MANILA, Philippines - Exports continued to post strong double-digit growth in September, buoyed by a surge in demand for the country's electronic products.
Data from the National Statistics Office showed the total export bill climbed 46.1% to $5.314 billion in September from last year's level of $3.638 billion, beating August's 37% growth.
Month on month, exports rose 11.7% from the $4.758 billion posted in August.
Meanwhile, aggregate merchandise exports for the period January to September 2010 increased by 38.5% to $38.298 billion from $27.649 billion registered during the same period in 2009.
Electronic products, the country's main export item with a share of 65.5% of the total bill, surged by 54.6% to $3.478 billion from last year's $2.250 billion.
Singapore was the Philippines' top market, accounting for 24.2% of the total exports at $1.283 billion.
Japan came in second, with $765.85 million, followed by China ($669.74 million), US ($558.68 million), and Hong Kong ($383.99 million).
The government expects exports to climb 15% this year, and imports are forecast to increase 20%.
The electronics industry group, meanwhile, expects its exports to climb by 25% to 30% this year.
As demand from the country's trading partners continues to improve alongside with the global economy, the government is confident it can beat its growth targets this year.