RP exports plunge 40% in December

MANILA, Philippines (Xinhua) — The Philippine export revenue declined by 40.4 percent in December 2008, providing evidence of a worse-than-expected impact of the global economic crisis on the country’s trade sector, the government data showed today.

The drop in December was far worse than the 17.2 percent dip in November, as demands shrank around the globe in a worsening financial turmoil, the National Statistics Office said.

The government said receipts from merchandise exports in the whole year of 2008 also contracted 2.9 percent to 49.023 billion US dollars from 50.466 billion dollars registered in 2007.

Electronic products, the main export item that accounts for half of the trade earnings, fell 47.6 percent in December from a year earlier, statistics showed.

Apparel and clothing accessories, coconut oil, two other major Philippine exports, also witnessed the declines in revenue of 11.4 percent and 28.9 percent respectively in December last year.– Rica D. Delfinado, Philippine Star