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Phl export growth in 2012 highest among East, SE Asian countries

Filipinos have a lot to be proud of, one of which is that the country is out of the economic mire. 

According to the National Economic and Development Authority (NEDA), the posted annual growth in merchandise exports of the Philippines in December 2012 was the highest among its trade-oriented neighbors in East and Southeast Asia. 
 
“The country’s export performance in December 2012 reflects the generally improved prospects in the global economy on the back of policy support implemented by major economies, most notably of the Euro area, the United States, and Japan,” said Socioeconomic Planning Secretary Arsenio M. Balisacan as merchandise exports jumped by 16.5 percent in the said month. 
 
Other Asian economies that recorded positive export growth in December 2012 include Hong Kong (14.8 percent), the People’s Republic of China (14.1 percent), Viet Nam (14.1 percent), Thailand (13.5 percent), and Taiwan (9.0 percent). 
 
Export earnings, meanwhile, grew by 7.6 percent to $52 billion in 2012 as compared to $48.3 billion in 2011. Balisacan said, however, that this is below the Development Budget Coordination Committee-approved export growth assumption of 10.0 percent for the year. 
 
The country’s total export earnings reached $4 billion in December 2012 from $3.4 billion in the same period in 2011 as outward shipments of manufactured goods (17.8 percent), total agro-based products (19.1 percent), petroleum (137.0 percent) and forest products (29.9 percent) posted annual gains. 
 
The strong performance of manufactured exports was attributed to higher receipts from machinery and transport equipment (138.8 percent), electronic equipment and parts (52.4 percent), wood manufactures (51.3 percent), processed food and beverages (40.4 percent), chemicals (15.1 percent), travel goods and handbags (453.7 percent), miscellaneous manufactures (25.1 percent), baby carriage and toys (48.4 percent), furniture and fixtures (17.6 percent), basket work, wicker work and other articles of plaiting materials (56.1 percent), footwear (96.8 percent), and iron and steel (4.3 percent). 
 
Meanwhile, total agro-based exports amounted to $379.8 million in December 2012, up by 19.1 percent from $318.8 million in December 2011. Similarly, petroleum exports grew by 137.0 percent in December 2012 to $95.1 million from $40.1 million in the same period in 2011. 
 
Accounting for 18.0 percent of total export receipts is Japan which was the top destination of Philippine exports in December 2012. The US came in second with a 12.7 percent-share followed by the Republic of China (10.5 percent), Hong Kong SAR (9.6 percent), and Singapore (8.6 percent). 
 
(Source: Philippines Information Agency)
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National Economic and Development Authority (NEDA)