Exports down to $5.1B in November

CEBU, Philippines – Philippine exports fell for the eighth straight month in November 2015 despite the recovery of electronic goods.

The Philippine Statistics Authority reported yesterday exports dropped 1.1 percent in November to $5.1 billion from $5.2 billion in the same month in 2014.

“The negative growth was mainly brought about by the decreases in five major commodities out of the top ten commodities for the month,” PSA said in a statement.

The decline in November, however, was slower if compared with the 10.8 percent decline in the previous month.

From January to November 2015, total exports fell 5.8 percent to $54 billion from $57.3 in the previous year.

In a separate statement yesterday, the National Economic and Development Authority said the weak global economy continues to affect Philippine exports.

“Meeting our export targets has been very challenging as the global economy remains weak, which translates into weak demand for the country’s export products,” Economic Planning Chief Arsenio Balisacan was quoted as saying in that statement.

Balisacan said the full-year target is unlikely to have been met.

In November, all key commodities posted double-digit declines except for manufactured goods, which rose 3.6 percent as shipments of electronic goods continued to recover.

Japan remained as the country’s top export market, followed by US, Hong Kong, China and Taiwan.

“Although a slight uptick is anticipated in 20116 for exports, risks are skewed towards the downside as a more protracted slowdown across emerging economies could have substantial spillovers to other developing economies and eventually hold back recovery in advanced economies,” Balisacan said.

Balisacan urged exporters to take advantage of other export markets amid the regional economic integration.

The NEDA chief stressed the government must continue to improve competitiveness of local industries to compete with ASEAN member states.  (FREEMAN)