Philippines' May exports up 6.9 percent but electronics still weak

Wed Jul 9, 2014 9:14pm EDT

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* Exports in May total $5.48 bln vs yr-ago $5.13 bln
    * Electronic shipments down 1.6 pct from year ago
    * January to May exports up 5.8 pct from year ago

    MANILA, July 10 (Reuters) - The Philippines' statistics
office released data on May exports on Thursday.
    
    KEY DATA:
 Total exports          May   April  March   Feb 
 yr/yr change (pct)      6.9    1.3   12.4   11.6
 in $ bln               5.48    4.5   5.28   4.66
                                                 
 Electronics exports                             
 yr/yr change (pct)     -1.6   -2.5   10.1   26.6
 in $ bln               2.05   1.82   2.17   1.88
    NOTE: Some numbers for previous months have been revised. 
        
    KEY POINTS:
    - Total exports in the first five months of the year rose
5.8 percent from the same period last year to $24.37 billion.
    - Electronics and semiconductors, which made up 37.3 percent
of total exports for the month, contracted 1.6 percent against a
growth of 9 percent in the same month last year. 
    - Other top exports in May included mineral products,
coconut oil, other manufactures, and metal components. 
    - The government kept its 2014 export growth estimate at 6
percent, but lifted its import projection to 9 percent from 6
percent on anticipation of high inflows of construction
materials for rebuilding following last year's super typhoon
Haiyan. 
    - The Philippines' largest electronics industry group,
Semiconductor and Electronics Industries in the Philippines Inc,
has maintained its estimate of 5 percent growth in the sector's
exports 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.

 (Reporting by Erik dela Cruz and Siegfrid Alegado; Editing by
Kim Coghill)
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