Exports down slightly to $5.1 B in November

MANILA, Philippines – Philippine exports recorded a slight drop of 1.1 percent to $5.1 billion in November 2015 from $5.2 billion in the same period in 2014, an improvement from double-digit declines recorded in September and October, the Philippine Statistics Authority (PSA) reported yesterday.

The latest figures brought the January to November exports to $54 billion, down 5.8 percent from the previous year’s $57.3 billion.

Socio-Economic Planning Secretary Arsenio Balisacan said meeting the country’s export targets has been very challenging as the global economy remains weak, which in turn translates into weak demand for Philippine export products.

“Given the performance of the export sector in the first 11 months of 2015, the full-year target is unlikely to have been met,” Balisacan, who is also director general of the National Economic and Development Authority (NEDA), said. The PSA is a line agency of NEDA.

Balisacan said in order to achieve the 2015 full-year target, merchandise exports in December 2015 would have to register a total of $11 billion, equivalent to a growth of 129 percent.

The Philippines recorded the least export decline among East and Southeast Asian countries for November 2015. Most economies in the region recorded lower merchandise exports, with the exception of Vietnam.

All key commodities registered double-digit declines except for manufactured goods, which posted a 3.6-percent year-on-year increase as shipments of electronic products continued to recover.

“The country’s positive performance in the sales of semiconductors bucked the international trend as worldwide sales were down in November 2015. Thus, the modest growth in exports of goods from the electronics and semiconductors segment is expected to continue propping up total merchandise exports,” Balisacan said.

Total export receipts from agro-based products were down 23.1 percent to $240.6 million in November 2015 on account of lower revenues recorded mostly from fruits and vegetables, as well as fish, unmanufactured tobacco, and natural rubber, among others.

The total value of outward shipments of mineral products also decreased 25.3 percent or $151.8 million in November 2015 due to lower earnings from copper metal and iron ore agglomerates.

Exports receipt from petroleum and forest products plunged 69.3 percent and 79.5 percent, respectively.