Philippine exports in April fall on weak demand from U.S. and China

Mon Jun 10, 2013 9:13pm EDT

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* Exports in April at $4.04 bln vs yr-earlier $4.64 bln
    * Electronics shipments down 0.4 pct in April from yr
    * Yr-to-date exports down 7.95 pct to $16.12 bln vs yr-ago

    MANILA, June 11 (Reuters) - The Philippines' statistics
office on Tuesday released data on April exports:    

Total exports        Apr     Mar    Feb     Jan    Dec    Nov   
yr/yr change (pct) -12.8     0.1   -15.6   -2.7    16.5   5.5   
in $ bln             4.04    4.33   3.74   4.01    3.97   3.55  
Electronics exports   
yr/yr growth (pct)  -0.4   -22.3  -36.5  -31.9    -5.5   13.3   
in $ bln             1.63   1.76   1.48   1.47    1.51   1.73   
    KEY POINTS:   
    - The electronics industry group said on Thursday it was
keeping its 5 to 6 percent growth forecast for the sector this
year, despite a 6.2 percent contraction in the first quarter,
given expectations of a pick-up in global demand for smartphones
and tablets.
    - The Southeast Asian nation provides about 10 percent of
the world's semiconductor manufacturing services, including for
mobile phone chips and micro processors.   
    - Deputy Governor Diwa Guinigundo has said there was a good
chance that overall exports would grow at least 8 percent this
year if the global economy improves. 
    - The Philippine economy expanded 7.8 percent in the first
three months of the year from last year, outstripping China to
make it Asia's fastest-growing economy, driven by robust
domestic consumption and government spending. 
    - Manila is targeting growth of 6 percent to 7 percent in
2013 after an upwardly revised 6.8 percent expansion the prior
    - The central bank is widely expected to keep the overnight
borrowing rate steady at a record low of 3.5 percent on
Thursday, according to a Reuters poll, but there is a chance it
may cut the special deposit account rate by as much 50 basis
points to 1.5 percent to temper losses.  
    National Statistics Office website 

 (Reporting by Erik Dela Cruz and Karen Lema; Editing by
Jacqueline Wong)