PH Export Up by Almost 30% in May

Merchandise export revenues for May 2021 rose by 28.9 percent or USD5.89 billion, a stark contrast to the USD4.54 billion export revenues from May 2020, according to the Philippine Statistics Authority (PSA).

Department of Trade and Industry (DTI) Secretary Ramon Lopez said in a statement that outbound trends are only to increase further.

“We are very optimistic that we can sustain this upward exports performance trajectory as our major trading partners continue opening up their borders and easing travel restrictions given the success rate in their vaccination drive,” Lopez said.

Electronics remained the top export product of the country, which accounts for 58.2 percent at USD3.43 billion of total exports for May 2021 according to PSA data. The industry’s output was 25.6 percent higher that that of May 2020’s USD2.73-billion revenue.

The Philippines’ exports mainly went to China for May 2021, which amounted to USD954.3 million.

United States came in second with exports that amounts to USD918.11 million, followed by Japan with USD829 million in exports.

The Philippines also exported to Hong Kong for USD792 million worth of goods; and Singapore, with USD324.95 million worth of goods. (GFB)