PHL’s April exports down 13% from March on lower electronics receipts

A man arranges his peso bills inside a currency exchange shop Friday, Nov. 9, 2007, in Manila, Philippines. The dollar closed Friday at 42.795 pesos, where the peso rose to a new seven-year high on prospects of further U.S. interest rate cuts and likely increases in remittances from Filipinos overseas.  (AP Photo/Pat Roque)

A man arranges his peso bills inside a currency exchange shop Friday, Nov. 9, 2007, in Manila, Philippines. The dollar closed Friday at 42.795 pesos, where the peso rose to a new seven-year high on prospects of further U.S. interest rate cuts and likely increases in remittances from Filipinos overseas. (AP Photo/Pat Roque)

MANILA (Mabuhay) — Philippine merchandise exports contracted in April from a month earlier, dragged by lower receipts in electronics, the top export product of the Southeast Asian nation, the National Statistics Office (NSO) reported Tuesday.

Export receipts were down 13 percent to $4.544 billion from $5.227 billion in March 2014, but were up 0.8 percent from $4.506 billion a year earlier, NSO data showed.

Receipts from electronics and semiconductors, which accounted for 40 percent of total exports, fell 16.11 percent to $1.817 billion in April from $2.166 billion in March, and were down 2.5 percent from $1.863 billion in April 2013.

Other manufactures, the second top export earner, slipped by 12.2 percent to $376.28 million in April from $428.4 million a year earlier.

Six out of 10 major commodities were mainly responsible for lifting export earnings in April year-on-year, which included processed food and beverages, other mineral products, machinery and transport equipment, ignition wiring set and other wiring sets used in vehicles and aircrafts and ships. Woodcrafts and furniture, articles of apparel and clothing accessories were also a higher, according to NSO.

Total merchandise exports in the four months to April increased by 5.4 percent to $18.859 billion from $17.894 billion a year earlier.

Japan remains the top buyer of Philippine products, which accounted for 20.7 percent of total shipments, followed by the US at 16.2 percent and China at 12.6 percent. (MNS)

About the Author

Related Posts