July exports up 7.8% but electronics shipments down

Posted at 09/11/2012 10:34 AM | Updated as of 09/11/2012 2:26 PM

MANILA, Philippines - The Philippines sold more goods to the overseas market in July. 

The National Statistics Office reports shipments rose 7.8% for that month to $4.81 billion, better than the 4% growth recorded in June. However, electronics exports fell.

Economic Planning Secretary Arsenio Balisacan says demand for the Philippines' semiconductor products weakened. 

The Semiconductors and Electronics Industries in the Philippines has reduced its export growth forecast for this year from at least 10% to 5% due to slowing demand. - ANC