MANILA (Mabuhay) – Philippine exports grew by 2.9 percent to $5.173 billion in October, the slowest pace since April and compares with the 15.7 percent expansion recorded in September, the Philippine Statistics Authority reported Wednesday.
It was also the slowest rate since April, when export receipts grew by 1.3 percent.
Despite the emerging trend depicting a slowdown in Philippine shipments, exports increased by 9.2 percent to $51.769 billion in the first 10 months of the year, PSA data show.
“This growth is attributed to higher sales of electronic products, machinery and transport equipment, miscellaneous manufactured articles, iron & steel, furniture & fixtures, and textile yarns/fabrics,” Economic Planning Secretary Arsenio Balisacan said.
The Cabinet official was commenting on the outbound receipts of manufactured goods which registered a 2.7 percent growth to $4.3 billion.
For the fifth consecutive month, electronics and semiconductors shipments reached to $2.226 billion, a 4.5-percent increase from $2.13 billion. This sector made up 43 percent of total exports for the month, Balisacan noted. (MNS)