Philippines' Jan exports rise 9.3 pct

Posted at 03/11/14 11:11 AM

MANILA – Philippine export revenues increased by 9.3 percent to $4.38 billion in January 2014 year on year on the back of higher shipment of electronic products, according to data released by the Philippines' statistics office Tuesday.

Electronics shipments led the increase and accounted for $1.79 billion of the total export revenues, up 22.1 percent from a year ago.

The rise in exports of electronics and semiconductors, which made up nearly 41 percent of the country's total exports in January, marked the second straight month of above-20-percent annual growth.

Other top exports included woodcrafts and furniture, machinery, and transport equipment.

The electronics industry group forecast the country's electronic exports could grow 5 percent this year.

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

Based on the central bank's latest estimates, Philippine exports and imports are both expected to rise 6 percent this year.

With Philippine inflation unexpectedly slowing for the first time in six months in February, the central bank appears to have room to keep interest rates at a record low at its policy meeting this month.

The Philippines expects its economy to grow 6.5 to 7.5 percent this year after expanding 7.2 percent last year, the fastest in the region after China.