MANILA, Philippines – Weak economies of trade partners continued to batter the Philippines’ merchandise exports, one of the main dollar earners, with the first 11-months of 2011 posting a 5.6% contraction of $44.64 billion, the statistics office said.
On Tuesday, Jan. 10, 2012, the National Statistics Office reported that export receipts in November 2011 remained weak with a 19.4% decline.
The Philippines has experienced consecutive declines in the annual growth rate of its exports since May 2011.
The slump in demand for electronic products, which account for 45.8% of Philippines’ total exports, continued to pull down the performance of the sector. During the period, it declined by a massive 34.5% to $1.529 billion.
Minerals exported by mining companies, however, increased 18% to $191.19 million.
East Asia countries remained the main export destinations of products from the Philippines. The neighbors accounted for 52% of the total exports in November, higher than those shipped to the United States and European Union member countries.
The top 10 export markets for November 2011 were:
- Japan – 21.6% share in total exports; up 8.1% to $722 million
- US – 15% share; up 2.5% to $488.69 million
- China – 13.7% share; down 30% to $457.84 million
- Hong Kong – 7.1% share; down 42% to $236.36 million
- South Korea – 5.6% share; up 25% to $187.59 million
- Singapore – up 5.5% to $184.86 million;
- Taiwan – up 3.9% to $130.78 million
- Germany – up 3.6% to $121.99 million
- Thailand – up 3.1% to $103.10 million
- Netherlands – up 2.5% to $85.02 million
These markets were the destination of 81.7%, or $2.731 billion worth, of total exports. – Rappler.com
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