the first half of the year climbed 37.65% to $23.711 billion from $17.225 billion during the same 6-month period in 2009.
Electronics shipments, which dominate exports and are largely assembled for imported parts, jumped 49.1% year-on-year to $2.9 billion in June after a 41% rise in May, the NSO said. Electronics made up 63.9% of June export revenues.
Other top earners were apparel and clothing accessories, coconut oil, woodcrafts and furniture.
Singapore emerged as the country's top export destination for the month, accounting for 16.5% of the total bill, with receipts worth $748.83 million, higher by a hefty 201.1% year on year.
The United States came in second with export earnings of $743.49 million, followed by Japan ($659.23 million), Hong Kong ($406.28 million), and China ($403.86 million).
The government expects exports to climb 15% this year, higher than its earlier estimate of 12% growth. Imports, on the other hand, are forecast to increase 20% from a previous estimate of 18%.
The electronics industry group expects its exports to climb 25% to 30% this year, notwithstanding signs demand may soften due to faltering global growth.
The local economy though is expected to grow faster than the official target of 5% to 6%, and accelerate to 7% to 8% in 2011. The economy grew at its quickest pace in 22 years in January to March on a seasonally adjusted basis, thanks to election spending, government pump-priming and a turnaround in exports. With a report from Reuters