MANILA: Philippine merchandise export revenues in April 2017 increased 12.1 percent year on year to USD4.8 billion from USD4.28 billion.
The double-digit expansion of exports in April was brought by the robust growth performance of nine of the country’s top 10 exports, led by outbound shipments of gold surging by 2,740 percent valued at USD122.81 million.
Out of the top 10 export commodities, only ignition wiring set and other wiring sets for vehicles, aircraft and ships registered a decrement of 3.7 percent in April.
Electronics remained to be the country’s top export product in April, accounting for 51 percent of the total exports revenue.
Outbound shipments of electronic goods went up 6.8 percent to USD2.44 billion from USD2.29 billion in April 2016.
Data from the Philippine Statistics Authority (PSA) showed that Japan and the US were still the top export destinations of Philippine products.
It was however noted that Philippine exports to Asian and European partners have expanded significantly.
Exports to Hong Kong, the country’s number three export partner jumped 37 percent to USD647 million; China, up 26 percent to USD535 million; South Korea, up 19 percent to USD182 million; Taiwan, up 26 percent to USD179 million; Malaysia, up 28 percent to USD133 million; Vietnam, up 30 percent to USD76 million; India, up 204 percent to USD75 million; and Indonesia, up 32 percent to USD60 million.
Exports to Germany and Netherlands also posted increases of 19 percent and 13 percent, respectively. Exports to France had an increment of 8.0 percent in April.
