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

Mon Jun 10, 2013 9:13pm EDT

Related Topics

* Exports in April at $4.04 bln vs yr-earlier $4.64 bln
    * Electronics shipments down 0.4 pct in April from yr
earlier
    * 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:    

KEY DATA:    
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
year.  
    - 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.  
        
    LINK:   
    National Statistics Office website www.census.gov.ph 
     
 

 (Reporting by Erik Dela Cruz and Karen Lema; Editing by
Jacqueline Wong)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.