The exports of apparel and accessories from Philippines grew by 3.96 percent to US$ 433.527 million in the first three months of 2014, compared to exports of $417.008 million made during the corresponding period of last year, data from the National Statistics Office, under the Philippine Statistics Authority, showed.
In the month of March 2014, articles of apparel and clothing accessories earned $165.91 million in export receipts for the Philippines, growing at 5.6 percent year-on-year. During the month, garments and accessories were the tenth-largest foreign exchange earner for the Philippines.
From January to March 2014, the Philippines exported textile yarns and fabrics worth $56.278 million, recording an increase of 23.01 percent over exports of $45.752 million made during the same period in 2013.
Meanwhile, the imports of cotton by the Philippines from January to February 2014, for which the data is available, dropped by a sharp 53.78 percent to $1.652 million, as against the imports of $3.574 million made during the first two months of last year.
However, the import of synthetic fibres shot up by 40.44 percent to $10.303 million during the two-month period, compared to imports of $7.336 million in corresponding period of 2013.
Like-wise, the import of textile yarn, fabrics and made-up articles amounted to $115.888 million in January-February 2014, showing a jump of 17.97 percent over $98.234 million registered in same months of the previous year.
The import of garments and clothing accessories during the two-month period also rose by 21.2 percent to $52.156 million, while the corresponding figure in 2013 was $43.032 million.
In 2013, Philippine apparel and clothing accessories exports declined by 0.66 percent year-on-year to $1.562 billion, while its textile yarn and fabric grew by 0.75 percent to $171.633 million. During the year, imports of textile yarn, fabric and made-up articles increased by 9.1 percent to $695.404 million.
Fibre2fashion News Desk - India