NEWSFLASH

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RP EXPORTS UP 23% TO $25-B IN '97

Manila, Feb. 11, 1998 - Philippine exports in 1997 exceeded expectations, chalking up $25.23 billion or an increase of 23% from the previous year, according to the National Statistics Office (NSO). This export growth of 23% was the world's highest in 1997, besting even China's growth rate of only 15%.

Trade and Industry Secretary Cesar Bautista reported to President Ramos that electronics remains the country's top dollar earner, posting a 32% jump in exports from $10 billion in 1996 to $13.2 billion last year, making up 52% of total export revenues.

Other top exports in 1997 were machinery and transport equipment ($2.69 billion), garments ($2.35 billion), coconuts ($834.8 million) and fruits and vegetables ($458.5 million).

The United States remains the largest export market for the Philippines, taking in $8.8 billion or almost 35% of the aggregate export value for the year. It registered an improvement from $7 billion in 1996. Next market was Japan, followed by the Netherlands, Singapore, Taiwan, Hong Kong, United Kingdom, Germany, Thailand and Malaysia.

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