Thursday, September 09, 2010

RP exports surged 35.9% in July

Exports climbed 35.9 percent in July from a year earlier, reaching $4.502 billion due to sustained demand for electronics products, the National Statistics Office said Thursday.

The double-digit rate of increase in July was faster than the 33.7 percent yearly rise registered in June.

Also, the export performance in July was a turnaround from the 25.3-percent decline in the same month last year.

The NSO said that July’s figure marked the eighth consecutive month when exports registered positive year-on-year growth.

USA is no longer the top market.

Singapore, the Philippines’ largest trading partner in Southeast Asia, was the top market, accounting for 17.6 percent of total outbound traffic. Value of shipments to Singapore increased by 275.4 percent to $793.74 million. The United States accounted for 16 percent of total shipments. Exports to that country went up by 23.2 percent to $719.35 million. Shipments to Japan made up 12.7 percent of total, rising 3.7 percent to $570.98 million.