THE Philippine exports surged to $4.758 billion in October, 3.7 percent higher than the $4.590 billion recorded during the same month last year, the Philippine Statistics Authority (PSA) said Friday, December 9.
The increase was attributed to six major commodities out of the top 10 export commodities for the month, PSA said.
These include coconut oil (60.4 percent), metal components (55.6 percent), other mineral products (23.9 percent), electronic equipment and parts (11.2 percent), electronic products (4.7 percent), and ignition wiring set and other wiring sets used in vehicles, aircraft, and ships (2.4 percent).
PSA said total exports from January to October declined by 5.3 percent to $46.449 billion from $49.050 billion in the same period of 2015.
Socioeconomic Planning Secretary Ernesto Pernia said the government expects exports to increase, citing the lifting of Chinese ban on Philippine bananas and mangoes.
The potential is also huge for China-bound exports of high value crops like mango, coconut, and dragon fruit, as well as that of fishery products, including lapu-lapu (grouper fish), crabs, shrimps, prawns, and tuna.
“The country’s improving relationship with Russia will also spur growth in the exports sector, as Russia committed to import around US$2.5 billion worth of Philippine fruits, grains, and vegetables in the next twelve months,” he added.
Pernia said that he is hopeful about the global economy specially given the good jobs data in the US recently. He added it is important for the Philippines to harness opportunities offered by the Asean bloc’s ties with China, Japan, Korea, India, Australia, and New Zealand. (SDR/Sunnex)