Philippine Daily Inquirer
3:14 am | Wednesday, January 22nd, 2014
Total Philippine exports were estimated to have grown by as much as 7.2 percent to $75.8 billion last year given the robust performance of the services sector, the Department of Trade and Industry said.
Export growth in 2013 is expected to have outpaced the increase registered in 2012 “on the back of strong outsourcing and tourism performance as well as the preliminary recovery in merchandise shipments,” the DTI’s Bureau of Export Trade Promotions said.
“This comes as services bolstered the export tally by growing by more than a fifth to $21.6 billion at the close of (2013) from $16 billion in 2012,” the BETP said in a statement issued on Tuesday.
Merchandise export receipts alone were expected to have grown by between 2.2 percent and 4.1 percent, to top the $52.099 billion record receipts posted in 2012.
“I am confident merchandise exports will be at least close to 2012 levels,” said DTI-BETP Director Senen M. Perlada.
Based on data provided by the DTI-BETP, the 11-month merchandise export tally had hit $49.4 billion, a 2.6 percent increase from a year before. Exports in November 2013 surged by 18.9 percent to $4.3 billion from the previous year.
According to DTI-BETP, the improved numbers from January to November 2013 can be attributed to the robust automotive and consumer electronics growth, which had helped temper the contraction in semiconductor exports. The modest growth could likewise be attributed to the double-digit surges in shipments of mineral products, food, construction materials, chemicals, furniture, fixtures and home decor.
“Moving forward, the same bright spots are seen to drive exports growth in 2014. Growth in Information Technology-Business Process Outsourcing (IT-BPO) industry is expected to continue this year on the back of expansion into nonvoice services,” Perlada said.
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Tags: export growth , Exports , Philippines , Trade
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