Manila Standard Today reported that exports rose by 7.8% YoY in July 2012 as increased orders for major manufactured goods offset the decline in demand for electronics and mineral products.

Data from the National Statistics Office showed total exports receipts reached USD 4.8 billion in July 2012, up from USD 4.5 billion posted in the same period last year. It also rose by 4.3% MoM from USD 4.3 billion in June 2012.

The latest data brought the seven month exports tally to USD 31. 6 billion, up by 7.7% YoY from USD 23.3 billion recorded in the same period a year ago. The government targets a 10% growth in exports in 2012 and 12% rise in 2013.

University of the Philippines Economics professor Dr Benjamin Diokno said that "Meeting the official target of 10% growth is virtually unreachable given the still moribund global economy and the strong peso."

Overseas sales of electronic products, accounting for 34.9% of the total exports revenue, fell by 25.6% YoY to USD 1.7 billion in July 2012 from USD 2.3 billion a year earlier, representing its sharpest decline this year.

Source - Manila Standard Today

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