Philippines records first exports growth in 6 months
The country recorded its first exports growth since the onset of Covid-19 in March.
Data from the Philippine Statistics Authority (PSA) reported that export revenues in September increased by 2.2 percent to $6.22 billion this year from $6.1 billion in September 2019.
“We are glad to see positive results in our merchandise exports despite the challenges brought by the pandemic to the international trade market. This gives a positive outlook on our economic recovery efforts even as we ensure the market accessibility of our exports to our global trading partners,” Department of Trade and Industry (DTI) Secretary Ramon Lopez said Wednesday.
September export revenues were also higher than August 2020’s $5.5-billion revenue.
“As the country continues to open up its economy again, easing up travel restrictions but still observing health protocols for workers, merchandise exports could be on its sustained uptrend for the rest of the year,” Lopez added.
PSA data showed that electronic goods remained the country’s top export product in September, with revenues amounting to $3.63 billion, or accounting for 58.3 percent of the total exports.
Top export destinations for the country in September were China, which Filipino exporters sold $1.22 billion; Japan, with $974.78 million; United States of America, with $903.46 million; Hong Kong, with $809.14 million; and Singapore, with $347.68 million.
Meanwhile, exports from January to September this year declined by 13.8 percent to $45.87 billion.
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