Slower growth for exports

Slower growth for exports

by UA&P News Desk on March 11, 2011 - 5:18 pm

From Business World, by A.S.O. Alegado

MERCHANDISE EXPORTS grew at a slower pace in January, a development economists and industry officials said was a sign of normalizing markets following a 2010 rebound.

Outbound shipments were up an annual 11.8%, a significantly slower rate compared to the 42.4% surge recorded in January last year, the National Statistics Office yesterday reported. In value terms the $4 billion earned at the start of this year was the lowest since April 2010.

On a month-on-month basis, exports were down 4.8% from December’s $4.2 billion. Year-on-year growth during the final month of last year was 26.5%.

Electronics remained the country’s top export with earnings amounting to $2.142 billion or 53.5% of total export revenues. Growth, however, slumped to just 5.3% from 51.2% a year earlier. Month on month, outbound shipments were down 5.1%.

Apparel and clothing accessories, which comprised 4.1% of total exports, was the country’s second top earner in January at $162.35 billion.

“The market is in a wait-and-see attitude on how economies will perform in 2011. But everything seems to be normalizing after the economic downturn two years ago,” said Cid L. Terosa, economist at the University of Asia and the Pacific.

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