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Friday, December 05, 2003
RP October exports up 6.2%; better sales seen ahead
MANILA—Philippine exports rose 6.2 percent from a year earlier to $3.223 billion in October, possibly signaling the start of a rebound in the last quarter of the year, officials and analysts said yesterday.
Total exports in the first 10 months of 2003 rose one percent over last year to $29.489 billion, the National Statistics Office said.
Electronic exports, which made up about 68.5 percent of the country’s exports, rose 6.3 percent in October.
Apparel and clothing accessories, the second largest category, accounted for only 4.8 percent of the total, declining by 21.6 percent.
The October performance marked an improvement over the 2.3 percent rise in exports in September.
October reflected the anticipated pick-up in global demand at this time of year, said DBS Bank regional economist Wong Chee Seng. “Those are positive numbers, and that is a trend in the region. What we’re seeing is the recovery expected before the yearend.”
“The next two months will likely see Philippines exports rise, with growth stronger than 6.2 percent,” he added.
However, Wong said he did not expect exports to hit the government’s target of five percent growth for the whole year.
Exporters are likely to continue benefiting from increasing global demand, as well as a weak Philippine peso, he said.
Japan was the largest buyer of Philippine exports, taking 18.3 percent of the total in October or $689.48 million worth—a 36.8 percent increase from the same period last year.
The United States was second with 16.2 percent or $521.6 million in October, or a 23.2 percent decline from last year. (AFP)
(December 5, 2003 issue)
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