Wednesday, 12 May 2010

Philippine exports jump 43.7% in March

Daniel Anne B. Nepomuceno

PHILIPPINE MERCHANDISE exports grew 43.7% in March, fueled mainly by continued strong demand from major destinations.

The growth was the strongest annual jump recorded since 1981 with $4.18 billion worth of goods shipped for the month.

Monthly export figures further bolstered signs of global recovery, with outward shipments rising by 17% month-on-month in March, reversing the 0.3% month-on-month contraction recorded in February.

Shipments of electronic products, which accounted for more than 57.9% of the total export revenue for the month, jumped 49.1% in March to $2.42 billion, a rebound from the -33.8% recorded during the same period last year.

Last week, the government upgraded its full-year forecast for merchandise exports to 18%, give or take one percentage point, from a previous range of 10% to 14%.

The US was the top export market for the month, with receipts amounting to $703.32 million, 39.8% higher year-on-year.

Completing the top three were Japan and China, with export earnings growing by 52.8% and 58.2%, respectively.

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