Philippine June exports grow at fastest rate in six months

Posted at 08/12/14 10:12 AM

MANILA, Philippines - Philippine exports in June grew at its fastest pace in six months, as electronics exports rebounded.

Data from the Philippine Statistics Authority (PSA) showed that exports in June jumped 21.3 percent to $5.44 billion, versus $4.49 billion a year ago.

Electronics and semiconductors, which make up 40.8 percent of total shipments for the month, rose 10.7 percent in June to $2.2 billion. In June last year, electronics fell by 2.2 percent.

Total exports in the first half of the year rose 8.3 percent from the same period last year to $29.8 billion, above the government's 6 percent target for overall exports growth this year.

Other top exports in June included other manufactures, machinery and transport equipment and other mineral products.

The Philippines' largest electronics industry group, Semiconductor and Electronics Industries in the Philippines Inc, has maintained its estimate of 5 percent growth in the sector's exports 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. - With Reuters