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PH February export growth at more than 3-year high

Total exports in February grew at their fastest pace in more than three years.

Exports in February reached $4.65 billion, growing 24.4% from year-ago exports of $3.74 billion. This was the fastest growth since December 2010, when exports expanded 26.5%.

Electronics shipments surged 26.6% to $1.88 billion from a year ago.

Electronics and semiconductors made up 40.4 percent of total exports in February, with the sector posting its third straight month of above-20 percent growth. It was also the highest growth since October 2010, when the sector grew 38.2 percent.

Other top exports included woodcrafts and furniture, machinery and transport equipment.

The electronics industry group forecast electronic exports could grow 5 percent this year.

The Southeast Asian nation provides about 10 percent of the world’s semiconductor manufacturing services, including for mobile phone chips and micro processors.

Based on the central bank’s latest estimates, Philippine exports and imports are both expected to rise 6 percent this year.

The Philippines expects its economy to grow 6.5 to 7.5 percent this year after expanding 7.2 percent in 2013, the fastest in the region after China.

Monetary authorities left the policy interest rate at a record low on March 27 but raised banks’ reserve requirement ratio by 1 percentage point in what is widely seen as an initial measure to tighten domestic liquidity that grew at a record pace in January.

 

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