NEWSFLASH

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ELECTRONICS PUSH MERCHANDISE EXPORTS TO $6.8 BILLION

Manila, May 9, 1998 - Electronics, mainly semiconductors and microchips, pushed the country's exports up by 23.8% in the first quarter of 1998, to $6.82 billion from $5.51 billion.

Data released by the National Statistics Office showed that in March alone, export earnings increased 23.6% at $2.473 billion from $2 billion last year.

Exports of electronics and components made up 51% of the first quarter total with shipments worth $3.46 billion, followed by garment exports at $1.015 billion or 15% of the total.

The United States continued to be the Philippines' biggest trade partner, accounting for more than a third of the exports of $2.27 billion, an increase of 18% from $1.92 billion recorded last year.

Second biggest buyer was Japan, which imported $1.15 billion worth of merchandise, or 17% of the total.

Third largest importing country is The Netherlands, which bought $518.84 million worth of goods, or about 7.6% of the total, up by 27% from last year.

The rest of the ten top importers of Philippine-made goods are Singapore, Taiwan, United Kingdom, Hong Kong, Germany, Malaysia and Korea.

Sugar exports surged 71%; followed by fertilizer, 52%; electronics and components, 48% and fine jewelry, 46%.

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