Exports up 36.6% in Aug; gov't sees beating 2010 target

ABS-CBN News

Posted at Oct 12 2010 10:53 AM | Updated as of Oct 13 2010 08:45 PM

MANILA, Philippines (UPDATE) - Exports continued to post double-digit growth in August on growing demand from the country's trading partners.

Data from the National Statistics Office showed the total export bill climbed 36.6% to $4.745 billion in August from last year's level of $3.473 billion.

At this rate, the government said it could beat its export growth target this year.

"With a 36.6% year-on-year increase, the Philippines joined Vietnam as top performers among neighboring Asian economies in terms of export growth in August," said Rolando Tungpalan, offiicer-in-charge of the National Economic and Development Authority.

"We are optimistic that the country could exceed the 2010 exports growth target of 15%," Tungpalan added.

The export growth in August was the highest since May's 37.3% jump.

Month on month, exports rose 5.4% from the $4.504 billion posted in July.

Meanwhile, merchandise exports for the period January to August 2010 increased by 37.3% to $32.970 billion from $24.011 billion during the same period of 2009.

Electronic products remained the country's top export with total receipts of $2.989 billion, accounting for 63% of total export revenue.

Singapore was the Philippines' top market, with a share of 20.3% or $962.28 million of total exports.

The US came in second, with $641.74 million, followed by Japan ($603.68 million), China ($589.39 million), and Hong Kong ($404.27 million).

The government expects exports to climb 15% this year, and imports are forecast to increase 20%.

The electronics industry group, meanwhile, expects its exports to climb by 25% to 30% this year.

The local economy is projected to grow faster than the official government target of 5% to 6% in 2010, partly driven by a rebound in demand for the country's electronic and semiconductor exports.