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Philippine export growth slows in June

08-10-2012 15:50 BJT

MANILA, Aug. 10 (Xinhua) -- Revenues from Philippine exports grew at a slower pace in June as shipments of electronic products declined sharply during the period, according to data issued by the National Statistics Office (NSO) on Friday.

Export earnings in June reached 4.31 billion U.S. dollars, up by 4.2 percent on year. This, however, is lower than the 19.7 percent annual increase in export revenues posted in May.

Revenues from electronic products, the Philippines' top export, declined by 14.6 percent on year to 1.88 billion U.S. dollars.

Shipments of metal components, ignition wiring used in aircrafts and vehicles and farm products buoyed the country's merchandise exports in June.

From January to June, the country's total export earnings went up by 7.7 percent on year to 26.75 billion U.S. dollars.

Despite the slower increase in export earnings in June, economist Victor Abola from University of Asia and the Pacific said the country's exports could still grow by as much as 10 percent in 2012.

Abola noted that the Philippines is shipping less of its products to "problematic" regions like the Eurozoneand is concentrating on East Asia.

 

Editor:James |Source: Xinhua

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