February 12, 2013

Philippine Exports up 7.6% Failed to reach Target of 10% According to Initial reading

Ovrall growth in exports in 2012 has been restrained due largely to lackluster global deman for the country's main semiconductors and electronics shipments. The latest data brought exports for the whole of 2012 to $52 billion, up 20 7.6% from last year. NEDA said that the Philippines posted the highest annual growth in merchandise exports in December 2012 (+16.5%) among its traded-oriented neighbors like Hongkong (14.8%), China (14.1%), Vietnam (14.1%), Thailand (13.5%) and Taiwan (9%).

However, the government is failed to reach the target of 10% increase in total exports.

“This is, however, below the Development Budget Coordination Committee-approved export growth assumption of 10 percent [growth] for the year,” Socioeconomic Planning Secretary Arsenio Balisacan said.

Balisacan also added "The country’s export performance in December 2012 reflects the generally improved prospects in the global economy on the back of policy support implemented by major economies, most notably of the Euro area, the United States, and Japan."