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||11 November 2009
Philippines reported 18% decline in September shipments
Philippine merchandise exports continued to decline in September, dropping 18.3 percent year-on-year to $3.634 billion, pulled down by a contraction in electronics shipments, reported Philippine Daily Inquirer.
Still, the decline appeared to be moderating as shipments were up 4.6 percent from the previous month, the daily quoted the National Statistics Office as saying in a statement. The NSO said that the decline in September was the slowest since December 2008, when exports dipped 11.4 percent.
In August, shipments also grew 4.9 percent, or $3.473 billion, from that of the previous month. In all, cumulative export revenues in the nine months to September totaled $27.369 billion, dropping by 29 percent from the $38.9 billion seen in the same period last year.
Electronics products, which accounted for 61.9 percent of total outbound cargoes, continued to fall in September, dropping 13.2 percent year-on-year to $2.25 billion due to persistently weak demand.
Copper, petroleum products, and garments were the biggest losers for the month, the NSO said. Receipts from the country’s second top export, which were still articles of apparel and clothing accessories representing 3.1 percent of total shipments, dropped 37.1 percent year-on-year to $113.91 million.
Woodcraft and furniture - accounting for 2.4 percent of total cargoes - declined by 12.8 percent to $88.52 million. The fourth top export with a share of 2.2 percent, automotive wiring sets, rose by 9.5 percent to $80.08 million.
In September, the two biggest markets for Philippine goods both showed shrinking orders for shipments. Cargoes sent to the United States made up the biggest batch at 17.8 percent of total outbound traffic. Value of shipments decreased by 19.7 percent to $648.4 million.
Exports to Japan followed at 16.8 percent of total. It too went down by 5.4 percent to $610.39 million.
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