Philippine merchandise exports grow 14 pct in 2006

The Philippines' merchandise exports grew 14 percent in year 2006, reaching a total value of 47 billion U.S. dollars, a government official said on Friday.

The exports' growth rate has exceeded the 10-percent target set by the government, Socioeconomic Planning Secretary Romulo L. Neri said in a memorandum to President Gloria Macapagal-Arroyo.

The export revenues were better than the 41.3-billion-dollar earnings in 2005, he added. "For 2007, merchandise exports are expected to increase further by 11.0 percent."

The Philippines' top three major export products are electronics, garments, and machinery and transport equipment, according to the National Statistics Office (NSO), that said that mineral exports also grew quickly as copper prices in the world market have doubled since 2005.

Exports to the United States continued to get the biggest share to total shipments, the NSO added, while Japan, China and the Netherlands have also been other major markets of Philippine goods.

Source: Xinhua