Philippine's merchandise exports soared 16.5%

Check out its top destination of exports.

According to the National Statistics Office, merchandise exports grew by 16.5 percent in December 2012 to $3.970 billion from $3.407 billion in December 2011.

The sustained increment was supported by the positive year-on-year change in bananas (fresh), petroleum products, metal components, tuna and woodcrafts and furniture.

Similarly, on a monthly basis, it expanded by 11.8 percent from $3.550 billion posted in November 2012. Likewise, cumulative merchandise exports for January to December 2012 recorded a positive growth of 7.6 percent to $51.994 billion from $48.305 billion posted during the same period of 2011.

Meanwhile, record showed that volume of outward shipments had a positive year-on-year performance of 94.8 percent and 29.7 percent compared to last month’s outward shipments.

Japan including Okinawa, getting 18.0 percent share of the total exports for December 2012, emerged as the country’s top destination of exports with revenue amounting to $715.29 million.

It was higher by 12.7 percent compared with $634.87 million recorded a year ago. The export items to Japan consist mainly of wood manufactures and components/devices (semiconductors).