Philippine December exports down 20.7%

MANILA, Philippines—Philippine exports dropped sharply in December last year as the crucial electronics sector struggled with soft demand in Japan, the United States and other key markets, official data showed Friday.

Export earnings fell 20.7 percent year on year to $4.2 billion in December, dragging the decline for all of 2011 down to 6.9 percent, the National Statistics Office said in a statement.

Philippine exports had been dropping since May, but the December fall was the second steepest for the year after a 27.0-percent plunge in September.

The electronics sector, which makes up nearly half of the country’s exports, tumbled 32.7 percent in December from a year earlier, following a 34.4-percent drop the previous month, it added.

Copper, gold and furniture were the only major exports that registered double-digit gains in December, it added.

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Tags: Exports , Philippines , Trade