PHL exports up 7.8% in July — NSO

Philippine merchandise exports jumped 7.8 percent to $4.807 billion last July from $4.460 billion a year earlier, the National Statistics Office (NSO) reported Tuesday.   NSO noted annual growth in seven of the Top 10 Philippine exports – activated carbon, metal components, bananas, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, pineapple and pineapple products, tuna and woodcrafts and furniture.   Month-on-month, July exports went up 11.4 percent from $4.314 billion in June.   In the seven months to July, aggregate exports increased 7.7 percent to $31.564 billion from $29.306 billion a year earlier.   Payments for electronic products – traditionally the country’s top export items – totaled $1.675 billion, accounting for 34.9 percent of aggregate exports for July. The bill for this category was down 25.6 percent from $2.253 billion last year, the NSO said.   Semiconductors accounted for 28 percent of electronic products, but payments shrank to $1.344 billion from $1.529 billion.   Singapore was the top buyer of Philippine exports accounting for 17.3-percent of total payments. Its export bill surged 137.1 percent to $832.45 million from $351.13 million.   Japan including Okinawa were the second largest buyer of Philippine products, with a 15.9 percent share. Payments were recorded at $764.13 million, down 27.5 percent from $1.055 billion.   United States of America including Alaska and Hawaii came third, accounting for 13.9-percent share of the total export bill, registering a 2.5 percent growth to $667.64 million from $651.59 million.   The fourth export destination of Philippine goods was People’s Republic of China with total exports of $495.21 million from $573.56 million, down 13.7 percent.   Hong Kong bought 7.6 percent of total exports, amounting to $365.95 million, up 25.8 percent from $290.89 million.   Other major buyers of Philippine goods were Thailand at $273.17 million, Netherlands at $192.60 million, Republic of Korea at $191.48 million, Indonesia at $188.31 million, and Taiwan at $149.44 million.   Shipments to the Top 10 destinations amounted to $4.120 billion or 85.7 percent of the total, the NSO said. — Marc Jayson Cayabyab/VS, GMA News