RP exports rebound from 14-month contraction

Philippine merchandise exports rebounded in November after 14 straight months of decline, fueled mainly by sales abroad of office and industrial equipment, as well as automotive parts. November export earnings went up by 5.1 percent to $3.693 billion from $3.513 billion a year earlier. Earnings were also 0.6 percent higher from the month earlier, National Statistics Office reported (NSO) on Tuesday. Aggregate merchandise exports from January to November last year, however, dropped by almost a quarter to $35.004 billion from $46.403 billion during the same eleven-month period in 2008.

Accounting for 58.2 percent of total export revenues in November, electronic products amounted to $2.148 billion, 6.9 percent higher than a year earlier. Semiconductors, which made up 39 percent of the total and the biggest share among the major groups of electronic products, reached $1.439 billion or a yearly decline of 5.6 percent . Month on month, earnings from electronic products dropped by 0.7 percent from $2.162 billion in October 2009, but better than October's monthly decline of 3.9 percent. The NSO said apparel and clothing accessories, which made up 3.6 percent of total exports in November, was the second top earner with revenues valued at $131.8 million. This commodity group, however, posted a yearly decline of 1 percent from $133.13 million in November 2008. Ignition wiring sets used in cars, aircraft and ships were the third top earner, with total export earnings of $96.96 million or a 2.6-percent share. The group fell by a tenth from $107.68 million in November 2008. The US remained the Philippines' top export destination, at 17.7 percent, or revenues worth $654.17 million. Japan was next, with export earnings of $597.57 million or a 16.2 percent share, followed by the Netherlands ($378.43 million or 10.3 percent); Germany ($367.56 million or 10 percent) and Singapore ($274.51 million or 7.4 percent). Rounding up the top 10 were Hong Kong ($261.43 million), China ($227.98 million), South Korea ($159.74 million), Thailand ($144.74 million) and Malaysia ($101.86 million). — GMANews.TV