Philippines’ merchandise exports increased at a faster pace in May, a latest report for the National Statistical Office showed on Tuesday.
Merchandise exports increased 37.3% year-on-year to US$4.24 billion in May, faster than 28.2% in the previous month. Exports increased for the seventh consecutive month. A year earlier, exports decreased 26.9%. Month-on-month, merchandise exports climbed 17.9%, compared to a 14% fall in the previous month.
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Philippine exports rose at a faster pace in May as the global recovery spurred demand for electronics, sustaining the nation’s economic expansion and supporting President Benigno Aquino’s efforts to boost incomes.
Asian exports rebounded this year as customers in the U.S. and Europe increased purchases of Philippine-made Texas Instruments Inc. semiconductors and South Korea-produced Hyundai Motor Co. cars. Still, Bangko Sentral ng Pilipinas may keep its benchmark interest rate at a record-low 4 percent this week to support the nation’s recovery as the European debt crisis threatens global growth, economists surveyed by Bloomberg say.
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