Growth in Philippine merchandise export surpassed trade-oriented economies in East and Southeast Asia. It grew by 15.7 percent in September, the end of last quarter.
“The country’s export performance for the last two quarters of 2014 culminated remarkably despite slower growth in July (12.4%) and in August (10.5%). From a peak of 21.3 percent in June 2014, the latest merchandise export growth outturn signals the rebound of the exports sector, even surpassing most economies in the region during the period,” as reported by Deputy Director-General and currently NEDA Officer in Charge Rolando G. Tungpalan.
Philippines performed better than People’s Republic of China with 15.3 percent growth in export, Vietnam with 14.4%, Republic of Korea (6.9%), Taiwan (4.7%), Indonesia (3.9%), Thailand (3.2%), Malaysia (3.0%), and Hong Kong (1.0%). Japan and Singapore had negative growth at 1.2 percent and 1.6 percent decline respectively.
The country’s overall export posted US$5.8 billion revenues during the said period increasing the sales in manufactures, petroleum, and forest products.
“Overall, total exports is expected to continue to post positive gains during the remaining months of the year owing to the holiday season. The Japanese and the US markets will likely boost Philippine exports for the remaining months given the recent optimism building up in the Japanese manufacturing sector and the broad-based expansion in industrial production in the US,” Tungpalan said.