Philippine exports up 17.95%

Philippine exports up 17.95%

MANILA (AFP): Philippine merchandise exports earning grew 17.9 percent in the year to October from US$20.689 billion in 1997 to $24.387 billion this year, the National Statistics Office said on Wednesday.

In October alone, export earnings rose by 9.3 percent from $2.326 billion last year to $2.542 billion this year, the office said in a statement.

Electronic equipment and parts were the country's biggest export, accounting for 58.7 percent of the total in the first 10 months of the year.

Machinery and transport equipment were in second place, accounting for 10.7 percent of the total.

The United States was the country's main export market in the first 10 months of the year, receiving 34.48 percent of the total.