Exports growth slows but 2010 target to be exceeded

Exports growth slows but 2010 target to be exceeded

by UA&P News Desk on December 13, 2010 - 11:18 am

From Business World

EXPORT GROWTH slowed in October but with the year-to-date tally just shy of the full-year goal the industry appears all but certain to top its targets for 2010.

Annual growth moderated to 26.4% from a record 46.4% in September, the National Statistics Office (NSO) reported on Friday, with goods shipped out in October valued at $4.7 billion from $3.7 billion a year earlier.

This brought aggregate merchandise exports for January to October to $43 billion, up 37.1% compared to the same period last year. The latest tally accounts for 99.9% of the full-year export target of $43.1 billion, equivalent to a 15% growth on an annual basis.

Electronics remained the country’s top export in October with earnings of almost $3.0 billion or 63% of total revenues. Receipts from the sector, however, moderated to 38.2% on an annual basis from September’s 54.6%.

Month on month, electronics shipments fell by 14.1% from September’s $3.5 billion, mainly caused by semiconductor shipments plummeting 18.4% to $2.4 billion.

The government, however, remains convinced that this year’s 15% export growth target will be exceeded.

“It is almost certain that we may exceed the target due to the rebound in electronic shipments [during the second and third quarter of 2010],’ National Economic and Development Authority Deputy Director-General Augusto B. Santos said in a telephone interview.

Economists and industry officials were of the same view.

“For sure, we will exceed the target. It’s guaranteed,” University of Asia and the Pacific (UA&P) economist Peter Lee U said.

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