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RP exports up 11% in February

Exports up 11% in February
(PNA) — Merchandise exports in February this year has increased by 11 percent to USD4.78 billion from USD4.31 billion a year ago, the Philippine Statistics Authority (PSA) reported Tuesday.
Eight out of the country’s top ten exports made increments in its revenue in February.

Total receipts from the top ten exports reached $3.948 billion or 82.6 percent of the total exports and grew by 18.9 percent in February 2017. | From PSA website
Top gainers for the month of February were sectors of cathodes and sections of cathodes, of refined copper, surging by 947 percent; other mineral products, up by 108 percent; coconut oil, up by 67 percent; electronic equipment and parts, up by 65 percent; metal components, up by 29 percent; other manufactures, up by 20 percent; electronic products, up by 16 percent; and chemicals, up by 10 percent.
On the other hand, machinery and transport equipment as well as ignition wiring set and other wiring sets used in vehicles, aircrafts and ships declined their exports receipts by 17 percent and 14 percent, respectively.

Electronic goods remained the top exported goods for the country in February, accounting for 51.6 percent of the total revenues in the said month.

Electronics exports improved to USD2.47 billion this year from USD2.13 billion February 2016.
This is followed by other manufactures with revenues increasing to USD345 million; machinery and transport equipment with exports amounting to USD240 million; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships with shipments reaching to USD179 million; and cathodes and sections of cathodes, of refined copper with revenues valuing at USD141 million.
Top export destinations for Philippine products in February this year include the United States, Japan, Hong Kong, China, and Singapore.
Meanwhile, two-month exports revenue this year grew by 17.4 percent to USD9.97 billion from USD8.5 billion in the same period last year. (PNA) – Kris M. Crismundo
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