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Philippine October exports growth slows
December 11, 2012 / 1:10 AM / 5 years ago

Philippine October exports growth slows

* Exports in Oct at $4.41 bln vs yr-ago $4.16 bln
    * Electronics shipments up 0.3 pct from yr ago
    * Jan-Oct exports at $44.48 bln, up 7.1 y/y

    MANILA, Dec 11 (Reuters) - The Philippines' statistics
office on Tuesday released data on October exports: 
     
    KEY DATA: 
Total exports         Oct    Sept    Aug    July   June    May  
 
yr/yr change (pct)    6.1    22.8   -9.0    6.0    4.3    19.7  
 
in $ bln              4.41   4.78    3.8    4.73   4.31   4.93  
  
         
Electronics exports 
yr/yr growth (pct)    0.3    1.0   -14.9   -25.6  -14.6   -0.7  
  
in $ bln              1.9    1.83   1.77    1.68   1.89   1.87  
 
    NOTE: Some numbers for previous months have been revised. 
     
    KEY POINTS: 
    - The Philippine central bank lowered its exports and
imports growth forecast for the year to 8 percent and 7 percent,
respectively, from previous estimates of 10 percent and 12
percent.     
    - The industry group Semiconductors and Electronics
Industries in the Philippines Inc expects exports of the sector
to grow 5-7 percent this year, lower than a previous forecast of
10-15 percent growth, on slowing demand. 
    - The Bangko Sentral ng Pilipinas will likely hold its key
policy rate steady at a record low on Thursday and keep it there
through at least the early part of next year, with inflation
seen as manageable and the economy expected to remain on solid
footing in 2013, according to a Reuters poll. 
    - Philippine economic growth expanded by a
faster-than-expected 7.1 percent in July-September from a year
earlier and 1.3 percent from the previous quarter as strong
domestic consumption helped offset weak global demand for the
country's exports.
    - The Southeast Asian country provides about 10 percent of
the world's semiconductor manufacturing services, including for
mobile phone chips and micro processors. Semiconductors account
for about three-fifths of exports. 
     
    LINK: 
  - National Statistics Office website www.census.gov.ph 

 (Reporting by Karen Lema and Erik dela Cruz; Editing by Sanjeev
Miglani and Rosemarie Francisco)

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