PHILIPPINE exports finally posted an increase in November after ten consecutive months of decline.
Latest data from the National Statistics Office showed November exports grew 5.1% to $3.693 billion from $3.513 billion in the same month in 2008. Compared to the October 2009 receipts of $3.670 billion, November shipments also inched up 0.6%.
For the 11-month period, however, receipts dipped 24.6% to $35.004 billion from $46.403 billion in the same year-ago period.
NSO attributed the overall improve-ment in November to the 6.9% hike in electronics shipments to $2.148 billion. November shipments of the country’s top export item were, however, still lower by 0.7% compared to the $2.162 billion posted a month earlier.
Representing 3.6% of total exports in November 2009, Articles of Apparel and Clothing Accessories emerged as the country’s second top earner with revenues of $131.8 million.
Ignition Wiring Set and Other Wiring Sets Used in Vehicles, Aircrafts and Ships (consisting only of electrical wiring harness for motor vehicles) followed as the third top earner with receipts of $96.96 million or a 2.6% share of the total.
Ranked fourth and contributing 2.4% to the total was Woodcrafts and Furniture with revenues of $87.54 million.
With a 2% share of the total, Cathodes and Sections of Cathodes, of Refined Copper ranked fifth with a value of $74.99 million.
Rounding up the list of the top ten exports for November were Other Products Manufactured from Materials Imported on Consignment Basis with receipts of $61.09 million, up 7.4%; Metal Components (excluding brakes and servo – brakes) with earnings of $49.78 million, up 12.5%; Coconut Oil (including crude and refined) with proceeds of $36.43 million, down 24.5%; Tuna (including fresh, frozen, prepared or preserved in airtight containers) with sales of $24.76 million, the highest annual negative growth of 38.5% among the top ten exports in November 2009; and Pineapple and Pineapple Products with revenues of $20.35 million, up 15.1%, the highest year-on-year positive growth among the top ten export items.
The United States was again the top destination for the Philippines’ export products comprising 17.7% of total exports for November 2009. Revenues totaled $654.17 million.
Japan was the country’s second top market with earnings of $597.57 million or 16.2% of the total. The Netherlands came in third with shipments of $378.43 million and representing 10.3% of the whole.
Germany was fourth with $367.56 million or 10% of the total. Singapore was fifth with revenues of $274.51 million or a year-on-year increase of 93.3% from $141.98 million.
Other top ten markets for November 2009 were Hong Kong, $261.43 million; China, $227.98 million; Republic of Korea, $159.74 million; Thailand, $144.74 million; and Malaysia, $101.86 million.
