Export earnings in July 2012 went up by 7.8 percent to $4.807 billion from $4.460 billion recorded in July 2011. The increase can be attributed to the higher annual growth in seven out of the ten top Philippine exports in July 2012 including activated carbon, metal components, bananas, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, pineapple and pineapple products, tuna and woodcrafts and furniture. Similarly, on a monthly basis, it grew by 11.4 percent from $4.314 billion posted in June 2012. Cumulative merchandise exports for the first seven months of 2012 also showed a positive growth of 7.7 percent to $31.564 billion from $29.306 billion posted during the same period of 2011.