PHL exports growth tops in East, SE Asia-A A +A
Tuesday, August 19, 2014
PHILIPPINE merchandise exports grew by 21.3 percent, making it the top export performer among selected East and Southeast Asian economies, and raising hopes for a stronger expansion for the rest of 2014, according to the National Economic and Development Authority (NEDA).
“This is the highest level since the economy started posting a continuous positive growth in the same period last year. It is also way faster than the 6.9-percent increase in May 2014 and the 4.1-percent expansion in June 2013,” said Economic Planning Secretary Arsenio M. Balisacan.
The Philippines outperformed Vietnam (12.7 percent), People’s Republic of China (7.2 percent), Malaysia (5.6 percent), Singapore (4.7 percent), Thailand (3.9 percent), Indonesia (3.8 percent), Hong Kong (2.7 percent), Republic of Korea (2.5 percent), Taiwan (1.2 percent), and Japan (-6.5 percent).
Philippine exports grew to $5.4 billion from $4.5 billion in June 20l3. For the first half of 2014, total exports rose by 8.3 percent to $29.8 billion from $27.5 billion in a comparable period last year.
“The export gains are broad-based, as reflected by increased overseas demand for our manufactures, mineral products, total agro-based, and forest products. This also indicates that the global economy is ready for a strong recovery,” said Balisacan, who is also NEDA Director-General.
Manufactured goods posted a double-digit growth rate of 15.7 percent, which amounted to $4.3 billion in June 2014 from $3.7 billion in June 2013. Most notably, the exports value of electronics products reached $2.2 billion in June 2014, up by 10.7 percent compared to $2.0 billion in the same period last year.
In addition, semiconductors, which comprised more than half of the country’s total electronics exports during the period, posted its first positive growth rate in 2014. (Neda)
Published in the Sun.Star Cagayan de Oro newspaper on August 19, 2014.