2010 exports target topped

2010 exports target topped

by UA&P News Desk on January 13, 2011 - 3:49 pm

Goal exceeded in November despite growth slowdown

From BusinessWorld, by Antonio Siegfrid O. Alegado

MERCHANDISE EXPORTS growth was at its slowest so far for 2010 last November but the month’s results were enough to top the full-year target, fueling optimism for 2011.

Outbound shipments rose by 11.2% in November to $4.14 billion from a year ago, the government reported yesterday. This brought aggregate merchandise exports for the 11 months to $47.22 billion, up by 34.5% from last year’s $35.12 billion and surpassing the government’s 2010 target of $43.1 billion or a 15% growth.

Month on month, exports declined by 13.4% from October’s $4.78 billion, data from the National Statistics Office (NSO) showed. Exports had grown by 27.4% the previous month. The November growth rate, however, was faster than the 5.8% recorded in the same month last year.

Experts said the slowdown was expected due to seasonal trends. University of Asia and the Pacific (UA&P) economist Peter Lee U said, “November to December is the peak sales season [overseas], so most products have been exported from here before that period.”

Amid the continued growth, the government said it would review targets for 2011 once full-year economic data for 2010 become available.

Read full story on BWorldOnline.com >

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