RP's July exports rise 21%

RP's July exports rise 21%

MANILA (Bloomberg): Philippine merchandise exports rose 20.9 percent in July from the previous year, powered by surging shipments of computer chips and other electronic gear, the government said Thursday.

Exports rose to a record US$2.499 billion in July from $2.067 billion in the same month a year ago, the National Statistics Office said. Compared to June's $2.389 billion, exports increased 4.6 percent.

While the July performance maintains the country's claim of having the most robust export growth in Asia, economists caution that may not be sustained in the coming months.

Electronics, providing almost half the country's overseas earnings, rose 50.6 percent to $1.193 billion in July, as semiconductors surged 87 percent to $807.29 million.

Clothing shipments rose 13.8 percent to $227.39 million.

The United States was the largest market for Philippine exports, taking in $930.78 million of goods in July, an increase of 22.7 percent. Exports to recession-gripped Japan, the second- largest market, fell 4.1 percent to $355.26 million.