Philippines' Nov exports up 18.9 pct y/y, biggest rise in 3 mths

Thu Jan 9, 2014 8:25pm EST

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* Exports in Nov at $4.29 bln vs yr-ago $3.61 bln

* Electronics shipments up 10 percent on year

* Jan-Nov exports up 2.6 pct at $49.4 bln

MANILA, Jan 10 (Reuters) - The Philippines' statistics office released data on November exports on Friday:

KEY DATA: Total exports Nov Oct Sept Aug July June yr/yr change (pct) 18.9 14.0 5.1 20.2 2.3 4.1 in $ bln 4.29 5.03 5.06 4.58 4.84 4.49

Electronics exports yr/yr growth (pct) 10.0 13.5 15.4 -0.4 5.3 -2.2 in $ bln 1.91 2.16 2.15 1.78 1.79 2.0 NOTE: Some numbers for previous months have been revised.

KEY POINTS:

- Shipments of electronics on a month-on-month basis fell 11.4 percent in November, against a 0.5 percent increase in October.

- Electronics and semiconductors made up 44.6 percent of the Philippines' total exports in November.

- The electronics industry group has forecast the country's electronic exports last year to contract by as much as 12 percent, but it sees modest growth in 2014.

- Based on the central bank's latest estimates, Philippine exports are expected to rise 6 percent this year after a projected 4 percent growth in 2013.

- Imports are estimated to grow 6 percent from last year's 2 percent forecast, resulting in a higher trade deficit for 2014, according to the central bank.

- Annual growth in the Philippines cooled to its lowest in more than a year in the third quarter of last year, but the economic planning agency still expects full-year 2013 GDP growth to be close to the top end of Manila's 6-7 percent goal. Manila is expected to release 2013 GDP in the last week of January.

- Manila is targeting 6.5 to 7.5 percent GDP growth in 2014.

- The Southeast Asian nation provides about 10 percent of the world's semiconductor manufacturing services, including for mobile phone chips and micro processors. (Reporting by Erik dela Cruz; Editing by Rosemarie Francisco and Chris Gallagher)

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