Philippine exports grew at the fastest pace since August 2006 in December as shipments to China increased. Shipments abroad gained 21.4 percent from Deecember 2006 to reach $4.48 billion, according to preliminary figures released by the National Statistics Office in Manila today. Exports fell 2.1 percent in November.

Demand from China is supporting the Philippines and other Asian-exporting nations as shipments to the U.S. weaken. Exports account for about half of the Philippines $117 billion economy, which expanded at its fastest annual pace in 31 years in 2007.

Shipments to China gained 12.8 percent in December from a year earlier to $515.15 million. They dropped 12.4 percent a month earlier. Exports to Hong Kong rose 65 percent to $488 million, accelerating from a 28 percent gain in November.

Exports to the U.S., which is the Philippines’ biggest market, grew by 7.7 percent to $725.4 million in December from a year earlier. Shipments to Japan, the No. 2 destination, were up 19.9 percent to $641.1 million.

Shipments of electronics, which make up two-thirds of the Philippines’ total exports, climbed 12.3 percent from a year earlier to $2.54 billion. Exports of clothes declined 7.8 percent from a year earlier. Refined petroleum product sales jumped more than fourfold. Copper, gold and other mineral shipments increased 64 percent in December. Woodcrafts and furniture rose 25 percent.

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