PHL exports grow by 8% in February amid decline in electronics

Philippine exports posted a single-digit growth rate in February as shipments of electronic products, the country's top commodity, declined. The National Statistics Office on Tuesday reported that Philippine exports improved 8.2 percent to $3.86 billion from $3.57 billion recorded in the same month last year. "However on a monthly basis, it declined by 3.4 percent from $4 billion posted in January 2011," the statement said. For the first two months of the year, total exports rose 10 percent to $7.865 billion. Revenues from electronic products, which accounted for more than half of the country's shipments or 52 percent, slipped 2.7 percent to $2.015 billion from $2.071 billion. The Philippines’ other top products were apparel and clothing accessories, coconut oil, and furniture, among others. Japan, the NSO said, emerged as the largest buyer of Philippine products, comprising 17.2 percent share, while the US came in second. China, Singapore, Hong Kong, Thailand, Taiwan, Korea, Germany and Netherlands, respectively were the other top destinations of Philippine-made goods. -- CMA/OMG, GMA News