Philippines says April exports up 7.6pct y/y

15-Jun-2012 Intellasia | Reuters | 7:01 AM

The Philippines’ statistics office released on Thursday data on April exports:

 KEY DATA:  	 

  Total exports          April    March    February    January    December     November  	 

  yr/yr change ( percent)     7.6   -0.8   12.8    3.1   -18.9   -19.4 	 

  in $ billion               4.64   4.32   4.43   4.12   3.41    3.37 	 

        	Electronics exports  	 

  yr/yr growth ( percent)    -23.8   1.1    15.8   0.5   -29.4   -34.4 	 

  in $ billion               1.63   2.26   2.33   2.15   1.59    1.53 	 

      NOTE: Some numbers for previous months have been revised.

KEY POINTS:

– Semiconductors and Electronics Industries in the Philippines Inc expects electronics exports to grow 10 to 15 percent in 2012 after contracting more than 20 percent last

year.

– The government has forecast exports to grow 10 percent this year and imports to climb 15 percent.

– Manila is targeting faster growth of 5 to 6 percent this year against 3.7 percent last year, but analysts doubt the goal will be met as sluggish global demand clouds the outlook for the country’s electronics-dominated exports.

– The Bangko Sentral ng Pilipinas may hold its benchmark interest rate steady when it meets later on Thursday supported by the economy’s stellar performance in the first quarter, economists said, but they are not ruling out some kind of easing later this year on mounting risks to growth from overseas.

– Most economists expect the central bank to leave the key overnight borrowing rate unchanged at 4 percent for the rest of the year to boost domestic demand.

– The Philippines 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.

– Other top exports include garments and accessories, wood furniture, vehicle parts, coconut oil, and tropical fruits.

http://www.reuters.com/article/2012/06/14/philippines-economy-exports-idUSP9E8DT02P20120614