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Sep/99 Trade Balance ( 99/11/04)
Exports in September surged 32.5% to $3.69B from $2.786B a year ago.
This is the strongest growth ever recorded since November 1996 when
exports grew by 31%. As expected, the main driver were electronics
exports (60.5% of export receipts) which rose by 45% to $2.233B from
$1.537B a year ago. Second in line were input, output and peripheral
units which are used for semi-conductors. These grew by 55% and account
for 8.4% of total export receipts.
On a sectoral basis, exports of manufactured goods which account for
93%
of total receipts rose by 39% to $3.439B while shipments of
agricultural-based items declined by 31% due mostly to weak coconut
production.
The US remained the biggest export market with receipts totaling $986M
or 6% better than a year ago. Notably, Japan posted a 22% growth and
accounted for 11% of the market in September alone. Surprisingly,
Hongkong posted an almost two-fold increase in receipts although the
colony accounts for only 7% of export receipts.
Given September's figure, 9-month export receipts now total $25.55B
for
an average year-to-date growth of 14.7%. Govt is on-track to meet its
year-end target of $34.09B for a 15.6% year-on-year growth. The
strengthening export figures also translate to a higher trade surplus
since imports continue to be slow with growth averaging at only 1.58%.