Philippine exports slip 0.5 pct in January

Reuters

Posted at Mar 10 2015 10:48 AM | Updated as of Mar 10 2015 10:10 PM

MANILA, Philippines - Exports slipped 0.5 percent in January, data from the Philippine Statistics Authority showed on Tuesday.

Exports in January stood at $4.36 billion, slightly lower than the $4.38 billion exports a year ago.

Electronics and semiconductors, which made up almost half of total exports for the month, climbed 14.6 percent in January to $2.04 billion, faster than 9.9 percent in December.

Other top exports in January included machinery and transport equipment, which rose 39.6 percent from a year earlier; other manufactures, which fell 45.5 percent from last year; and woodcrafts and furniture, which posted an annual decline of 43.4 percent.

Japan remained the country's top destination of exports in January, accounting for 20.3 percent of total exports, followed by the United States with 15.9 percent, and China with a 10.2 percent share.

The Semiconductor and Electronics Industries in the Philippines forecast electronic exports will grow between 5-7 percent this year after an 8.1 percent rise 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.

Manila has a 7-8 percent growth target this year after a 6.1 percent expansion in 2014, which was the fastest in Asia after China.