June exports fall by 10% to $4B
Philippine exports in June went down by 10.2 percent mainly due to weak consumer demand in the country’s major export markets.
The National Statistics Office (NSO) reported Wednesday that export earnings during the month reached $4.092 billion, down from $4.56 billion in the same month last year. It also was down 0.4 percent from $4.11 billion in May.
Total receipts from merchandise exports in the first six months were up by 4.1 percent to $24.72 billion from $23.74 billion a year ago.
Electronics exports, which account for about half of the country’s total shipments, plunged by 23.9 percent in June to $2.21 billion from $2.9 billion in the same month in 2010. Compared with the $1.89 billion posted in May, the latest figure is up by 17.2 percent.
The other major exports during the period were articles of apparel and clothing accessories, which generated $160.2 million, or 5 percent up from year-ago level; woodcrafts and furniture, with $149.48 million, or 65.1 percent up from a year ago; petroleum products, $106.38 million; refined copper cathodes, $93.17 million; coconut oil (including crude and refined), $67.42 million; and fresh bananas, $45.07 million.
Total receipts from the top 10 exports reached $3.008 billion, or 73.5 percent of the total in June.
The NSO reported double-digit declines for ignition wiring sets (used in automobiles, aircraft and ships), coconut oil and metal components.
Exports to the United States, the Philippines’ second-biggest market, plunged by 23.1 percent to $572.28 million, while shipments to both Singapore and Hong Kong, fourth- and fifth-largest markets, respectively, likewise fell steeply.
Exports to Japan surged 41.1 percent to $932 million in June, becoming the top destination.
Shipments to China, the No. 3 market, also grew 18.8 percent to $481.73 million.
Rounding up the top 10 markets for Philippine exports were Korea with $187.80 million; Taiwan, $171.68 million; Thailand, $149.87 million; Germany, $145.1 million; and the Netherlands, $98.73 million.
Total receipts from the top 10 markets in June reached $3.415 billion, or 83.4 percent of the total.
Roberto C. Amores, president of the Philippine Food Exporters and Processors Organization, said in a text message that the midyear was usually the “lean season” for many sectors such as agriculture, food sector, handcrafts and electronics. Exporters expect better returns as demand picks up in the fourth quarter but the strong peso may dampen revenue, he said.—With a report from AFP
