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NEWS UPDATES 12 August 2009

Philippine shipments on the decline for ninth month in June

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Philippine exports fell for the ninth straight month in June as sales of locally-made goods, particularly electronic products continued to contract, the Manila Times quoted  government as saying Tuesday.

The National Statistics Office (NSO) said export earnings in June declined by 24.7 percent to $3.410 billion from $4.527 billion a year ago.

The June performance caused the first-half tally to fell 32.8 percent to $17.225 billion from $25.623 billion in the same six-month period in 2008. The six-month contraction was worse than the government’s target of a 15- percent drop for the full year. Compared with the previous month’s level, exports in June grew by 10.4 percent.

Socioeconomic Planning Secretary Ralph Recto said the export expansion was broad-based as all major commodity groups increased, except mineral products.

“Major economies in the East and Southeast Asian regions also posted month-on-month increases in their respective exports in June 2009, reflecting the positive signs of improvement in the world economic landscape,” he said.

Electronics, which accounted for 57.1 percent of the country’s total export revenue in June, fell 26 percent to $1.948 billion from $2.632 billion last year. However, month-on-month exports increased by 7.6 percent from $1.811 billion in May. Exports of articles of apparel and clothing accessories valued at $138.88 million contracted 19.4 percent over last year’s $172.28 million.

Rounding up the list of the top 10 exports for June were other products manufactured from materials imported on consignment basis, $61.66 million; coconut oil, $61.07 million; petroleum products, $43.24 million; metal components, $37.51 million; and bananas, $33.59 million.

Receipts from the top 10 exports reached $2.548 billion, or 74.7 percent of the total exports. The US remained the country’s top market for June with revenues of $607.97 million, or 13.5 percent lower than the $702.67 million a year earlier. 


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