Philippine exports up 18.9%

Philippine export revenues rose by 18.9 percent on year to 4.29 billion U.S. dollars on the back of a 10-percent hike in electronics shipments in November 2013, the National Statistics Office (NSO) said Friday. Data from the NSO showed that electronic products remained as the country's top export in November, accounting for 44.6 percent of total revenues. Shipments of electronic products reached 1.91 billion U.S. dollars in the month. The NSO said the Philippines also increased its shipments of other top commodities such as woodcrafts and furniture, machinery, transport equipment and ignition wiring set. Main buyers of Philippine products during the period were Japan, the United States, and China. The significant increase in shipments in November, however, was not enough to pull up Philippines' export figures. Total merchandise exports from January to November reached 49. 37 billion U.S. dollars, 2.6 percent higher than the receipts registered last year. The Philippines had been targeting to increase exports by 10 percent in 2013. Analysts and local producers earlier said the country is unlikely to meet its 2013 export target due to slower demand in developed countries.