PHL exports remain in doldrums, up 2.1% in March from 12.1% y-o-y

(Updated 4:32 p.m.) Philippine merchandise exports increased by 2.1 percent to $5.376 billion in March, from $5.268 billion a year earlier, on the heels of three consecutive months of declines since December 2014, the National Economic and Development Authority (NEDA), revealed on Tuesday.

 

However, Philippine shipments remain in the doldrums year-on-year, considering that exports grew by 12.1 percent in March 2014, data released by the Philippine Statistics Authority (PSA) showed.

 

Woodcrafts and furniture; ignition wiring sets used in vehicles, aircrafts and ships; and other manufactures delivered a cumulative decline of 78.3 percentage points in growth terms, PSA data also showed.

 

• Japan including Okinawa remained as the country’s top destination of exports with revenue amounting to $1.118 billion, comprising 20.8 percent share to total exports for March 2015.  It decreased by 15.6 percent from $1.325 billion recorded value in same month a year ago.

• United States of America (USA) including Alaska and Hawaii ranked second, accounting 16.4 percent to total exports, with export receipts valued at $879.54 million in March 2015. This recorded an increase of 23.2 percent from $713.77 million in same month last year.

• People’s Republic of China with 10.9 percent share to total exports, ranked third with shipments valued at $583.52 million in March 2015.  It went up by 4.8 percent from $556.94 million in same month a year ago.

• Hong Kong ranked fourth in March 2015 with $511.15 million or 9.5 percent share of the total exports.  It rose by 23.8 percent from $412.76 million year ago level.

• Singapore placed fifth, representing a 5.8 percent share to total exports, with export earnings worth $312.88 million.  It contracted by 20.4 percent from $392.85 million posted in March 2014.

• Other top ten market destinations for March 2015 were: Germany, $228.23 million; Netherlands, $212.78 million; Republic of Korea, $191.91 million; Thailand, $178.70 million; and Taiwan, $175.49 million.

• Total export receipts from the country’s top ten markets destinations for the month of March 2015 was valued at $4.392 billion or 81.7 percent of the total.