PHILIPPINE exports posted double-digit growth in December, the first after almost a year of decline due to the global financial crisis.
Latest data from the National Statistics Office (NSO) showed that exports soared 23.6% in December to $3.304 billion compared with $2.675 billion in the same period of 2008.
But month-on-month, the December figure is still 11% down from $3.712 billion posted in November 2009.
For the 12-month period, exports declined 21.9% to $38.327 billion from $49.078 billion in 2008.
Electronic products continued to be the country’s top shipment, accounting for almost 57% with earnings of $1.881 billion, 40.9% higher than the $1.335 billion posted in December 2008.
Articles of Apparel and Clothing Accessories came in second. Comprising 4% of total exports, shipment revenues reached $131.54 million, 17.8% lower than the $159.96 million in December 2008.
Coconut Oil (including crude and refined) followed as the third top earner in December 2009 with earnings of $87.40 million or a share of 2.6% to the total. Shipment value expanded 14.4% from $76.40 million in December 2008.
Key export markets
The US remained the country’s top export destination, accounting for 19% of total exports for December 2009 with revenues amounting to $627.86 million.
Japan followed with earnings of $507.46 million or 15.4% share of the total.
The Netherlands came in third with shipments of $295.24 million and representing 8.9% of the total. Singapore ranked fourth with $283.19 million or 8.6% of the total.
In fifth place and accounting for 7.4% share of the total was Germany. Earnings reached $245.18.
Rounding up the top ten export markets for December 2009 were China, $234.62 million; Hong Kong, $217.32 million; Korea, $136.27 million; Thailand, $131.11 million; and Taiwan, $103.72 million.
