Monday, February 11, 2008

Philippene Exports December 2007

Philippine exports grew at the fastest pace since August 2006 in December as shipments to China increased. Shipments abroad gained 21.4 percent from Deecember 2006 to reach $4.48 billion, according to preliminary figures released by the National Statistics Office in Manila today. Exports fell 2.1 percent in November.

Demand from China is supporting the Philippines and other Asian-exporting nations as shipments to the U.S. weaken. Exports account for about half of the Philippines $117 billion economy, which expanded at its fastest annual pace in 31 years in 2007.

Shipments to China gained 12.8 percent in December from a year earlier to $515.15 million. They dropped 12.4 percent a month earlier. Exports to Hong Kong rose 65 percent to $488 million, accelerating from a 28 percent gain in November.

Exports to the U.S., which is the Philippines' biggest market, grew by 7.7 percent to $725.4 million in December from a year earlier. Shipments to Japan, the No. 2 destination, were up 19.9 percent to $641.1 million.

Shipments of electronics, which make up two-thirds of the Philippines' total exports, climbed 12.3 percent from a year earlier to $2.54 billion. Exports of clothes declined 7.8 percent from a year earlier. Refined petroleum product sales jumped more than fourfold. Copper, gold and other mineral shipments increased 64 percent in December. Woodcrafts and furniture rose 25 percent.

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