PASIG CITY, Nov 13 — Philippine merchandise exports grew by 15.7 percent in September 2014, topping trade-oriented economies in East and Southeast Asia since June, according to the National Economic and Development Authority (NEDA).
The Philippines outperformed China (15.3%), Vietnam (14.4%), Republic of Korea (6.9%), Taiwan (4.7%), Indonesia (3.9%), Thailand (3.2%), Malaysia (3.0%), and Hong Kong (1.0%). Meanwhile, Japan and Singapore posted negative growth at -1.2 percent and -1.6 percent, respectively.
Total revenues from exports rose to US$5.8 billion during the period from US$5.1 billion in September 2013, due to increased overseas sales of manufactures, petroleum, and forest products.
To date, total export revenues increased by 9.9 percent from US$42.4 billion in the same period last year to US$46.6 billion.
Revenues from manufactured products registered its highest year-on-year growth thus far in 2014 at 19.7 percent to reach US$5.0 billion from US$4.2 billion in September 2013.
Seen as an emerging important revenue earner, chemical products posted a 94.6 percent increase in export volume to Japan, PR China, India, Malaysia, Taiwan and Hong Kong, which accounted for more than 90 percent of the country’s total export volume of chemicals during the period. For the month of September 2014, chemical products contributed 7.2 percentage points to exports growth.
Meanwhile, outward shipments for petroleum products was higher by 53.2 percent to US$83.8 million in September 2014 from $54.7 million in the same month in 2013.
Similarly, higher external demand for logs and lumber increased revenues from forest products at 21.4 percent, amounting to US$8.22 million in September 2014 from S$6.77 million in the same period last year.
Japan remains as the country’s top export market accounting for 29.6 percent of our total revenue from merchandise exports during the period. The USA came second with a 13.6 percent share, followed by China with 10.5 percent.
In terms of regional destination, outward shipments to East Asia (PR China, Hong Kong, Taiwan, Japan, the Republic of Korea, Macau, Mongolia, and North Korea) comprised 56.3 percent of the country’s total exports. This is followed by the Association of Southeast Asian Nations (ASEAN) member-countries with 13.9 percent share, and the European Union (EU) with 10.4 percent.