MANILA Philippines AP In the first major slump in Philippine exports since the start of Asia's currency crisis exports shrank 8.7 percent in October from the previous month to dlrs 2.542 billion the government announced Wednesday. Export growth was also sharply lower on an annual basis dropping to 9.3 percent in October from 19 percent in September the National Statistics Office said. The Philippines had enjoyed annual export growth of more than 20 percent for much of the past several years showing remarkable resilience to the effects of the 17-month currency crisis. But economists said they expected a slowdown in export growth because of weaker worldwide demand following the slowdown in the global economy. Luz Lorenzo economist for ATR Securities Inc. said the Philippines also faces increased competition from Asian neighbors that are making efforts to increase exports to recover from the regional financial crisis. ``We may have to share our gains with our neighbors'' she said. Joey Cuyegkeng economist for ING Barings Securities Philippines Inc. also blamed the agricultural sector for the slowdown in export growth. Agricultural production contracted 3.1 percent in the third quarter of this year because of the aftereffects of a prolonged drought which was followed by strong typhoons. For the first 10 months of the year exports rose 18 percent to dlrs 24.39 billion the statistics office said. Lorenzo said she expects Philippine export growth will slip to 16 percent for the entire year compared to 1997. Electronics and components accounted for 56 percent of total October exports grossing dlrs 1.43 billion 32 percent more than the year-earlier level. The second top export category was garments which generated dlrs 165 million down 1.4 percent from the year-earlier level. Computer parts and peripherals accounted for dlrs 127.1 million of October exports 18 percent less than a year before. The United States remained the country's top export destination accounting for 33 percent of total October shipments or dlrs 849.5 million 6.7 more higher than the year-earlier level. Japan followed with a 14 percent share totaling dlrs 351.2 million 12 percent less than a year earlier reflecting Japan's weakening economy. The government announces import figures separately each month. APW19981201.0622.txt.body.html APW19981201.1127.txt.body.html