Philippines says Feb exports growth at more than 3-year high

Wed Apr 9, 2014 9:22pm EDT

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* Exports in Feb total $4.65 bln vs yr-ago $3.74 bln
    * Electronics shipments up 26.6 pct from yr ago

    MANILA, April 10 (Reuters) - The Philippines' statistics
office released data on February exports On Thursday:

KEY DATA:
    
  Total exports        Feb     Jan    Dec    Nov    Oct    Sept
  yr/yr change (pct)   24.4    9.2    15.8   18.9   14.0   5.1
  in $ bln             4.65    4.38    4.6   4.29   5.03   5.06
  mth/mth change (pct) 6.3    -4.8     7.1  -14.6   -0.6   10.4
    
  Electronics exports
  yr/yr growth (pct)   26.6    21.2   26.2   11.7   13.5   15.4
  in $ bln             1.88    1.78   1.91   1.94   2.16   2.15
  mth/mth change (pct)  5.6    -6.6   -1.9    -10   0.5    20.5
  NOTE: Some numbers for previous months have been revised.
    
  KEY POINTS:
    - Total exports in February grew at their fastest pace since
December 2010, when they expanded 26.5 percent.
    - Electronics and semiconductors made up 40.4 percent of 
total exports in February, with the sector posting its third
straight month of above-20 percent growth. It was also the
highest growth since October 2010, when the sector grew 38.2
percent.
    - Other top exports included woodcrafts and furniture,
machinery and transport equipment.
    - The electronics industry group forecast 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 and imports are both expected to rise 6 percent this
year.
    - The Philippines expects its economy to grow 6.5 to 7.5
percent this year after expanding 7.2 percent in 2013, the
fastest in the region after China.
    - Monetary authorities left the policy interest rate at a
record low on March 27 but raised banks' reserve requirement
ratio by 1 percentage point in what is widely seen as an initial
measure to tighten domestic liquidity that grew at a record pace
in January. 
    
  LINKS:
Philippine Statistics Authority website www.psa.gov.ph


 (Reporting by Erik dela Cruz; Editing by Paul Tait)
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