PHL exports expand at a slower 6.1% in Oct.

Philippine exports grew slower 6.1 percent in October, dragged by plummeting shipments of apparel and clothing accessories , the National Statistics Office reported Tuesday. 

 

Receipts totaled $4.408 billion in October, up from $4.155 billion a year earlier. 

 

Month-on-month, however, shipments registered a 7.9 percent decline. Receipts in September hit $4.784 billion, a surprising 22.8 percent growth and a two-year high. 

 

In the ten months to October, export receipts reached $44.475 billion, up 7.1 percent from $41.532 billion in the same period last year.

 

Total volume of outward shipments for the month increased by 39.2 percent year-on-year.

 

In a statement, the NSO said year-on-year growth was “brought about by the increase in value of shipments of …” tuna (up 294.4 percent), bananas (up 101.9 percent), cathodes (up 44.8 percent), petroleum products (up 43.5 percent), metal components (up 40.7 percent), woodcraft (up 14.3 percent), coconut oil (up 5.6 percent) and electronic products (up 0.3 percent).

 

But exports on articles of apparel and clothing accessories in October contracted by nearly 50 percent to $87.59 million, while ignition and other wiring sets was down 0.4 percent, NSO data show. 

 

Still, electronics remained the country's top export earner with receipts worth $1.9 billion or 43.1% of total earnings for the month. 

 

While electronics grew in terms of value, the NSO said “outward shipments were down by 2.1 percent compared to same month of last year’s recorded shipments.”

 

Japan emerged as the top export destination in October, accounting for 16.6 percent or $730.1 million. 

 

Hong Kong and the United States were the second and third top buyers of Philippine products with receipts worth $646.93 million and $583.56 million, respectively. — SOA/VS, GMA News