Trade export to East Asia soars – NSO

MANILA, Philippines—The country’s trade exports to East Asian countries continuously increase while exports to the United States and European Union decline, National Statistics Office Administrator Carmelita Ericta said.

Merchandise exports to Japan reported the highest yield among East Asian countries, comprising 23.8 percent share of the total exports of the country for July 2011, she said.

The total export generated a revenue amounted to $1.054 billion. This is 84.7 percent higher from the $570.99 million revenue of exports for the same period last year.

The People’s Republic of China comes second accounting for 12.3 percent share of the total exports. The total revenue amounted to $546.55 million, an increase of 38.7 percent from $394.05 million recorded last year.

According to the NSO report, exports to Hong Kong generated $289.68 million worth of total earnings or 6.5 percent share of the total exports. Meanwhile, Taiwan generated $164.51 million (3.7 percent) and Republic of Korea, $129.69 million (2.9 percent).

With the crisis affecting the economies of United States and the European Union, the country’s total exports to these markets also declined. NSO reported 651.52 million or 9.5 percent decline of exports to the US compared to $720.11 million recorded for July last year.

The exports to the European Union markets also recorded a 12.8 percent decrease from $684.63 million in July 2010 to $597.12 million for July this year.

Administrator Ericta also said the top export products include gold, woodcraft and furniture, apparel, banana and coconut products. On the other hand, the manufacturing sector, particularly in electronic products, showed a decline in exports.

Meanwhile, Maritess Oliva, OIC-AD of National Planning and Policy Staff of the National Economic Development Authority, said the government is adopting the market and goods diversification policy to strengthen our export industry.

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