Philippines says February exports growth at more than 3-year high

11-Apr-2014 Intellasia | Reuters | 6:00 AM Print This Post

* Exports in February total $4.65 billion vs yr-ago $3.74 billion

* Electronics shipments up 26.6 percent from yr ago

MANILA, April 10 (Reuters) – The Philippines’ statistics office released data on February exports On Thursday:

KEY DATA:

Total exports February January December November October September yr/yr change ( percent) 24.4 9.2 15.8 18.9 14.0 5.1 in $ billion 4.65 4.38 4.6 4.29 5.03 5.06 mth/mth change ( percent) 6.3 -4.8 7.1 -14.6 -0.6 10.4

Electronics exports yr/yr growth ( percent) 26.6 21.2 26.2 11.7 13.5 15.4 in $ billion 1.88 1.78 1.91 1.94 2.16 2.15 mth/mth change ( percent) 5.6 -6.6 -1.9 -10 0.5 20.5

NOTE: Some numbers for previous months have been revised.

KEY POINTS:

– Total exports in February grew at their fastest pace since December 2010, when they expanded 26.5 percent.

– Electronics and semiconductors made up 40.4 percent of total exports in February, with the sector posting its third straight month of above-20 percent growth. It was also the highest growth since October 2010, when the sector grew 38.2 percent.

– Other top exports included woodcrafts and furniture, machinery and transport equipment.

– The electronics industry group forecast electronic exports could grow 5 percent 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.

– Based on the central bank’s latest estimates, Philippine exports and imports are both expected to rise 6 percent this year.

– The Philippines expects its economy to grow 6.5 to 7.5 percent this year after expanding 7.2 percent in 2013, the fastest in the region after China.

– Monetary authorities left the policy interest rate at a record low on March 27 but raised banks’ reserve requirement ratio by 1 percentage point in what is widely seen as an initial measure to tighten domestic liquidity that grew at a record pace in January.

http://in.reuters.com/article/2014/04/10/philippines-economy-exports-idINP9N0MZ00820140410

 


Category: Philippines

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