Philippine Export rise to 6.1% led by Tuna and Banana as top gainers
Top gainers included tuna (294.4%), bananas (101.9%), petroleum products (43.5%), metal components (40.7%), and coconut oil (5.6%).
PHILIPPINES EXPORTS continue climb in October despite electronics' subdued growth, buoyed by gains in other commodities, data from the National Statistics Office (NSO) showed.
Outbound shipments stood at $4.41 billion, up 6.1% from the $4.16 billion recorded a year earlier. Month-on-month, however, exports contracted by 7.9% from $4.78 billion in September.
The October result brought aggregate merchandise exports for the year to $44.47 billion, up by 7.1% from last year's $41.53 billion but still short of the government's revised 8% full-year target.
Electronics, the country's top export with a 43.1% share of total revenues, eked out muted gains. Export sales totaled $1.90 billion, up by 0.3% and trimming its total year-to-date loss to 6.56%, NSO data showed.
Faster upticks were seen in woodcraft and furniture, which grew by 14.3% to $237.25 million; and cathodes and sections of cathodes, which grew by 44.8% to $149.63 million.
Top gainers included tuna (294.4%), bananas (101.9%), petroleum products (43.5%), metal components (40.7%), and coconut oil (5.6%).
Japan emerged as the country's top export destination in October with revenues reaching $730.71 million, followed by Hong Kong with $646.93 million. East Asia was the biggest bloc for Philippine exports, accounting for 55.3% of total exports at $2.44 billion in October. (http://is.gd/buvdgb)
Business World Online
Written by Makisig Bayani
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