Merchandise exports grew by 6.6% to $5.366 billion in October, bringing total exports on track to beat the official target, data from Philippine Statistics Authority showed this morning.

Growth in exports receipts in October accelerated from the 4.9% growth recorded in the previous month, but was slower from 9.7% growth during the same month last year. The October print was also way above the official five percent growth target for this year.

Electronic products, which account for more than half of the total outbound shipments, expanded by 13.8% to $2.857 billion in October alone.

Trade was recorded with a $2.845 billion deficit in October as import payments  beat exports receipts, which grew 13.1% from the same month a year ago to $8.211 billion.

Imports of capital and consumer goods grew by 2.6% and 14.8% in October, respectively, to $2.667 billion and $1.478 billion.

Raw materials and intermediate goods — which accounts 39.1% of the total imports — increased by 22.2% to $3.213 billion.

China was the Philippines’ biggest source of goods in October which valued at $1.572 billion. Japan, on the other hand, is the country’s largest market for exports at $871.36 million. — Ranier Olson R. Reusora

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