Philippine exports declined slightly in March despite higher receipts posted by the country’s top export commodity, electronic products.
Data from the National Statistics Office showed the country’s export earnings dipped 1.2% to $4.302 billion compared to $4.356 billion recorded in March 2011.
Month-on-month, March exports slipped 2.9% from $4.430 in February.
From January to March, exports rose 4.6% to $12.856 billion from $12.286 billion in the same period last year.
Accounting for 52.6% of the aggregate, electronic products posted receipts of $2.263 billion. This went up 1.1% from $2.239 billion registered in March 2011. However, month-on-month, exports of electronic products dropped 3.1% from $2.334 billion in February.
Articles of apparel and clothing accessories followed as the second top export earner in March with receipts of $152.28 million, up 2.3% from $148.82 million.
Woodcrafts and furniture came third with revenues of $151.30 million, advancing 6.3% from $142.34 million.
The US regained the top spot as the country’s top export destination, accounting for 15.5% of total exports for March with receipts amounting to $668.25 million. This was higher by 9.6% from $609.93 million of a year ago.
Japan followed as the second top market with earnings of $664.78 million, a decrease of 12.6% from $760.73 million.
China accounted for 14.9% of the aggregate. Exports to that country hit $642.07 million, a 27.8% expansion from last year’s $502.58 million.
