March exports contract

Exports fell in March due to flagging electronics shipments and weak exports to the United States. The National Statistics Office (NSO) on May 9 reported that export earnings in March month dipped 6.8 percent to $4.181 billion from $4.487 billion in the same period in 2007. First-quarter exports rose only 2.7 percent to $12.524 billion from $12.201 billion in 2007, slower than the government's full-year target of 8 percent. Electronics shipments, which accounted for 58.5 percent of total receipts in March, fell 17.4 percent to $2.444 billion from $2.958 billion in 2007. The second top-earner, apparel and clothing accessories, also suffered a 9.5-percent contraction to $166.77 million from $184.21 million in 2007. The third top-earner, wood crafts and furniture, meanwhile, rose slightly by 11.9 percent to $108.23 million from $96.74 million in 2007. Japan beat the United States as the Philippines' biggest market, with shipments reaching $710.92 million, rising by 18.5 percent from 2007 and accounting for 17 percent of the total earnings for the month. Sales to the United States inched up by only 1 percent to $683.12 million from $676.6 million in 2007.

in Manila Times by Darwin G. Amojelar
May 10, 2008
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