Philippine exports dropped 9% to $3.798 billion in August from the year-ago figure of $4.173 billion, according to latest data from the National Statistics Office.
Month on month, the latest figure is lower by 19.7% from July’s $4.727 billion.
The drop in August revenue followed a 56.7% dip in year-on-year export volume and 72.6% contraction month-on-month.
From January to August, exports however grew 5.4% to $35.283 billion from $33.479 billion in the same period last year.
Accounting for 46.5% of the total receipts, electronic products were the country’s top export with earnings of $1.765 billion, down 14.9% from $2.074 billion in August 2011.
Woodcrafts and furniture represented 5.4% or $205.65 million of the aggregate. This reflects a 23.9% growth from the year-ago level of $165.95 million.
Metal components posted receipts of $138.55 million or 3.7% of the total. This is 100.2% more than $69.22 million recorded in 2011.
Rounding up the top 10 exports for August were ignition wiring set and other wiring
sets used in vehicles, aircraft and ships, $103.84 million; articles of apparel and clothing accessories, $77.31 million; coconut oil, including crude and refined, $47.18 million; pineapple and pineapple products, $35.54 million; copper concentrates, $35.02 million; fresh bananas, $29.83 million; and gold extracted from copper ores and concentrates, $28.67 million.
Receipts from the top ten export commodities hit $2.467 billion or 65% of the total.
Japan was the country’s top export destination, accounting for 18.1% of the total or $686.71 million. This was higher by 4.6% from $656.28 million recorded a year ago.
The second top market was Singapore with a 14.8% share or $561.99 million, up 63.6% from $343.57 million.
The US accounted for 13.1% of total exports, with shipments amounting to $499.27 million, down 18.7% from $614.25 million.
