Home » Breaking News, Customs & Trade » 2011 PH exports contract 7%

Philippine exports continued to decline in December, dropping 20.7% year-on-year and 0.3% from the November 2011 figure, according to the National Statistics Office.

December export receipts totaled $3.332 billion from $4.201 billion in the same period last year. They were also slightly down from November’s $3.342 billion.

For the whole of 2011, exports contracted 6.9% to $47.967 billion from $51.498 billion during the same period a year ago.

Accounting for 45.6% of the total in December, electronic products emerged as the country’s top export commodity with receipts of $1.519 billion, down 32.7% from $2.256 billion registered in the same month last year.

Articles of apparel and clothing accessories followed as the second top export earner with receipts of $148.98 million or 4.5% of the total December revenue. This expanded 8% from December 2010’s $137.90 million.

Woodcrafts and furniture ranked third with sales amounting to $131.87 million or 4% of the aggregate. This value grew 16.7% from $113.04 million posted in December 2010.

Japan was the top destination for Philippine exports, cornering 18.9% of the total for December or $629.27 million, down 6.4% from $672.15 million recorded a year ago.

The US came in second, accounting for 15.9% of the total with earnings worth $531.11 million. This represented a decrease of 5.9% from $564.38 million reported a year earlier.

Representing 13.8% of the aggregate was third-placer China with shipments amounting to $459.75 million, a 22.7% year-on-year decline from $595.11 million.

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