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Philippine Jan exports fall, electronics drop steepest in 14 mths
March 12, 2013 / 1:10 AM / in 5 years

Philippine Jan exports fall, electronics drop steepest in 14 mths

* Exports in January $4.01 bln vs yr-ago $4.12 bln
    * Electronics shipments in Jan down 31.9 pct from yr earlier

    MANILA, March 12 (Reuters) - The Philippines' statistics
office on Tuesday released data on January exports:
    
KEY DATA:
Total exports       Jan     Dec    Nov    Oct    Sept    Aug
yr/yr change (pct)  -2.7    16.5   5.5    6.1    22.8   -9.0
in $ bln            4.01    3.97   3.55   4.41   4.78    3.8
    
Electronics exports
yr/yr growth (pct)  -31.9   -5.5   13.3   0.3    1.0    -14.9
in $ bln             1.47   1.51   1.73   1.90   1.83    1.77
        
    KEY POINTS:
    - The industry group Semiconductors and Electronics
Industries in the Philippines Inc expects electronics exports,
the country's top dollar earner, to grow 5 to 6 percent this
year after a 5.2 percent drop in 2012. 
    - The Southeast Asian country provides about 10 percent of
the world's semiconductor manufacturing services, including for
mobile phone chips and micro processors.
    - The government is targeting GDP growth of 6 to 7 percent
this year, after the economy grew 6.6 percent in 2012, the
fastest in Asia after China.
    - The Philippine central bank kept its overnight borrowing
rate steady at a record low of 3.5 percent on Jan. 24. Despite 
faster inflation in February, it is expected to leave interest
rates on hold again when it reviews monetary policy on Thursday.
 
    - Other top Philippine exports in January include chemicals,
woodcrafts, and metal components.
    
    LINK:
    National Statistics Office website www.census.gov.ph 

 (Reporting by Erik dela Cruz; Editing by Rosemarie Francisco)

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