PHL exports grows 2.9% in Oct., slowest in six months

President Benigno S. Aquino III tours the exhibit area upon arrival for the Philippine Business for Social Progress (PBSP) Membership Meeting and launch of Mindanao Inclusive Agribusiness Program at the SMX Convention Center in Lanang, Davao City on Monday (September 08). The event aims to rally PBSP members and other Mindanao companies around the idea of inclusive business on priority industries: coffee, cacao, corn, palm oil and rubber, as well as possible investments in Bangsamoro. (MNS photo)

President Benigno S. Aquino III tours the exhibit area upon arrival for the Philippine Business for Social Progress (PBSP) Membership Meeting and launch of Mindanao Inclusive Agribusiness Program at the SMX Convention Center in Lanang, Davao City on Monday (September 08). The event aims to rally PBSP members and other Mindanao companies around the idea of inclusive business on priority industries: coffee, cacao, corn, palm oil and rubber, as well as possible investments in Bangsamoro. (MNS photo)

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)

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