Singapore is top ASEAN importer

Philippine merchandise exports grew by 21.3%, making it the top export performer among selected East and Southeast Asian economies, and raising hopes for a stronger expansion for the rest of 2014, according to the National Economic and Development Authority (NEDA). The Philippines outperformed Vietnam (12.7%), People’s Republic of China (7.2%), Malaysia (5.6%), Singapore (4.7%), Thailand (3.9%), Indonesia (3.8%), Hong Kong (2.7%), Republic of Korea (2.5%), Taiwan (1.2%), and Japan (-6.5%).

Philippine exports grew to US$5.4 billion from US$4.5 billion in June 2013. For the first half of 2014, total exports rose by 8.3% to US$29.8 billion from US$27.5 billion in a comparable period last year. Japan remains as the top destination of Philippine exports, accounting for 17.6 % of the country’s total overseas merchandise sales receipts, with a total value of US$956 million.

Exports to Singapore

Among ASEAN member-countries, Singapore is the biggest importer of the Philippines for June. In the first half of 2014 (January to June), total shipments to Singapore increased by 8.3% as compared to the same period of 2013. The January to May 2014 growth in exports was reflected in glass manufacture, arts/antiques, photography, coconut, beverages and oils/fats/waxes, construction materials, processed and fresh food.

Singapore as a major trading hub in ASEAN is a vital market for Philippine exports of goods and services. Currently, the Philippines is promoting the following industries in Singapore: fresh and processed food, maintenance, repair and overhaul (MRO) service, electronics and electronics manufacturing services (EMS) and IT services.