By Kris M. Crismundo
MANILA, Oct 10 (PNA) — Exports of goods in August 2014 has increased by 10.5 percent to USD5.47 billion against last year’s same period of USD4.96 billion, the Philippine Statistics Authority (PSA) reported Friday.
PSA said the double-digit growth of exports revenue in August was pushed by increased exports of eight major commodities out of the top ten goods for the month.
these exports gainers in August include coconut oil with revenue growing by 165.8 percent; articles of apparel and clothing accessories, up by 86 percent; machinery and transport equipment, up by 84.9 percent; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, up by 83.9 percent; other mineral products, 65.7 percent; metal components, 26.3 percent; chemicals, by 16.8 percent; and electronic products, up by 10 percent.
On the other hand, exports of other manufactures as well as woodcraft and furniture declined by 41.4 percent and 31.8 percent, respectively.
Top exported product in August was electronic goods which shared 41.6 percent to the total or exports amounting USD2.28 billion.
Other manufactures, the country’s second largest exported product in the same month, earned USD373.6 million.
This is followed by machinery and transport equipment with exports revenue of USD 331.06 million; other mineral products earning USD318.33 million; and woodcraft and furniture with USD251.97 million.
Among the top five export destination of Philippine products in August include Japan, China, United States of America (USA), Hong Kong and Singapore.
Significant increase in export revenue was also noted in China.
The Philippines’ export to China in August grew by 58.4 percent year-on-year to USD820.74 million from USD518.09 million, making it the second largest export partner of the country in the said month.
Top export partner of the Philippines in August was Japan with exports amounting to USD1.04 billion. However, exports to Japan declined by 15.3 percent from last year’s same period of USD1.23 billion.
Exports to USA had an increment of 33.2 percent amounting to USD799.62 million, followed by Hong Kong at USD476.24 million and Singapore at USD405.67 million.
Meanwhile, eight-month exports increased by 9.2 percent to USD40.78 billion this year from 2013’s value of USD37.33 billion. (PNA)