Electronics shipments grow PHL exports 14% in Oct. – NSO

^{Japan, US, and China remain the Top 3 buyers of Philippine products, according to this chart from the National Statistics Office.}

Philippine exports grew in double-digit terms last October, boosted by a resurgence in electronics shipments, the leading trade merchandise. 

 

In a report Tuesday, the National Statistics Office (NSO) said export receipts grew by 14 percent annually to $5.025 billion in October – faster than the 5.1 percent in September and the 6.1 percent in October last year. 

 

The latest exports figure helped trim the 10-month drop shipments to 1.3 percent or $45.085 billion. 

 

Economic managers have said that the government will miss its 10 percent exports growth target for the entire 2013. 

 

Electronics shipments, which comprised 42.9 percent of total exports, rose by 13.4 percent to $2.158 billion in October. 

 

The Philippines supplies 10 percent of the world's semiconductors, including mobile phone chips and microprocessors, according to Reuters. 

 

"If this continues, then trade or foreign sales will eventually contribute to growth and not be a drag," said Emilio Neri Jr., lead economist at Bank of the Philippine Islands. "It could help ensure that growth will not significantly deviate from our current rate," he said.

 

Despite sluggish trade, the Philippine economy grew by 7.4 percent in the first three quarters, the fastest in Southeast Asia. 

 

The expansion in shipments was consistent with the global economic recovery including markets that buy Philippine products, the economist noted.

 

"It's a sign that traditional markets are starting to really heal," Neri said in a phone interview Tuesday. 

 

Japan was a major destination for Philippine shipments, accounting for 22 percent of total exports in October. The United States followed with a 14.2 percent share and China with 12.8 percent. – VS/KG, GMA News