Philippines' April exports at 3-month low

Reuters

Posted at Jun 10 2014 10:08 AM | Updated as of Jun 10 2014 06:19 PM

MANILA, Philippines - Exports in April fell to a three-month low, data from the Philippine Statistics Authority showed on Tuesday.

Exports in April reached $4.54 billion, only 0.08 percent higher than year-ago exports of $4.51 billion.

Total exports in the first four months of the year rose 5.4 percent from a year ago to $18.86 billion.

Shipments of electronics and semiconductors, which made up 40 percent of total exports in April, fell 2.5 percent to $1.82 billion in April from year-ago figures. This was against an increase of 12.2 percent a year ago.

Other top exports included other manufactures, woodcrafts and furniture, and mineral products.

The electronics industry group forecast electronic exports could grow 5 percent this year, while the central bank has projected exports growth of 6 percent.

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

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 Southeast Asia.

Growth in the first quarter was the slowest in two years at 5.7 percent, hurt by the impact of last year's super typhoon.