Philippine exports increased 4% on a year earlier in October, the second month of recovery after 17 months of declines, yet economists had expected growth nearer 8%. This may be explained by a weak performance in semiconductors. Total exports fell 17%, while Panjiva data shows exports to China were broadly unchanged. The Philippines may be losing share to Taiwan, which increased its exports by 21% in October and 39% in November vs. a year earlier. Total exports to the U.S. increased 1% in October, but likely fell 1% in November, with Japan being the only major bright spot.