Exports plunge 39% to $2.503 billion in February

MANILA, Philippines - The country’s export earnings plunged by 39 percent to $2.503 billion in February from $4.112 billion in the same period last year due to a continued drop in demand caused by the global financial turmoil, the National Statistics Office (NSO) reported yesterday.

The fall in February was just slightly lower than the 41 percent drop in January and the 40.4 percent downturn in December.

Total exports in the first two months of the year tumbled to $5.015 billion, a 39.9-percent drop from the same period in 2008, the government office said.

Shipments of electronic products, which accounted for 54 percent of all exports in February, slid 45 percent from the same period last year to $1.352 billion, the NSO said.

However, electronic exports in February were up 0.5 percent from the exports in January.

Articles of apparel and clothing accessories continued to be the country’s second top earner in February with a share of 5.8 percent and an aggregate receipt of $146.14 million. The figure, however, was 7.6 percent lower than last year’s figure of $177.32 million.

Woodcrafts and furniture followed with total revenue of $77.50 million or a share of 3.1 percent to the total export receipts. It fell by 14.9 percent from $91.08 million in February 2008.

Ranked fourth in February and contributing 2.2 percent to the total export receipts was cathodes and sections of cathodes, of refined copper with sales amounting to $54.32 million. The latest income was also 36.4 percent lower than the $85.43 million recorded a year earlier.

Other products manufactured from materials imported on consignment basis with 1.8 percent share to the total export receipts, ranked fifth with revenue amounting to $45.16 million. It was lower by 40.7 percent from $76.12 million recorded in February 2008.

The United States was still the main buyer, receiving $466.57 million or 18.6 percent of all Philippine exports in January.

Japan was the second-highest importer, followed by China, the Netherlands and Hong Kong, the NSO added.

Government economic planners had earlier said they expect electronics exports to decline by eight to 10 percent in 2009 compared with 2008.

The government had previously cut its growth forecast for 2009 to between 3.7 and 4.4 percent, down from 3.7 to 4.7 percent in the face of slumping exports and signs that the global economic downturn would be more severe than expected.

Rounding up the list of the top 10 exports for February was gold (extracted from copper ores and concentrates) with receipts of $34.65 million; tuna, or preserved in airtight containers $31.27 million; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, $30.19 million; metal components, $29.98 million; and coconut oil, $27.86 million.