Exports growth hits 15-month low

SALES abroad of Philippine-made goods in February grew at their slowest pace in over a year mostly because of weak demand for electronic products, the government reported Tuesday.

The National Statistics Office (NSO) said merchandise exports amounted to $3.864 billion, an 8.2-percent increase from $3.57 billion in the same period last year.

On a monthly basis, exports were down by 3.4 percent from $4 billion in January this year.

In November 2009, exports grew by 5.1 percent.

The January performance led to a 10-percent growth in exports in the first two months of this year, or at the same rate as the government’s full-year forecast.

Electronics, which accounted for 52.2 percent of the total exports revenue in February, fell 2.7 percent to $2.015 billion from $2.071 billion last year. Similarly, month-on-month figures declined by 5.9 percent from $2.142 billion in January.

Exports of articles of apparel and clothing accessories amounted to $153.42 million, or 21.2 percent higher than in February last year’s $126.57 million.

Sales of woodcrafts and furniture valued at $138.04 million were up by 73.8 percent from $79.4 million in 2010.

Receipts from the Top 10 exports reached $2.778 billion, or 71.9 percent of the total exports.

Japan emerged as the country’s top exports market, with revenues of $665.70 million, or 6.2 percent higher than the $626.80 million recorded a year ago.

This was followed by US at $616.89; People’s Republic of China, $433.80 million; and Singapore, with $375.71 million.

Receipts from the country’s Top 10 markets for February amounted to $3.164 billion, or 81.9 percent of the total. –Darwin G. Amojelar, Senior Reporter, Manila Times