MANILA, Philippines – Merchandise exports may have contracted anew in March as effects of the congestion in Metro Manila ports last year continue to linger, UK-based investment bank Barclays said.
However, the bank expects a slight improvement with an estimated 2.4 percent decrease in March from the 3.1 percent contraction in February.
“Export contraction to ease as the residual impact of port congestion disruption eases further,” Barclays said in a research note.
Official March exports data will be released by the government on Tuesday, May 12.
Outbound shipments fell 3.1 percent to $4.513 billion in February from $4.657 billion in the same month last year, Philippine Statistics Authority data showed.
The decrease was amid lower exports of woodcrafts and furniture, other mineral products, metal components, electronic equipment and parts, other manufactures, and machinery and transport equipment.
Socioeconomic Planning Secretary Arsenio M. Balisacan said last month the decline could be traced to lower demand from the country’s major export markets, Japan and China.
During the month, Japan accounted for 20.9 percent of Philippine exports, while the US followed with 16.2 percent. China was the third largest export market in February at 9.9 percent, followed by Hong Kong with 9.4 percent and Singapore with 5.9 percent.
The February figure brought the two-month tally to $8.869 billion, down 1.8 percent from $9.036 billion in the same period last year.
The Philippines saw its outbound shipments increase nine percent to $61.81 billion last year from $56.698 billion in 2013. Electronic exports, which made up more than 40 percent of the shipments last year, went up 8.1 percent to $25.876 billion.
Japan continued to be the main destination of Philippine exports last year, followed by the United States, China, Hong Kong and Singapore. –Kathleen Martin (The Philippine Star)
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