Export revenues decrease in November

THE Philippines’ export revenues in November 2011 dropped by 19.4 percent to $3.342 billion compared to the $4.146 billion recorded in November 2010, according to data released by the National Statistics Office (NSO) on Tuesday.

Export revenues also declined month-on-month, by 18.2 percent from $4.088 billion in October 2011.

Receipts from merchandise exports from January to November 2011 also dropped to $44.636 billion from $47.296 billion of 2010.

Electronic products, the agency said, emerged as the country’s top export with total receipts of $1.529 billion. However, it decreased by 34.5 percent from the $2.333 billion registered in November 2010.

“Among the major groups of electronic products, components/devices [semiconductors] got the major share with 36.3 percent to total exports, posting a negative annual growth at 29.5 percent from $1.721 billion in November 2010 to $1.213 billion,” the NSO added.

Woodcrafts and furniture emerged as the second top export earner in November 2011, expanding by 29.6 percent from its November 2010 level of $134.16 million.

The third top export earner was apparel and clothing accessories with sales amounting to $130.76 million, or 3.9 percent of total exports.

The NSO also said that the top 10 exports for November 2011 were: coconut oil, including crude and refined with export revenue at $58.81 million; sugar with export earnings worth $57.45 million; gold, with export receipts worth $53.62 million; other products manufactured from materials imported on consignment basis with recorded sales amounting to $49.99 million; and metal components excluding brakes and servo-brakes with proceeds billed at $48.97 million.

Moreover, total export revenues of manufactured goods also dropped to $2.703 billion in November 2011, a 23.9-percent decrease from $3.553 billion. Meanwhile, income from agro-based products increased by 40.1 percent to $315.72 million from $225.28 million in November 2010.

Earnings from mineral products also reached $191.19 million and increased by 18.1 percent from $161.92 million in November 2010.

Earnings from petroleum products decreased by about 77.0 percent, or to $16.57 million followed by forest products with an increase of 159.2 percent or $7.80 million, the agency added.

Furthermore, Japan, including Okinawa, emerged as the country’s top destination for exports, amounting to $722.14 million or an 8.1-percent increase from $668.27 million recorded a year ago.

The second was the United States, including Alaska and Hawaii, with export earnings worth $500.88 million, or an increase of 2.5 percent from $488.69 million in 2010.

China ranked third with shipments amounting to $457.84 million or a 30-percent year-on-year decline compared to $654.11 million in 2010.

This was followed by Hong Kong with $236.36 million, a decline by 41.9 percent from $406.64 million, and South Korea with export earnings worth $187.59 million, or about 25 percent up from $150.08 million posted in November 2010.

Other top 10 export markets for November 2011 were Singapore, $184.86 million; Taiwan, $130.78 million; Germany, $121.99 million; Thailand, $103.10 million; and The Netherlands, $85.02 million.

Meanwhile, NSO also said that the merchandise exports to East Asia were estimated at $1.739 billion, or lower by 16.1 percent from its year ago level of $2.073 billion.

Exports to Association of Southeast Asian Nations member-countries went down by 41.5 percent from $815.22 million in November 2010 to $476.84 million, while exports to the European Union fell by 23.8 percent from the $275.27 million in November 2010 to $249.94 million, the NSO added. –MAYVELIN U. CARABALLO REPORTER, Manila Times