Philippine Exports Grew
by 25.8% in March

MANILA PHILIPPINES - Philippine exports registered a sharp increase in March reaching $4.1 Billion, 25.8 percent higher than previous year and significantly higher than last month's 14.9 percent growth.

This brings the 2006 January to March 2006 receipts to US$ 10.9 billion, which is 13.8 percent higher than same period last year and ahead of the eight percent export growth rate projected for this year.

Electronic products expanded by 24.7 percent to $2.7 billion, led by strong performance in the semiconductors and electronic data processing machines, which are up by 29.3 percent and 4.9 percent respectively.

According to the Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI), Philippine semiconductor exports are expected to grow by 10 percent, while total electronics exports is seen to rise by at least eight percent in 2006.

"The estimates are conservative, taking account of the risks and challenges faced by the industry, especially higher production cost due to increased power rates, fuel prices and cost of raw materials," said Romulo L. Neri, director-general of Philippine National Economic and Development Authority (NEDA).

Manufactured goods, which accounts for 89 percent of total export revenues, grew by 25.1 percent from previous year to US$ 3.7 billion.

Garments posted a strong growth of 29.6 percent, primarily due to bulk order for men's and women's wear.

Revenues from petroleum products, the country's third top export earner, increased by 163.1 percent, from US$ 34.3 million a year ago to US$ 90.3 million from January-March this year. This robust performance is due to the higher demand for lubricating greases, fuel and gas oil (other than diesel oil).

The United States remains to be the primary market for Philippine exports, accounting for 17.1 percent of total export revenues, followed by Japan (15.8 percent), the Netherlands (13.3 percent), and China (9.8 percent).

5/12/06

Source: PNA

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