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HomeCustoms & TradePH exports slid 1.1% in Nov

PH exports slid 1.1% in Nov

ID-100211104Philippine merchandise exports fell 1.1% in November 2015, a decline for the eighth straight month, according to the Philippine Statistics Authority (PSA).

Export revenues for November amounted to US$5.117 billion, a 1.1% drop from $5.175 billion in the same month in 2014. For the period January to November last year, exports likewise contracted, down 5.8% to $53.988 billion from $57.299 billion in 2014.

PSA said five major commodities out of the top 10 for the month posted decreases. These were articles of apparel and clothing accessories (-42.7%), chemicals (-40.2%), woodcrafts and furniture (-9.5%), other manufactures (-6%), and metal components (-3.7%).

Outward shipments of manufactured goods, which accounted for 90.4% of total export receipts in November, were valued at $4.627 billion, up 3.6% from $4.465 billion in November 2014.

Exports of agro-based products, with a 4.7% share to total, dropped 23.1% to $240.59 million from $312.98 million.

Mineral products, which contributed 3% to total exports for the month, decreased 25.3% to $151.77 million from $203.12 million in November 2014.

Merchandise exports from special transactions, with a 1.7% share of the total, fell 43.7% to $86.54 million from $153.76 million, while petroleum products, which accounted for 0.2%, declined 69.3% to $9.41 million from $30.61 million.

Moreover, sales from forest products, representing 0.04% of total outbound shipments, were 79.5% lower, with $1.85 million posted in November 2015 from $9.02 million in November 2014.

Meanwhile, electronic products remained as the country’s top export with total receipts of $2.774 billion, accounting for 54.2% of total export revenue for November 2015. This was an increase of 9.3% from $2.539 billion registered in November 2014.

Japan remained the country’s top export destination with $1.091 billion, representing 21.3% of the total, followed by the U.S. with 14%, and Hong Kong with a 10.9% share.

Image courtesy of  Stuart Miles at FreeDigitalPhotos.net

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