Rise in Philippines July exports due to electronics exports

Manila, Philippines - Sept. 14, 2005

Philippines July exports surged 11.4% to US 3.5 Billion, a significant improvement from previous month's 1.0 percent growth.

This brings the country's total merchandise exports revenues from January to July 2005 to $22.9 billion, 4.6 percent higher compared with the same period last year.

The National Economic and Development Authority (NEDA) said electronic products, which expanded 14.2 percent, after a 4.7 percent decline in the previous month, led the expansion in July exports performance.

The NEDA chief Augusto B. Santos noted that semiconductors and electronic data processing machines went up 15.9 percent and 19.7 percent respectively.

The 15.9 percent growth in the Philippines semiconductors exports outpaced that of the world semiconductor sales, which increased by 0.3 percent, as well as the 8.1 % growth in Asia Pacific sales.

Santos also said that manufactures other than electronics also swelled. Garments, the country's second largest export product grew by 7.8 percent, following the surge of retail sales in the United States.

The US remained as the country's biggest export market for garments and textile, accounting for more than 70 percent of the Philippine garments exports.

Other manufacture exports that grew in July, include furniture and fixtures (5.4%), chemicals (40.2%), machinery and transport equipment (4.9%), and processed food and beverages (2.8%).

(NEDA)

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