Export receipts up by 10.5%

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MANILA – The country’s merchandise exports increased by a double-digit pace in August, according to a data released by the Philippine Statistics Authority (PSA) on Friday.

From the $4.956 billion recorded in the same month last year, the country’s goods exported abroad grew by 10.5 percent to $5.474 billion last August,

This figure is also higher than the $5.461 billion recorded in the previous months.

A total of $40.748 billion export sales were recorded from January to August which is 9.2 percent higher than the the $37.33 billion reported in the same eight-month period last year.

This made the country’s export growth rank third among the fastest in the East and Southeast Asian regions.

The Philippines’ 10.5 percent export growth is thus, next to Vietnam’s 12.6-percent expansion and Indonesia’s 10.6 percent, according to the National Economic and Development Authority (Neda).

This increase in the merchandise exports would most likely be sustained in the next months, according to Neda Deputy Director General and Officer-in-Charge Emmanuel F. Esguerra in a statement.

“This expectation is primarily anchored on increasing global demand alongside business expansions and new product launches for garments and information technology sectors, as well as improved availability of raw materials and agricultural products. Moving forward, export revenue growth is likely to be driven by the rebound in the export of electronic products, machinery and transport and other electronics,” Esguerra said.