Philippine exports tumbled 30.9 percent in March from a year earlier after falling 39.1 percent the previous month, the National Statistics Office said on Tuesday.

Shipments of electronics products, the country's main export, plunged 33.9 percent in March from a year earlier after a 45 percent contraction in February.

In the first quarter, exports fell 36.8 percent over the 2008 period.

The government expects exports to fall 13-15 percent this year after a 2.86 percent drop in 2008 as demand from main markets like the United States dries up due to the global financial crisis.

Besides electronics, which are largely assembled from imported parts, other key Philippine exports include garments and accessories, vehicle parts, coconut oil, tropical fruit and wood furniture.

Bottom

According to Arthur Young, chairman of the Semiconductor and Electronics Industries in the Philippines, exports of electronics and semiconductors have hit bottom in the first quarter, with demand slowly returning due to low inventory levels worldwide.

Shipments of these products slumped 42.56 percent in the first quarter from a year earlier, but surged 19.9 percent in March against February.

"There's enough data points that we believe that we've seen the worst in the first quarter," Young told Reuters. "We definitely believe the bottom has happened."

He said the sector would likely see a contraction of 20 percent at best in exports for the full year this year after an 8.3 percent fall in 2008.

The Philippines supplies about 10 percent of the world's semiconductor manufacturing services, including assembly of mobile phone chips and micro processors.