For the fifth consecutive month, Philippine exports grew in August, with the United States emerging as the No. 1 market and other Asian countries accounting for a significant part of the growth.

The Department of Trade and Industry and the National Statistics Office, in reports to Malacaņang, said major markets for Philippine exports entered the buying season, with Christmas just weeks away, sending export earnings up by 14.1 percent to $2.99 billion in August this year compared to $2.62 billion during the same month last year.

The United States market shifted into higher consumption levels with the onset of autumn, accounting for more than one-fourth of the Philippines’ export receipts in August.

Exports to the US totaled $767.86 million, up 5.4 percent from last year's $728.79 million.

Japan was the second biggest export market, with export revenues totaling $412.42 million, up 12.3 percent from $367.23 million a year ago.

Hong Kong posted the highest growth of 59.5 percent to $220.44 million from only $138.20 million last year.

"Hong Kong, the gateway to China, together with Taiwan, Singapore, Malaysia, Korea and Thailand had a combined 32 percent market share that is growing at an average rate of 26 percent, making this group the largest growth factor to our business," said Trade and Industry Secretary Manuel A. Roxas II.

"Improved economies and compatibility of our product offerings with consumer aspirations are the major factors to our good export performance in these markets," Roxas added.

Other top markets for August were the Netherlands ($248.88 million), Taiwan ($206.67 million); Singapore ($195.02 million); Malaysia ($134.85 million); Republic of Korea ($116.22 million); Thailand ($111.48 million); and Germany ($106.58 million)

Accounting for 89.2 percent of the total receipts, exports of manufactured goods grew by 15 percent as sales reached $2.666 billion, from $2.318 billion during the same period a year earlier.

Income from agro-based products combined for $127.1 million or 4.2 percent of the total export revenue. Compared to last year, aggregate revenue for this commodity group dropped by 7.7 percent from $137.76 million.

Receipts from electronic components, accounting for 51.6 percent of the aggregate export revenue for the month, picked up by 17.7 percent to $1.544 billion from $1.312 billion last year.

Articles of apparel and clothing accessories remained as the country’s second top earner with a combined share of 7.2 percent and an aggregate receipt of $216.63 million or 2.2 percent higher than $211.87 million a year earlier.

Roxas said garments registered positive growth rates for three consecutive months as the US market shifted into higher consumption levels normally associated with the fall and winter seasons.

Woodcrafts and furniture ranked third with total revenue of $38.14 million, reflecting a 6.7 percent increase from $35.75 million last year.

Ignition wiring set and other wiring sets used in vehicles, aircraft and ships ranked fourth with sales amounting to $38.07 million, a year-on-year decline of 29.1 percent from $53.70 million.

Giftware and holiday decors grew by 4 percent as retail orders came in preparation for the Christmas holidays while construction materials continued to grow at 4 percent due to home improvements, also for the holiday season.