Exports decline 10% in June

MANILA, Philippines - The country’s export earnings tumbled by 10.2 percent to $4.092 billion in June, reflecting a weak consumer demand from major foreign markets amid warnings of a new global recession.

The National Statistics Office (NSO) reported yesterday that income from shipments of locally-made goods amounted $4.092 billion in June, with electronics exports, which account for more than half of the total, plunging by nearly 24 percent to $2.211 billion from a year ago level.

Government expects a 10 percent export growth for the whole of 2011.

Weak consumer demand in the US and the European Union ultimately have a big bearing on the latest export data, said Manny Aquino, an economist in the House of Representative. “All these things will affect adversely our export numbers,” he said. 

Exports of apparel and clothing accessories, the second biggest, grew by 5.1 percent to $160.20 million in June from $152 million a year ago.

Earnings from woodcraft and furniture, the third largest, went up by 65 percent to $149.5 million from $90.56 million last year.

Ranked fourth in June and contributing 2.6-percent share to total export receipts was petroleum products with earnings amounting to $106.4 million. This figure registered the highest positive annual growth among the top 10 exports at 8.080 percent.

Rounding up the list of top 10 exports for June were: cathodes and section of cathodes, $93.17 million; coconut oil, $67 million; ignition wiring set, $64.40 million; metal components, $59 million; gold, $52 million; and bananas,$45 million.

 Exports to Japan, which had suffered in recent months due to the quake and tsunami disaster in March, surged 41.1 percent to $932.24 million in June, emerging the top market.

Exports to the US, the number two destination, plunged 23 percent to $572.28 million while exports to Singapore tumbled by nearly 48 percent to $391 million. Exports to China, the number three market, managed to grow by 18.8 percent to $481.73 million.

Exports to Hong Kong went down 30 percent to $283 million while demand from the European Union contracted by 37 percent to $422 million.