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 countrys 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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