Export growth slows, imports rise in October


Posted at Dec 09 2016 02:49 PM

MANILA - Exports rose 3.7 percent in October, for a second monthly advance, although at a slower pace, government said Friday.

Total imports meanwhile climbed 5.9 percent during the same month from a year earlier to $6.92 billion.

Total exports amounted to $4.76 billion in October, reflecting a decline in shipments of wood crafts and furniture, machinery and transport equipment, other manufactures and chemicals.

Electronic products, which remained the country's top
export item, rose 4.7 percent to $2.49 billion in October from a year earlier.

Exports to the country's top trading partners--US, China, Hong Kong, posted annual increases, while shipments to Japan dropped on a year-on-year basis.

The Philippine economy grew at its fastest pace in more than three years in July-September, most of President Rodrigo Duterte's first 100 days in office, setting him up to meet the 6-7 percent target he set for the year. -- With Reuters