Phl exports hit 17-month high in May

MANILA — Merchandise exports hit a 17-month high in May 2012, the National Statistics Office (NSO) reported Tuesday.

Total earnings from exports soared by 19.7 percent or $4.93 billion in May 2012, higher than the $4.12 billion recorded in the same period last year.

Month- on- month, it increased by 6.4 percent from the $ 4.64 billion reported in April 2012. Meanwhile, aggregate exports for the first five months of the year grew by 8.4 percent to $22.44 billion from the $ 20.71 billion registered in the same period last year, NSO said.

It added that the country's major exports for May included electronics products which accounted for 38 percent of the total, woodcrafts and furniture (3.6 percent), clothing ( 3.1 percent), metal components (2.8 percent) and wiring sets (2.6 percent), among others.

Manufactured goods accounted for 85.8 percent of the total export receipts, total agro-based products for 6.7 percent, mineral products for 4.2 percent and petroleum products for 0.4 percent, NSO said.

The country's biggest export market in May 2012 was Japan, buying 23 percent of the country's total exports. The Philippines' other largest markets were the United States of America (14.5 percent), Thailand (11.5 percent), China (11.4 percent) and Hong Kong (7 percent), respectively.