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MANILA – (UPDATED 11:02 a.m.) Sales abroad of Philippine made goods grew 7.8 percent in the first month of the third quarter, but the drop in electronics shipments quickened, the National Statistics Office said on Tuesday.
In a report, the NSO said export receipts last July reached $4.807 billion, up from $4.460 billion in the same month a year ago. The July performance led the seven-month tally to rise 7.7 percent to $31.564 billion this year from $29.306 billion in 2011.
The July year-on-year growth was faster than the 4.3 percent uptick in June. Month-on-month, the slide in the country’s exports eased to 11.4 percent from the 12.5 percent contraction in June.
The NSO said July exports got a lift from 7 out of the country’s top 10 shipments abroad, namely activated carbon; metal components; bananas; ignition wiring sets and other wiring sets used in vehicles, aircrafts and ships; pineapple and pineapple products; tuna; and woodcrafts and furniture.
Electronics, which accounted for 34.9 percent of the total exports receipts, fell 25.6 percent to $1.675 billion in July this year , with the contraction accelerating from 14.6 percent drop last June. Month-on-month, electronics fell 11.2 percent from June’s nearly one percent increase.
However, the volume of outward shipment of electronic products, particularly semiconductors, grew by 17.3 percent year-on-year last July.
Singapore emerged as the Philippines’ top market with sales amounting to $832.45 million. This was followed by Japan with $764.13 million; US, $667.64 million; and China, $495. 21 million.
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