PH exports manage only 3.6% growth in 2013

By Michelle V. Remo

Philippine Daily Inquirer

2:31 pm | Tuesday, February 11th, 2014

AFP FILE PHOTO

MANILA, Philippines—Philippine export growth slowed down in 2013 as sluggish performance of major economies dampened global demand.

The Philippine Statistics Authority reported Tuesday that merchandise exports amounted to $53.978 billion in 2013, up year-on-year by 3.6 percent.

The growth in exports last year was slower, however, than the 7.6 percent growth recorded in 2012.

It was also below the government’s official target of 10 percent.

In December 2013 alone, exports reached $4.599 billion, up year-on-year by 15.8 percent.

Exports in 2013 were anemic in the first half due to weak demand from key export markets, namely the United States, Europe and Japan.

Demand from those economies improved in the second half but this was not enough to make the full-year exports growth figure hit the government’s target.

For 2014, the government set an export growth target of 6 percent.

Economic officials have expressed confidence global demand would improve this year due to positive economic developments in key export markets.

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Tags: Business , merchandise exports , Philippines

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