Philippine exports rise 42.5 per cent in January
Thursday, 11 March 2010
MANILA, March 10 (AFP): Philippine said today that exports rose 42.5 per cent in January from a year earlier as the Southeast Asian nation reaped the benefits of an improving world economy.
Exports amounted to 3.58 billion dollars, up from 2.51 billion dollars the same month in 2009, the National Statistics Office said, with analysts describing the increase as one of the biggest in recent years.
Electronics products, the country's top export sector which accounts for more than half of total shipments, rose 51.2 per cent to 2.03 billion dollars year-on-year in January, it said.
"The global economy is bouncing back, and demands specially for electronic products are back on track," said Astro del Castillo, an analyst at First Grade Holdings Inc.
"Last year was really the bottom, and we are now really seeing a start of a reversal."
Exports for January were also up 8.0 per cent from December, the statistics office said.
However analysts said the rise was expected as it compared with last year's poor figures during the global slump, and that the data did not change the general forecasts for economic growth this year.
Paul Balaoing of PCCI Securities said the January growth clip was "one of the fastest in terms of pace in recent years".
"We came from a low base last year, when exports were down, so now we have a good start for the year and we will probably experience a much better growth rate moving forward," he said.
Semiconductors also rose 59.0 per cent to 1.47 billion dollars, and accounted for 41.0 per cent of total shipments in January.
Japan was the country's top export market, buying 579.98 million dollars worth of Philippine goods, while the United States was second, accounting for 574.5 million dollars.
The government has set a target for economic growth of between 2.6 and 3.6 per cent this year, from an 11-year low of 0.9 per cent in 2009.
Exports amounted to 3.58 billion dollars, up from 2.51 billion dollars the same month in 2009, the National Statistics Office said, with analysts describing the increase as one of the biggest in recent years.
Electronics products, the country's top export sector which accounts for more than half of total shipments, rose 51.2 per cent to 2.03 billion dollars year-on-year in January, it said.
"The global economy is bouncing back, and demands specially for electronic products are back on track," said Astro del Castillo, an analyst at First Grade Holdings Inc.
"Last year was really the bottom, and we are now really seeing a start of a reversal."
Exports for January were also up 8.0 per cent from December, the statistics office said.
However analysts said the rise was expected as it compared with last year's poor figures during the global slump, and that the data did not change the general forecasts for economic growth this year.
Paul Balaoing of PCCI Securities said the January growth clip was "one of the fastest in terms of pace in recent years".
"We came from a low base last year, when exports were down, so now we have a good start for the year and we will probably experience a much better growth rate moving forward," he said.
Semiconductors also rose 59.0 per cent to 1.47 billion dollars, and accounted for 41.0 per cent of total shipments in January.
Japan was the country's top export market, buying 579.98 million dollars worth of Philippine goods, while the United States was second, accounting for 574.5 million dollars.
The government has set a target for economic growth of between 2.6 and 3.6 per cent this year, from an 11-year low of 0.9 per cent in 2009.