October exports up 2.9 pct, slowest in 6 months

ABS-CBN News

Posted at Dec 10 2014 09:54 AM | Updated as of Dec 10 2014 05:54 PM

MANILA, Philippines - Philippine exports rose slower in October, its slowest growth in 6 months due to weak electronics shipments.

Government data showed the country's exports grew 2.9 percent to $5.17 billion in October from $5.03 billion a year ago. In September, exports grew by 15.7 percent.

Total exports in the 10 months to October were up 9.2 percent from the same period last year to $51.77 billion.

Electronics and semiconductors, which made up 43.0 percent of total exports for the month, grew 4.5 percent against an increase of 13.6 percent in the same month last year.

Other top exports in October included other manufactures, machinery and transport equipment, and woodcrafts and furniture.

The Philippines' largest electronics industry group, Semiconductor and Electronics Industries in the Philippines Inc, has revised its growth estimate for exports of the sector this year to a range of 5-8 percent from 5 percent previously on improving demand.

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

The Philippine economy slowed to its weakest pace in more than five years in the third quarter, hurt by a decline in public spending and farm output and signalling a longer-than-expected pause in the central bank's tightening cycle.

The government has a GDP growth target of 6.5-7.5 percent this year. - With Reuters