MANILA – The country’s exports increased with the fastest rate than any other major Asian economy for the month or June.
“Export gains are broad-based, as reflected by increased overseas demand for our manufactures, mineral products, total agro-based and forest product,” Economic Planning Secretary Arsenio Balisacan said in a statement.
A report by the Philippine Statistics Authority (PSA) indicated a 21.3 percent increase in June, a figure that is way higher compared to 6.9 percent recorded growth in May.
“Today’s export data bodes well for (economic) growth,” Rahul Bajoria, economist at Barclays, said in a note to investors after the data was released. Barclays projected a 7.2-percent in crease in exports for June.
Export values which were shipped amounted to $ 5.4 billion, almost half of which went to major trading partners of the country.
Among the major trader partners include Japan, China and the United States.
Several countries including Vietnam, China, Malaysia, Singapore, Thailand, Indonesia, Hong Kong, South Korea, Taiwan and Japan were outperformed by June’s increase.