(Update) November exports continue slide, reach 34-month low
abs-cbnNEWS.com | 01/13/2009 10:13 AM
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Philippine exports tumbled 11.9 percent to $3.494 billion last November, its lowest level in 34 months, as the global economic crisis cut orders for Philippine shipments of electronics and other major products.
The National Statistics Office (NSO) said merchandise exports fell to $3.494 billion in November from $3.965 billion in November 2007.
For the January-November period last year, total exports amounted to $46.332 billion, up by only 0.76 percent from $45.984 billion during the same period in 2007.
The government was expecting exports to grow by 5 to 8 percent in 2008, but analysts said that with the downtrend in October and November expected to continue through December, exports may post a flat growth or even a full-year contraction.
Electronics and garments
Shipments of electronics products, which accounted for more than half of the country's exports, contracted 17 percent in November from a year ago after falling 18.9 percent year-on-year in October.
The electronics sector was heavily hit by the global financial crisis, forcing several companies, such as Texas Instruments to cut its work force.
Texas Instruments has retrenched 392 employees from its Baguio plant although it would open another facility in Clark, Pampanga.
Data showed that exports of electronics fell 17 percent to $2.017 billion in November from $2.429 billion a year ago.
Apparel and clothing accessories remained the country's second top earner in November 2008 with a combined share of 3.8 percent and an aggregate receipt of $133.26 million or 15.8 percent lower than the $158.28 million in November 2007.
Top agricultural exports such as coconut oil and fresh bananas were down 27.7 percent and 15.9 percent, respectively.
This was partially offset by a 48.4 percent increase in shipments of ignition wiring sets, amounting to $108.05 million in November. Exports of woodcrafts and furniture also grew 14 percent to $99.21 million.
Copper metal exports went down by 19.7 percent to $78.35 million.
Other top exports in November were coconut oil valued at $48.26 million; metal components, $44.68 million; tuna, $40.23 million; and bananas, $32.74 million.
By commodity group, exports of manufactured goods were down 9.2 percent to $3.033 billion in November while shipments of agricultural products slipped 9.1 percent to $187.71 million.
Earnings from shipments of mineral products fell 39.7 percent to $128.35 million.
The United States remained the top market of the country for November 2008 with export receipts of $608.70 million, accounting for 17.4 percent of the country's aggregate income for the month, down by 18.8 percent from $749.76 million recorded a year earlier.
Japan followed as the second top market of the country for November 2008 with export earnings of $572.65 million or 16.4 percent share of the total exports, lower by 3.8 percent from $595.03 million in November 2007.
Other top markets include Hong Kong, $477.79 million; People's Republic of China, $318.66; Netherlands, $242.78 million; Germany, $181.65 million; Taiwan, $143.01 million;, Singapore, $134.33 million; Republic of Korea, $133.64 million; and Malaysia, $115.28 million.
Total export receipts from the country's top ten markets for the month of November 2008 amounted to $2.928 billion or 83.8 percent of the total. - with Reuters
