Philippine export revenues posted a 20.7-percent drop in December, dragging the 2011 full-year figures down by 6.9 percent, the National Statistics Office said Friday.
"Export earnings in December 2011 continued to decline by 20.7 percent from $4.201 billion recorded in December of previous year to $3.332 billion,” the NSO noted in a report.
“Month-on-month, it went down by 0.3 percent from $3.342 billion in November 2011," it added. While the NSO did not cite any reason for the decline, it is generally perceived that global demand has waned over the lingering economic slowdown in the US and the euro debt crisis.
"Receipts from merchandise exports during the period January to December 2011 contracted by 6.9 percent from $51.498 billion during the same period a year ago to $47.967 billion," the NSO said.
Electronic products continued to lead the country's shipments in December, accounting for 45.6 percent or $1.519 billion. The figure, however, reflected a 32.7- percent decrease from $2.256 billion a year earlier.
Other top export shipment included components and devices, articles of apparel and clothing accessories, woodcraft and furniture, coconut oil, metal components, gold and sugar.
Japan was the largest buyer of Philippine-made goods, accounting for 18.9 percent of total exports, followed by the US and China. Other top markets were Hong Kong, Singapore, Korea, Netherlands, Thailand, Taiwan and Germany.
"Total export receipts from the country's top 10 markets for the month of December 2011 amounted to $2.730 billion or 81.9 percent of the total," the NSO noted. — CMA/VS