The Philippine Online Chronicles

Merchandise exports in the Philippines grew by 42.5 percent in January 2010, the National Statistics Office revealed on Wednesday.

Electronic products turned out to be the top export, earning USD2.03 billion (P93.14 billion). The top electronic products exported are semiconductors.

Rounding up the top ten Philippine exports are apparel and clothing accessories (USD125.05 million or P5.74 billion); coconut oil (USD102.03 million or P4.68 billion); woodcraft and furniture (USD77.56 or P3.56 billion); ignition and vehicular wiring sets (USD73.6 million or P3.38 billion); metal components (USD55.59 million or P2.55 billion); other products manufactured from materials imported on consignment basis (USD52.53 million or P2.41 billion); cathodes of refined copper (USD 35.97 million or P1.65 billion); petroleum products (USD 30.17 million or P1.38 billion; and bananas (USD 26.72 million or P1.23 billion).

The Philippines has also exported USD3.12 billion (P142.92 billion) worth of manufactured products. This commodity group comprised 87 percent of the country's total exports.

Meanwhile, coconut oil is the top gainer among exports, growing by 448 percent. On the other hand, the top loser among the top ten exports is bananas, which dropped by 43 percent.

The country's top export market is Japan, with receipts amounting to USD579.98 million (P26.61 billion), followed by the United States (USD574.95 or P26.38 billion) and Singapore (USD354.08 or P16.25 billion).

Overall, the Philippines earned USD3.578 billion (P164.16 billion) in merchandise exports the past year.

The 42 percent increase in merchandise exports is a big turnaround from last year's efforts, which was at a "historic" 41 percent drop, according to an earlier report.