Sign up | Log in



Home  >>   Daily News  >>   Philippines News  >>   Trade  >>   Philippine export sales contract
NEWS UPDATES Asean Affairs                      11  August 2011

Philippine export sales contract

Related Stories

June 2, 2011
Philippines, Brunei sign trade deals

May 30, 2011
Philippines hopes to export more

April 22, 2011
Short-term disaster effect on Philippines electronics

April 13, 2011
Philippine exports growth drops

March 16, 2011
Philippine businesses take stock of Japan crisis


February 16,2011
2010 imports exceed Philippines target

December  29, 2010
New Philippine tariffs delayed

Sales abroad of Philippine-made goods in June contracted at their fastest pace in nearly two years, mostly because of a sharp decline in electronics shipment and weak demand from the US.

Data from the National Statistics Office showed that exports earnings in June contracted by 10.2 percent to $4.09 billion from last year's US$4.55 billion.

The June figure was the weakest since September 2009 when exports fell 18.3 percent.

In the first six months of 2011, export earnings grew by 4.1 percent to $24.721 billion from last year's $23.741 billion. The first-half growth was less than half the 13 percent target for the whole year.

Electronics, which accounted for 54 percent of the total, fell by 23.9 percent to $2.21 billion in June from $2.905 billion last year.

On a monthly basis, electronic products expanded by 17.2 percent from May.

Exports of articles of apparel and clothing accessories amounted to $160.20 million, while shipments of woodcrafts and furniture raked in $149.48 million.

Benjamin Diokno, former budget secretary during the Estrada administration, said the probability of hitting the export target this year is practically "nill."

"The January to June numbers happened before the US credit downgrade and the emerging consensus that the world economy is one of a slide once more. The weaker world economy means lower demand for exports. This is compounded by the appreciation of the Philippine peso," Diokno said.

He said that the 'best scenario' for the electronics sector was zero growth.

"But that is quite a tall order since, during the first half of the year, exports of electronic products contracted by 10.82. In a slowing world economy characterized by rising uncertainty, it is hard to imagine a major recovery in the second half of the year," Diokno, who teaches economics at the University of the Philippines, said.

He said the decline in exports to the US in June is "bad news."

"With a slowing economy, it will import less," he said.

"With the recent numbers and the new world developments [debt fiasco and austerity measures in the Euro countries, recessionary Japan, slowing American economy, slowing China, overall gloom and doom in the world economy], the Philippines will be hard pressed to achieve even a 5-percent exports growth this year," he added.

Philippine shipments to US fell 23.1 percent to $572.28 million in June, from $744.59 million a year earlier.

Hong Kong also bought 30.3-percent less year-on-year, with purchases falling to $283.32 million from $406.31 million in 2010.

Japan remained the Philippines' top market, with purchases of $932.24 million, or 41.1 percent higher than the $660.65 million a year ago.

Other top 10 markets for June were People's Republic of China, which bought $481.73-million worth of Philippine goods; Singapore, $391.90 million; Republic of Korea, $187.80 million; Taiwan, $171.68 million; Thailand, $149.87 million; Germany, $145.10 million; and the Netherlands, $98.73 million.

Receipts from the country's top 10 markets amounted to $3.415 billion, or 83.4 percent of the total.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Today's  Stories    11  August  2011 Subsribe Now !
• Asean economy sound 
Subcribe: Asean Affairs Global Magazine
• Asean trade ministers push to end tariffs Asean Affairs Premium
• Beer attendant protest in Cambodia
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Jakarta to turn waste into energy
• Malaysia tries to contain prices
• Philippine export sales contract
 • King urges new government to work for peace
• Vietnamese income gap widens

Asean Analysis    11  August  2011

Advertise Your Brand
• New carrier raises South China Sea tensions Sponsor Our Events

Asean Stock Watch   11  August  2011

• Asean Stock Watch-August 11 p

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore
• Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline
• Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More


Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand