The Philippines’ statistics office released on Tuesday data on May exports:
KEY DATA: Total exports May April March February January December yr/yr change ( percent) 19.7 7.6 -0.8 12.8 3.1 -18.9 in $ billion 4.93 4.64 4.32 4.43 4.12 3.41 Electronics exports yr/yr growth ( percent) -0.7 -23.8 1.1 15.8 0.5 -29.4 in $ billion 1.87 1.64 2.26 2.33 2.15 1.59
NOTE: Some numbers for previous months have been revised.
– The Semiconductors and Electronics Industries in the Philippines Inc cut its export growth forecast this year to 5-7 percent from 10-15 percent on slowing external demand, although the group is hopeful of a rebound in orders in the second half after current inventory cuts stabilise.
– The government has forecast exports would grow 10 percent this year, but it revised down this month its imports forecast to 12 percent from 15 percent as manufacturers feel the brunt of the global economic slowdown.
– The Philippine central bank has said it has room to ease monetary policy after inflation sustained its deceleration in June on softer oil prices, amid signs slowing external demand could stymie strong domestic growth momentum seen early this year.
– Officials say this year’s growth target of 5 to 6 percent is achievable after the faster-than-expected expansion of 6.4 percent in the first three months of the year.
– 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.