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Philippine exports fall for the first time in 11 months in December
[MANILA] The Philippines' statistics office on Tuesday released data on December exports:
KEY POINTS: - Total exports in 2014 were up 9.0 per cent from 2013 to US$61.8 billion. Exports climbed 7.9 per cent in 2012 and 8.8 per cent in 2013.
- Electronics and semiconductors, which made up almost half of total exports for the month, climbed at a much slower pace of 9.9 per cent in December from a year earlier.
- Other top exports in December included other manufactures, which fell 52.8 per cent from a year earlier; machinery and transport equipment, which climbed 32.5 per cent from last year; and woodcrafts and furniture, which posted an annual decline of 16.5 per cent.
- Japan remained the country's top destination of exports in December, accounting for 21.2 per cent of total exports, followed by the United States with 14.1 per cent, and China with a 11.4 per cent share.
- The Semiconductor and Electronics Industries in the Philippines had forecast electronic exports growth between 7-11 per cent in 2014, higher than an earlier estimate of 5-8 per cent, with growth probably moderating this year to 5-7 per cent.
- The Southeast Asian nation provides about 10 per cent of the world's semiconductor manufacturing services, including for mobile phone chips and micro processors..
Growth in 2014 was 6.1 per cent, below the government's 6.5-7.5 per cent goal, but the fastest in Asia after China. Manila has a 7-8 per cent growth target this year.