Exports up 7.6% in April

Posted at 06/14/12 11:19 AM

MANILA - Philippine exports recovered in April from a year earlier from a slight drop in March, but the main electronics shipments dropped for the first time in four months, highlighting the risks on growth for the Southeast Asian nation amid global headwinds.

Exports, which account for about two-fifths of the country's GDP based on expenditure terms, rose 7.6 percent in April, and the value of shipments was $4.64 billion.

Electronics and semiconductor shipments, which dominate exports fell 23.8 percent from a year ago, the statistics office said, the first drop since December.

Electronics made up 35.3 percent of April export revenues.

Exports to Japan, the country's top export destination in April, fell 0.4 percent from a year earlier.

Exports to the United States, the second-biggest market, rose 19.2 percent from a year earlier.

Shipments to Korea, the third-biggest market, climbed 211 percent from a year ago.

Exports to Eastern Asia -- the top export destination by economic bloc, accounting for 53 percent of total shipments -- climbed 17.6 percent from a year earlier. Southeast Asia and the European Union were the second- and third- biggest economic blocs.