Home » Breaking News, Customs & Trade » PH Nov exports contract 19.4%

Photo courtesy of International Container Terminal Services, Inc

PHILIPPINE exports declined 19.4% in November to $3.342 billion from $4.146 billion year-on-year, according to latest data from the National Statistics Office.

The November figure is also 18.2% lower than the $4.088 billion recorded in October 2011.

From January to November, exports contracted 5.6% from $47.296 billion to $44.636 billion.

Electronic products were the country’s main export commodity, accounting for 45.8% or $1.529 billion of November’s total export revenue. The figure represents a 34.5% drop from the same period last year’s $2.333 billion. Month-on-month, electronic exports slipped 19.3% from $1.896 billion.

Woodcrafts and furniture followed as the second top export earner in November with receipts of $173.93 million or a share of 5.2% to total exports. This expanded 29.6% from the November 2010 level of $134.16 million.

Articles of apparel and clothing accessories ranked third with sales amounting to $130.76 million or 3.9% of total exports, down 5.4% from $138.20 million posted in November 2010.

Japan was the country’s top export destination for November with a 21.6% share of the total or $722.14 million, up 8.1% from $668.27 million recorded a year ago.

The US was second with a 15% share of the aggregate or $500.88 million. This represented an increase of 2.5% from $488.69 million reported a year earlier.

China was third accounting for 13.7% of the total with shipments amounting to $457.84 million or a 30% year-on-year decline from $654.11 million.

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