PH exports down nearly 3%

The country’s exports contracted in January as the electronics sector recorded its steepest fall in over a year due to weak global demand. Data from the National Statistics Office showed exports, one of the main drivers of the economy, fell 2.7% to US$4.010 billion in January, from $4.123 billion in the same month of 2012. This was a reversal of the 10.5% growth recorded in December. Shipments of electronics, the main item accounting for 36.6% of export receipts, plunged 31.9% to $1.466 billion from $2.153 billion in January 2012. The fall was the biggest since November 2011’s 34.44% decline.


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