Exports slide 31% in March, says NSO

Philippine exports continued to decline for the sixth consecutive month, because of weak shipments of electronic products, the National Statistics Office reported Tuesday.

The agency said merchandise exports slowed by 30.9 percent to $2.904 billion in March from $4.2 billion registered in the same month in 2008. But the new figure was an improvement on the 39.1 percent decline posted in February, the statistics office added.

For the first three months, exports declined by 36.8 percent to $7.921 billion, down from the $12.543 billion reported during the same period last year.

The head of the Philippine Exporters Confederation, Sergio Ortiz-Luis said the March figures showed exports were starting to recover after taking a battering in main overseas markets.

“We hit rock bottom in January,” he added. “While the negative growth is still large, we expect it to decelerate in the coming months until it breaks even or even hits positive territory eventually.”

Manny Cruz, an analyst at Asiasec Equities Inc., agreed that the decline in exports would ease but said export growth would not resume soon.

“Export growth break even? Not this year. The impact of the global economic crisis will continue to weigh down the export sector,” he added.

Other top exports

Exports of articles of apparel and clothing accessories posted a negative growth of 19.2 percent over last year’s figure of $166.88 million.

Woodcrafts and furniture sale abroad fell 20.4 percent $85.81 million from $107.79 million in March 2008.

Earnings of cathodes and sections of cathodes, of refined copper dropped 45 percent to $52.21 million from $94.98 million recorded a year earlier.

Other products manufactured from materials imported on consignment basis sales amounted to $51.26 million from $67.27 million recorded in March 2008.

Rounding up the list of the top 10 exports for March were ignition wiring set and other wiring sets used in vehicles, aircrafts and ships with receipts of $39.89 million; gold, $39.33 million; coconut oil, $32.69 million; metal components, $30.82 million; and tuna (including fresh, frozen, prepared or preserved in airtight containers), $29.49 million.

Total receipts from the top 10 exports reached $2.116 billion, or 72.9 percent of the total exports.

Top export markets

The United States (including Alaska and Hawaii, which are sometimes counted separately) remained to be the country’s top export destination in March, with export receipts of $503.27 million. That is lower by 26.5 percent from $684.33 million recorded in March last year.

Japan (including Okinawa) followed with export earnings of $446.74 million, a declined by 37.6 percent from $716.11 million in March 2008.

Exports to People’s Republic of China amounted to $307.86 million from a year ago level of $549.18 million.

Hong Kong with $272.79-million worth of exports, a negative growth of 35.6 percent from $423.46-million recorded in March 2008.

Other top 10 markets in March were The Netherlands, $265.89 million; South Korea, $156.42 million; Germany, $136.78 million; Singapore, $128.51 million; Malaysia, $108.98 million and Taiwan, $97.05 million.

Total export receipts from country’s top 10 markets for March amounted to $2.424 billion, or 83.5 percent of the total.
— Darwin G. Amojelar, Manila Times With AFP