PHL exports up 19.7% in May — NSO

Philippine merchandise exports jumped by 19.7 percent to $4.931 billion in May from $4.119 billion a year earlier, the National Statistics Office reported Tuesday.

Exports likewise recorded a 6.4 percent increase month-on-month from April’s $4.635 billion. 

 

Total exports in the first five months of the year amounted to $22.443 billion, 8.4 percent more than the $20.711 billion in the comparative 2011 period.

 

Electronic products topped Philippine exports, amounting to $1.872 billion or 38 percent of total revenue last May. Month-on-month, shipments in electronic products increased by 14.5 percent from $1.635 billion.

 

However, revenue from electronic shipments last May was still 0.7 percent short of the year earlier earnings.

 

The No. 2 export earner – woodcrafts and furniture – dipped by 5.7 percent in value to $175.67 million.

 

Articles of apparel and clothing accessories were the country’s third top export earner with revenues of $150.46 million, down by 5.9 percent from a year earlier.

 

Metal component and ignition wiring set completed the Top 5 export earners in May.

 

Rounding up the list of Top 10 shipments were coconut oil, fresh bananas, gold, pineapple and pineapple products, and tuna.

 

Total receipts from the Top 10 exports reached $2.748 billion, or 55.7 percent of total shipments, according to NSO.

 

Shipments to Japan  

Japan received 23 percent of Philippine exports with revenues amounting to $1.33 billion, up 81.5 percent from $624.26 million.

 

United States of America bought 14.5 percent of total Philippine exports valued at $714.06 million, a marginal increase of 1.6 percent from $702.56 million.

 

Thailand, China and Hong Kong completed the Top 5 buyers of Philippine products in May.

 

Merchandise exports to East Asia (China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan) accounted for 47.2 percent of the total exports, amounting to $2.325 billion, up 25.6 percent, NSO records showed.

 

Merchandise exports to the European Union – 9.8 percent of total exports – amounted to $481.20 million, up 10.5 percent from $435.57 million. — RRD/VS, GMA News