Philippine merchandise export performance hits a record high by growing 19.7 percent in November placing the country as the highest export performer among East and Southeast Asian economies, National Economic and Development Authority reports.
“This strong performance of the exports sector during the period was largely driven by growth in manufactures, agro-based, and mineral products. An increased demand for Philippine-made products by Taiwan, China and the United States of America likewise boosted this expansion,” NEDA Officer in Charge Emmanuel F. Esguerra said.
The Philippines outperformed Vietnam (10.8%), People’s Republic of China (4.7%), Taiwan (3.7%), Hong Kong (2.8%), Thailand (-1.0%), Republic of Korea (-2.1%), Malaysia (-2.3%), Singapore (-6.4%), Japan (-10.0%), and Indonesia (-14.6%).
“Manufactures continue to gain from positive developments in the global manufacturing sector, as better performance of both the electronics and non-electronics segments pushed exports to a higher growth path,” Esguerra explained.