Philippine merchandise exports recorded another decline in November 2016, sliding back 7.5% after two consecutive months of positive performance, data from the Philippine Statistics Authority (PSA) showed.
PSA said export sales last November amounted to US$4.732 billion, lower than the $5.118 billion recorded in the same month in 2015. The decline comes after the country’s exports recovered in September and October 2016 after 17 consecutive months of decline.
The decrease in November was attributed to the declines of seven major commodities out of the top 10 export commodities for the month, and these were woodcraft and furniture (-28.9%); chemicals (-26.2%); ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (-25.6%); machinery and transport equipment (-25.4%); electronic products (-7.9%); apparel and clothing accessories (-7.6%); and metal components (-2%).
The total merchandise exports for the first 11 months of 2016 registered a 5.2% drop to $51.361 billion from $54.168 billion in the same period of 2015.
Outward shipments of manufactured goods, which accounted for 87.4% of the total, fell 10.6% in November 2016 to $4.136 billion from $4.626 billion in November 2015.
Exports of agro-based products, meanwhile, went up 28.6% to $311.18 million from $241.95 million.
Merchandise exports of mineral products likewise increased, up 3.9%, and special transactions improved 22.7%.
Petroleum products also posted a significant 104.6% increase to $19.18 million in November 2016 from $9.38 million during the same month in 2015. Moreover, sales from forest products increased 19.1%.
Japan remained the country’s top export destination with revenue amounting to $898.83 million, followed by the U.S. with $655.46 million, and by Hong Kong with $615.43 million.
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