MANILA — Electronics remained the country�s top exports product in February accounting for 63.5 percent of income from exports. Semiconductors led the electronics group with a 48.45-percent share totaling $1.79 billion worth of export earnings.
�The global demand for electronics has supported exports in Asia, including the Philippines,� Socioeconomic Planning Secretary and NEDA Director General Romulo L. Neri said.
According to the National Statistics Office (NSO), export earnings hit $3.69 billion in February this year, a seven-percent increase compared to last year�s total receipts amounting to $3.45 billion in the same month.
�We hope to reach our 11-percent target for exports this year as well as continuously hit a favorable balance of trade (BOT),� Secretary Neri said citing last month�s BOT surplus of $272 million.
All major commodity export groups exhibited growth except for petroleum products which decreased by 25.4 percent.
Mineral product exports sustained its positive performance with a 53.7-percent growth rate due to the rapid increase in copper metal and concentrate shipments, which recorded a 39.5-percent and 99.5-percent growth rate, respectively. Copper prices in the world market rose by 13.9 percent from February 2006. Other mineral products such as gold (100.4%) also contributed to exports increase.
Meanwhile, the United States continues to dominate as the country�s top export destination with a 17.7-percent share followed by Japan with a 14.4 percent. However, China and Hong Kong posted the biggest gains in 2007, with a double-digit upsurge in their share from only 8.7 percent and 6.6 percent to 12.39 percent and 11.16 percent, respectively.
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