Philippine exports in May posted their highest increase since January 2011, jumping 19.7% to $4.931 billion from $4.119 billion in May last year, according to latest data from the National Statistics Office.
Month-on-month, the latest receipts grew 6.4% from April’s $4.635 billion.
“For the first five months of 2012, export earnings already rose by 8.4% to $22.4 billion from $20.7 billion in the same period in 2011,” Socioeconomic Planning Secretary Arsenio Balisacan said.
“While some of these sectors experienced lower shipments in terms of volume, their contractions can also be partly attributed to declining prices in the international market,” he said.
Accounting for 38% of the May total, electronic products emerged as the country’s top export with receipts of $1.872 billion. This is down 0.7% from $1.886 billion in May 2011. Compared to last month’s $1.635 billion, exports of electronic products expanded 14.5%.
Woodcrafts and furniture was the second top export earner in May with receipts of $175.67 million or 3.6% of the aggregate, down 5.7% from May 2011’s $186.34 million.
In third place representing 3.1% of the total were articles of apparel and clothing accessories at $150.46 million. This dropped 5.9% from $159.93 million last year.
Japan was the top export destination, accounting for 23% of the total with receipts of $1.133 billion, up 81.5% from $624.26 million recorded a year ago.
The US came next with a 14.5% share of the aggregate or $714.06 million, an increase of 1.6% from $702.56 million.
In third place was Thailand with shipments amounting to $568.92 million or 11.5% of the total. Compared to May 2011’s $176.74 million, the latest receipts expanded 221.9%.
