The Philippines recorded its first exports growth since the onset of the coronavirus disease which began back in March.
Data from the Philippine Statistics Authority (PSA) reported that export revenues in September increased by 2.2% to USD6.22 billion this year from USD6.1 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 Trade and Industry (DTI) Secretary Ramon Lopez said last November 4.
September export revenues were also higher than August 2020’s USD5.5-billion revenue.
Further, Secretary Lopez added “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.”
Electronic goods remained the country’s top export product in September with revenues amounting to USD3.63 billion or accounting for 58.3% of the total exports as per PSA data.
Top export destinations for the country in September were:
1) China, which Filipino exporters sold USD1.22 billion;
2) Japan, with USD974.78 million;
3) United States of America, with USD903.46 million;
4) Hong Kong, with USD809.14 million; and
5) Singapore, with USD347.68 million.
Exports from January to September of this year declined by 13.8% to USD45.87 billion.