Philippine Dec exports up nearly 16 pct, electronics sales surge

Mon Feb 10, 2014 8:22pm EST

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* Exports in Dec at $4.6 bln vs yr-ago $3.97 bln
    * Electronics shipments up 26.1 pct from yr ago, highest
since Oct 2010
    * 2013 exports up 3.6 pct to $53.98 bln

    MANILA, Feb 11 (Reuters) - The Philippines' statistics
office on Tuesday released data on December exports:    
    
  KEY DATA:
  Total exports        Dec    Nov    Oct    Sept    Aug   July  
  yr/yr change (pct)   15.8   18.9   14.0   5.1    20.2    2.3  
  in $ bln             4.60   4.29   5.03   5.06   4.58   4.84  
  mth/mth change (pct)  7.1   -14.6  -0.6   10.4   -5.3    7.2
    
Electronics exports
  yr/yr growth (pct)   26.1   11.7   13.5   15.4   -0.4    5.3  
  in $ bln             1.90   1.94   2.16   2.15   1.78   1.79  
  mth/mth change (pct) -2.0    -10   0.5    20.5  -0.5  -11.9
  NOTE: Some numbers for previous months have been revised.
           
  KEY POINTS:     
    - Electronics and semiconductors made up 41.4 percent of the
Philippines' total exports in December, with the 26.1 percent
jump in the month the highest since the 38.2 percent rise in
October 2010.
    - The electronics industry group forecast the country's
electronic exports could grow 5 percent this year. 
    - The Southeast Asian nation provides about 10 percent of
the world's semiconductor manufacturing services, including for
mobile phone chips and micro processors.
    - Based on the central bank's latest estimates, Philippine
exports are expected to rise 6 percent this year. 
    - The central bank also estimates imports to grow 6 percent
from a forecast 2 percent increase last year, resulting in a
higher trade deficit for 2014, according to the central bank.
December imports data will be released later this month.
    - The economy grew nearly twice as fast as expected in the
last three months of 2013 from the third quarter despite a
devastating typhoon, suggesting growth will remain robust this
year and buffer the country from further turmoil in global
emerging markets. 
    - The Philippine central bank left its benchmark interest
rate steady on Thursday, as expected, contending inflation was
manageable but analysts said chances of a hike were rising due
to pressures on food and utility prices and a weak peso.
 
    - Manila is targeting 6.5 to 7.5 percent GDP growth in 2014.
          
  LINKS:    
  - National Statistics Office website www.census.gov.ph 
 

 (Reporting by Erik Dela Cruz and Karen Lema; Editing by Shri
Navaratnam)
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