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Philippine exports rise 2.3 percent in May: official data

AFP - Thursday, July 10

MANILA, July 10, 2008 (AFP) - Philippine merchandise exports grew by only 2.3 percent in May against a year earlier after a slump in the key electronics sector, the government said Thursday.

May's figure was 4.224 billion dollars, the National Statistics Office said in a statement.

Revenues from electronics were worth 58.6 percent of total exports and amounted to 2.474 billion dollars, down 3.4 percent on May 2007.

Total exports in the five months to May reached 21.085 billion dollars, a 3.1-percent increase from the same period last year, the office said.

The slump in May export growth "may be due to the slowdown in the demand for electronic products," especially semiconductors and other components, the statement said.

Copper cathodes were the country's second largest export in May, growing by 16.2 percent to 155.14 million dollars, the office said.

The US remained the country's largest export market, buying 16 percent of the total or 675.6 million dollars, the office added. This was a 2.7-percent increase from the same period last year.

Japan was second with 665.4 million dollars and China was third with 502.05 million dollars.

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