Philippine exports grew 6.1% to $4.408 billion in October from $4.156 billion year-on-year, based on latest data from the National Statistics Office.
This brings export receipts for the 10-month period to $44.475 billion, up 7.1% from $41.532 billion in the same period last year.
Month-on-month revenues, however, contracted 7.9 % from $4.784 billion in September.
Electronic products emerged as the country’s top export with receipts of $1.90 billion, accounting for 43.1% of the total, up 0.3% from October.
With a 5.4% share or $237.25 million of the aggregate were earnings from woodcrafts and furniture, which exhibited a 14.3% growth from $207.64 million.
Cathodes and sections of cathodes and of refined copper saw receipts of $149.63 million or 3.4% of the total. This reflected a 44.8% expansion compared to $103.37 million in October 2011.
Japan remained the country’s top export destination, cornering 16.6% of the total for October with $730.71 million. The latest figure was down 12.9% from $838.74 million.
Hong Kong accounted for 14.7% of the aggregate with earnings worth $646.93 million, a 135.8% jump from $274.42 million reported a year earlier.
The US was the third top export destination for Philippine goods, representing 13.2% of the total at $583.56 million. Compared to October 2011, the latest figure was down 4% from $607.94 million.
Rounding up the top 10 export destinations for October were China with $548.43 million; Korea, $352.19 million; Singapore, $293.24 million; Thailand, $158.80 million; Taiwan, $157.82 million; Germany, $147.73 million; and the Netherlands, $120.56 million.
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