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MANILA, Philippines – Exports in July rose $4.84 billion in July, up only 2.3% from $4.73 billion a year ago largely due to the decline in electronics, the country’s top export item.
This indicator of the impact of the weak global recovery is to the Philippines shows a slower pace than June’s 4.1%, according to the National Statistics data on Tuesday, September 10.
This brought the aggregate merchandise exports for January to July to $30.422 billion in 2013, slower by 3.4% from than the $31.487 billion a year ago.
Electronics products, the company’s top export, was down by 5.7% to $1.893 billion in July from $2.006 billion a year ago.
The Philippines supplies about 10% of the world’s semiconductor manufacturing services, including for mobile phone chips and micro processors, according to Reuters.
Below were the Philippines’ main export markets in July:
- Japan – 19.8% share; $956.44 million total, up 24.2 % from a year ago
- China- 13.2% share; $640.40 million total, up 27.75 %
- USA – 12.6% share; $610.84 million total, down 8.7%;
- Singapore – 6.8% share; $327.78 million total, down 60.7%
- Exports expected to pick-up by 2nd half of the year
READ: Philippines may revise exports, imports targets
Despite the contraction in July, Socio Economic Planning Secretary Arsenio Balisacan considered the export growth as a positive development
“For quite some time numbers have been negative, and it still continues to post positive growth rates,” Balisacan told reporters in a briefing September 10.
Exports are also expected to pick-up in the second quarter of the year, according to the NEDA chief.
“We expect the positive growth in the last 2 months, especially with the relatively good numbers coming from the US, “ Balisacan noted. – Rappler.com
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