November exports post biggest rise in 3 months


Posted at Jan 10 2014 01:05 PM | Updated as of Jan 10 2014 09:25 PM

MANILA, Philippines - Exports surged 18.9% in November, the biggest rise in three months.

Data from the National Statistics Office (NSO) showed exports in November jumped to $4.29 billion versus $3.61 billion a year ago.

Exports in January to November jumped 2.6% to $49.4 billion.

Shipments of electronics on a month-on-month basis fell 11.4 percent in November to $1.91 billion, against a 0.5 percent increase in October.

Electronics and semiconductors made up 44.6 percent of the Philippines' total exports in November.

The electronics industry group has forecast the country's electronic exports last year to contract by as much as 12 percent, but it sees modest growth in 2014.

Based on the central bank's latest estimates, Philippine exports are expected to rise 6 percent this year after a projected 4 percent growth in 2013.

Imports are estimated to grow 6 percent from last year's 2 percent forecast, resulting in a higher trade deficit for 2014, according to the central bank.

Annual growth in the Philippines cooled to its lowest in more than a year in the third quarter of last year, but the economic planning agency still expects full-year 2013 GDP growth to be close to the top end of Manila's 6-7 percent goal. Manila is expected to release 2013 GDP in the last week of January.

Manila is targeting 6.5 to 7.5 percent GDP growth in 2014.

The Southeast Asian nation provides about 10 percent of the world's semiconductor manufacturing services, including for mobile phone chips and micro processors.