(Image credit: EDC eNewsletter)
Merchandise exports surged by 26.4% year-on-year to reach USD6.22 billion in April 2024, according to the latest data from the Philippine Statistics Authority (PSA).
This represents a strong recovery in the export sector following a 7.3% decline in March 2024.
The increase in exports was primarily driven by the electronic sector, which contributed USD3.57 billion or 57.4% of the total export value.
Other key contributors included manufactured goods at USD331.3 million (5.3%) and mineral products at USD287.65 million (4.6%).
Hong Kong was the leading trading partner, with shipments valued at USD1.03 billion, or 16.5% of the total exports; followed by the United States with USD948.43 million (15.3%); Japan with USD823.27 million (13.2%); China with USD702.02 million (11.3%); and South Korea with USD314.59 million (5.1%).
Sustained export performance in key export sectors is forecasted to increase demand for electronics and manufactured goods, as well as enhancing market access and competitiveness.
