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Philippines' export growth at over 3-year high in Feb

Published on Apr 10, 2014 12:30 PM

MANILA (Reuters) - Philippine exports rose at their fastest pace in more than three years in February, government data showed on Thursday, driven by robust shipments of electronics and a rising contribution from industrial manufacturing.

Total exports in February jumped 24.4 per cent from a year earlier, the biggest gain since December 2010, the statistics agency said. Electronics exports jumped 26.6 per cent year-on-year, their fastest growth since October 2010.

February also marked the third straight month in which exports from the electronics/semiconductors category - which makes up at least two-fifths of total exports - recorded growth of more than 20 per cent growth.

Still, net exports are unlikely to power overall growth this year because of a higher import bill, with imports of rice and construction materials for rebuilding after last year's super typhoon seen keeping the trade account in deficit.

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