Philippine exports rise 2.3pc in May

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MANILA, July 10 (AFP): Philippine merchandise exports grew by only 2.3 per cent in May against a year earlier after a slump in the key electronics sector, the government said today.

May's figure was 4.224 billion dollars, the national statistics office said in a statement.

Revenues from electronics were worth 58.6 per cent of total exports and amounted to 2.474 billion dollars, down 3.4 per cent on May 2007.

Total exports in the five months to May reached 21.085 billion dollars, a 3.1-per cent increase from the same period last year, the office said.

The slump in May export growth "may be due to the slowdown in the demand for electronic products," especially semiconductors and other components, the statement said.

Copper cathodes were the country's second largest export in May, growing by 16.2 per cent to 155.14 million dollars, the office said.

The US remained the country's largest export market, buying 16 percent of the total or 675.6 million dollars, the office added. This was a 2.7-per cent increase from the same period last year.