PHILIPPINE exports declined in May after posting significant growth for 16 consecutive months.
Latest data from the National Statistics Office showed that May exports decreased 3.2% to $4.104 billion from the same month last year’s $4.241 billion.
Month-on-month, exports were also lower by 4.6% from $4.302 billion in April.
Exports from January to May were, however, higher by 7.5% to $20.625 billion from $19.185 billion year on year.
Slower global demand for electronic products continues to affect performance of the export sector. For May, electronic products represented 46% of total export receipts for May at $1.886 billion, down 26.2% from $2.554 billion.
The country’s second top export earner was woodcraft and furniture with total receipts of $186.33 million, up 98.1% from the May 2010 level of $94.05 million.
Articles of apparel and clothing accessories came in third. Receipts reached $159.93 million, an improvement of 6% from $150.95 million.
The US was the main destination for the country’s exports in May with receipts of $700.76 million, up 1.9% from $687.53 million recorded a year ago.
The next biggest destination was Japan which bought $624.27 million of Philippine products, an increase of 1.2% from last year’s $616.93 million.
China was third with shipments amounting to $490.23 million, up 25.9% from $389.23 million.
The Philippines is targeting a 9-10% growth in exports this year. Despite the dip in May, the National Economic and Development Authority said it is maintaining its target at least in the next two months, a position echoed by the Philippine Exporters Confederation.
