MANILA — Merchandise exports increased by 10.6 percent to $4.6 billion in March from the 7.8 percent growth the previous month. The upsurge brought total export revenues in the first quarter to 13.1 percent or US$12.3 billion, which is within the full-year target of 11 percent.
Data from the National Statistics Office (NSO) attributed that the increase to the growth of semiconductors (14.1%), machinery and transport equipment (8.7%) and mineral products (77.1%).
�Compared to the growth of worldwide sales of semiconductors, the local semiconductors subsector bucked the trend and posted a relatively higher growth rate,� Socioeconomic Planning Secretary and National Economic and Development Authority (NEDA) director-general Romulo L. Neri said in a memorandum to President Gloria Macapagal-Arroyo.
Semiconductors account for 53.8 percent of total export revenues.
The United States still dominates the country�s export destinations with its 14.8 percent share, followed by Hong Kong with 14.3 percent. Japan slid to third place with 13.1 percent share, slipping by 8.6 percent.
On a cumulative basis, Hong Kong, China and Taiwan are the fastest growing export markets at 110 percent, 45.6 percent, and 60.2 percent, respectively.
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