Thursday, September 09, 2010

July exports surge 35.9%, double-digit growth in electronics

MANILA, Philippines - The country's merchandise exports in July surged by a hefty 35.9% from a year ago to $4.5 billion, driven by huge demand for electronics.

Data from the National Statistics Office showed that from January to July, the country's exports posted a double-digit growth of 37.4% from a year earlier to $28.223 billion.

Electronics shipments which accounted for 63.6% of total exports, rose by 49.4% to $2.86 billion. Of these, semiconductors which comprised 51% of total exports, and the biggest share among the major groups of electronic products totaled $2.29 billion, or an annual growth of 62.2%.

Apparel and clothing accessories were the country's second top export earner in July, climbing by 16.1% to $145.3 million.

Coconut oil shipments, including crude and refined, emerged as the third top exports, surging by 72.5% to $138.02 million.

The government expects exports to climb by 15% this year, having increased an earlier estimate of 12% growth.

Imports are forecast to increase by 20% from a previous estimate of 18%.

The electronics industry group expects its exports to climb 25 to 30% this year, despite signs demand may soften due to faltering global growth.

The government expects the economy to grow faster than an official target of 5 percent to 6% this year and accelerate to 7 to 8% in 2011, partly driven by a rbound in demand for the country's electronic and semiconductor exports.

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