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NEWS UPDATES 11 August  2010

Philippine electronic exports boom

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Foreign sales of Philippine-assembled electronics products grew at their fastest pace on record, as the country's overall exports continued to expand by double-digits in June.

In a statement, the National Statistics Office (NSO) reported that the country's merchandise trade shipments abroad increased 33.4 percent to $4.545 billion from $3.407 billion in June last year.

The June performance led exports to grow 37.7 percent to $23.711 billion in the first six months of the year. This is more than double the official growth forecast of 15 percent for the whole 2010.

Electronics, which accounted for 63.9 percent of the total export revenue, rose 49.1 percent to $2.904 billion.

Month-on-month, electronics shipments also increased by 13.7 percent.

Separately, the Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) said the June expansion was the highest growth rate recorded for the sector.

"For the first six months of the year, Philippine electronics exports have been growing by 45.23 percent versus the same period last year-another record high," Ernesto Santiago, SEIPI president, said.

"The surge of exports in June can be attributed to customers of Philippine-based companies who are building their inventory as the global economy [recovers]," he said.

SEIPI maintains a 25-percent to 30-percent growth projection for the year.

While orders for some segments are seen to slow down during the later part of this year, the group remains bullish.

Besides electronics, Philippine shipments of articles of apparel and clothing accessories also grew by 9.6 percent to $152.36 million, the NSO said.

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