Exports up by 20.2% in August

PHILIPPINES - In Brief 10 Oct 2013 by Romeo Bernardo

August exports posted the highest growth rate so far for 2013 with a recorded uptick of 20.2% year-on-year, which amounted to $4.581 billion. This follows the June and July positive growth numbers of 4% and 2%, respectively. Nevertheless, the year to date growth was still down by 0.83 percent due to the negative growth rates seen in the earlier months. Electronic products, which comprise the 40% of the country’s exports, decreased by 0.4% y/y. August exports were mainly driven by other manufactures, which increased by 65.6% from year ago levels. Moreover, data shows that Japan received the biggest share of the exports, raking the 25% of the total.We may expect the double digit export growth to boost the 3Q GDP. However, the 10% export growth target of the government remains largely unachievable given the year to date figure.

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