Philippines Exports Increase 9.8%

MANILA PHILIPPINES - Philippines exports gained 9.8% from last year to $3.3 billion as overseas sales of electronics / computer parts, the National Statistics Office reported.

Sales of computer parts and other electronics, which account for 67 percent of the country's exports, rose 10.3 percent in February.

Shipments to the United States, the biggest importer of Philippine products, rose 19.9 percent to $623.3 million, faster than the previous month's 0.4 percent gain.

Sales to China, the country's fourth-biggest market, rose 26.6 percent to $319.7 million.

"Going forward, global electronics demand will support overseas shipments," said Leslie Khoo, an economist at Forecast Singapore.

Khoo expects Philippine exports to rise 9 percent this year after slowing to 3.9 percent in 2005. The Asian Development Bank (ADB) predicted that rising global demand for electronics, which began in 2005, would "continue through most of 2006."

Demand for semiconductors and other electronic goods "is expected to be robust," said ADB.

IDC, an industry research firm, said last month that worldwide spending on information technology would rise 6.3 percent this year, more than previously forecast, because of better-than-expected growth in Japan and Western Europe.

Global technology spending climbed 6.9 percent last year to $1.08 trillion. The government expects Philippines exports to gain 8 percent this year, helping create jobs and accelerating economic growth to as much as 6.2 percent. 4/22/06

Source: Bloomberg

More Philippine News >>

Select Philippines Travel and Business - Home


Top of News: Philippines Exports