Philippine exports continued to head south, dropping 14.6% to $4.788 billion in October from $4.088 billion in the same month last year, according to latest data from the National Statistics Office.
Compared to September 2011, October exports expanded 4.9% from $3.897 billion.
Electronic products, the country’s top exports, accounted for 46.4% of the total revenue in October or $1.896 billion, a 36.5% contraction from $2.988 billion in October 2010 as a result of weak demand.
Shipments of woodcrafts and furniture, the next-biggest exports, reached $208.70 million or 5.1% of the aggregate. It accelerated 76.5% from its October 2010 level of $118.26 million.
Articles of apparel and clothing accessories booked sales of $172.55 million, an improvement of 18.9% from $145.14 million.
Japan was the top destination for Philippine exports in October, accounting for 20.2% of the total. Japan bought Philippine goods worth $827.76 million, up 8.6% from last year’s $762.27 million.
The US came next with a 14.9% share of the total with earnings worth $607.21 million. This represented a dip of 12.8% from $696.15 million of a year earlier.
Accounting for 14% of the aggregate, China was in third spot buying $568.02 million or a 0.8% year-on-year decline from October 2010’s $572.43 million.
The drop in October exports reinforces earlier claims made by the Confederation of Truckers Association of the Philippines (CTAP) that the pile-up of empty containers at Manila South Harbor is a sign of an anemic export industry.
CTAP president Ruperto Bayocot noted there have been no significant export shipments even in the run-up to Christmas. He said he expects slow exports to continue until next year.
