News Update PHL exports down 19% in November – NSO

Philippine exports last November registered a substantial fall year-on-year, the National Statistics Office (NSO) said Tuesday. Export revenues in November dropped 19.4 percent to $3.342 billion from $4.146 billion a year earlier as demand for electronic products continued to slow down, the NSO said in its latest report. The November receipts were also down 18.2 percent from October. In the 11 months to November, export receipts fell almost 6 percent. "Receipts from merchandise exports during the period January to November 2011 contracted by 5.6 percent from $47.296 billion during the same period a year ago to $44.636 billion," the NSO said. Electronic products — the country's top export accounting for 45.8 percent or $1.529 billion of the November receipts, contracted by 34.5 percent year-on-year. Manufactured goods were the bulk of Philippine shipments, equivalent to for 80.9 percent or $2.703 billion. Japan was the country's largest export market, followed by the US and China. Other large buyers of Philippine shipments were Hong Kong, South Korea, Singapore, Taiwan, Germany, Thailand and the Netherlands. “Merchandise exports to East Asia comprising 52 percent of the total Philippine exports in November 2011 were estimated at $1.739 billion, lower by 16.1 percent from its year ago level at $2.073 billion,” the NSO noted. — CMA/VS