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Exports soar 33.4% to $4.55 billion in June

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MANILA, Philippines - Merchandise exports continued to post double-digit growth in June, although slower than the previous month's rise.


Data from the National Statistics Office (NSO) showed that the country's total export bill grew 33.4 percent to $4.55 billion in June from the year-ago level of $3.41 billion. Month on month, exports went up 7.2 percent from $4.24 billion in May.


Overall exports in the first half of the year climbed 37.65 percent to $23.711 billion from $17.225 billion during the same six-month period in 2009.


Electronics shipments, which dominate exports and are largely assembled for imported parts, jumped 49.1 percent year-on-year to $2.9 billion in June after a 41-percent rise in May, the NSO said. Electronics made up 63.9 percent of June export revenues.


The Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) said the latest growth recorded for electronics was the highest rate in the history of the industry.


"This was the best month for everybody, whether big or small companies," SEIPI president Ernesto Santiago said in a statement.


"For the first six months of the year, Philippine electronics exports has been growing by 45.23 percent versus the same period last year, another record high," Santiago said.


"The surge of exports in June can be attributed to customers of Philippine-based companies who are building their inventory as global economy has recovered to pre-crisis level," he added.


Other top earners were apparel and clothing accessories, coconut oil, woodcrafts and furniture.


Singapore emerged as the country's top export destination for the month, accounting for 16.5 percent of the total bill, with receipts worth $748.83 million, higher by a hefty 201.1 percent year on year.


The United States came in second with export earnings of $743.49 million, followed by Japan ($659.23 million), Hong Kong ($406.28 million) and China ($403.86 million).


The government expects exports to climb 15 percent this year, higher than its earlier estimate of 12 percent growth. Imports, on the other hand, are forecast to increase 20 percent from a previous estimate of 18 percent.


The electronics industry group expects its exports to climb 25 percent to 30 percent this year, notwithstanding signs demand may soften due to faltering global growth.


The local economy though is expected to grow faster than the official target of five percent to six percent and accelerate to seven percent to eight percent in 2011. The economy grew at its quickest pace in 22 years in January to March on a seasonally adjusted basis, thanks to election spending, government pump-priming and a turnaround in exports.



Edited by Cary
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