PHL exports slide in November

Philippine exports continued to post a double-digit drop in November, the National Statistics Office said on Tueday. In its latest report, the NSO said revenues from exports in November 2011 dropped 19.4 percent to $3.342 billion from $4.146 billion in the same month in 2010 as demand for electronic products continued to slow down. Compared to October revenues, November receipts were also down 18.2 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 remained the country's top export earner, accounting for 45.8 percent or $1.529 billion. Exports of electronic products, however, were lower by 34.5 percent compared to their contributions in November 2010. Other top products of the Philippines were components, woodcrafts and furniture, clothing, coconut oil, sugar and gold. Manufactured goods cornered the bulk of the country's outward shipments, accounting for 80.9 percent or $2.703 billion. This was followed by agro-based products, comprising 9.4-percent share to total exports revenue. Mineral products, on the other hand, contributed $191.19 million. Japan was the country's largest export market, followed by the US and China. Other largest buyers were Hong Kong, South Korea, Singapore, Taiwan, Germany, Thailand and Netherlands. “Merchandise exports to East Asia comprising 52.0 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 said. - CMA/OMG, GMA News