July exports down on weak demand
TOP EXPORTS Electronic products constituted 50.9 percent of total exports in July, even as overall export declined by 1.7 percent in the same month from July 2010.
Exports slid 1.7 percent to $4.43 billion in July from $4.51 billion a year ago, the National Statistics Office reported Tuesday.
On a monthly basis, exports were up 7.3 percent from $4.128 billion in June, the agency said. In the seven months to July, exports grew 3.3 percent to $29.19 billion from $28.25 billion in the same period in 2010.
Economists were not surprised by the decline given weak global demand. Cid L. Terosa, professor at the University of Asia and the Pacific, said in a text message that global markets for semiconductors have been slow to pick up.
Former budget secretary Benjamin E. Diokno noted in an e-mail that Japan and the US, the country’s top two exports destinations, were “facing tough times.”
Electronic products constituted 50.9 percent of total exports last July with receipts of $2.25 billion. This declined 21.3 percent from $2.86 billion registered in July 2010. On a monthly basis, electronics sales grew 2 percent from the $2.21 billion posted in June this year.
The NSO said articles of apparel and clothing accessories contributed $189.03 million in July, or 4.3 percent of total export receipts for the month. This was 30.1-percent higher than the $145.31 million last year.
Woodcraft and furniture ranked third with $166.12 million in sales, or a 3.7-percent share of total exports. This value increased 68.9 percent from $98.34 million recorded in July 2010.
Coconut oil ranked fourth with $149.7 million, or a 3.4-percent share to total exports. This was up 8.5 percent from the year-ago level of $138.02 million.
Electrical wiring harness for motor vehicles accounted for $103.62 million in sales, or a 2.3-percent share of total exports. The value grew 0.6 percent year on year from $102.96 million.
Japan was the top market with $1.05 billion, or a 23.8-percent share of total July 2011 exports. It was higher by 84.7 percent from $570.99 million recorded a year ago.
The United States was the second-top market with $651.52 million, or a 14.7-percent share of total exports. This was 9.5-percent lower than the $720.11 million reported a year earlier.
China was the third-top market with a 12.3-percent share at $546.55 million. Compared with its level a year ago, it expanded 38.7 percent from $394.05 million.
Singapore, ranked fourth, accounting for 7.9 percent of total exports with $351.26 million, down 55.7 percent from $793.75 million in July 2010.
Fifth was Hong Kong with a 6.5-percent share to total exports at $289.68 million. This was a decline of 29.4 percent from $410.29 million posted in July last year.
Other top 10 markets for July were the Netherlands with $178.97 million; Taiwan, $164.51 million; Thailand, $157.38 million; Germany, $145.34 million; and South Korea, $129.69 million.
