Philippine exports up 16.5% on higher furniture

Philippine export revenues in December rose 16.5 percent on year to 3.97 billion U.S. dollars thanks to increased shipment of furniture, metal, petroleum and farm produce, the National Statistics Office reported Tuesday. Woodcrafts and furniture, accounting for 4.9 percent share of total exports, was recorded as the country's second top export with revenue valued at 195.06 million U.S. dollars. This is 48 percent than the previous year's. Likewise, export volume of this product grew by 30.4 percent compared to the same period last year. Revenues earned from export of fresh bananas accelerated by 155.5 percent to 76.85 million U.S. dollars, registering the highest annual increase among the top ten exports. Receipts earned from the export of metal components, petroleum products and tuna also increased significantly. The country's top export earner, electronic products, raked in 1.59 billion U.S. dollars. This, however, is 5.5 percent lower than the previous year. Most of the country's exports went to Japan, the U.S., China, Hong Kong and Singapore. Cumulative merchandise exports for January to December 2012 rose 7.6 percent on year to 51.99 billion U.S. dollars.