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NEWS UPDATES 10 June 2009

Philippine exports decline for 7th month

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Philippine exports fell by 35.2 percent in April from a year earlier, the government has said, with shipments of electronics goods and garments still plummeting amid the global downturn, reported AFP. 

The drop marked the seventh consecutive month of year-on-year declines. In March, exports fell 30.9 percent year-on-year. Exports in April amounted to $2.802 billion compared to $4.327 billion in the same period last year, the National Statistics Office said in a statement. 

Total exports in the first four months of the year amounted to 10.727 billion dollars, a 36.4 percent decline from the same period in 2008, the statement said. 

Exports of electronic products - which made up about 60 percent of the total in April - declined by 33.2 percent to $1.684 billion. 

Apparel and clothing accessories, which are the second-biggest export item, were down 34.6 percent to $100.43 million, the statement added. 

The United States remained the top buyer of Philippine exports, receiving $447.27 million or 16 percent of the total in April, but this was still 35.3 percent lower as compared with the same period last year. 


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