PHL exports rise in April despite contraction in electronics

Philippine exports rose by nearly a fifth in April, despite lower revenues from electronic products, the country's top merchandise. The National Statistics Office on Friday reported that export earnings in April amounted to $4.3 billion, a 19.1-percent improvement from $3.612 billion recorded in April last year. "However, compared to previous month (March) level, it went down slightly by 1.2 percent from $4.353 billion...," the NSO added. For the first four months of the year, Philippine exports earned $16.52 billion or a 10.6-percent hike from $14.94 billion during the same period a year earlier. Electronic products accounted for the bulk of the country's export or 49.9 percent with total receipts of $2.15 billion. The Philippines' other top products included coconut oil, apparel and clothing accessories, woodcrafts and furniture and gold, among others. Japan was the country's largest buyer, comprising 17.3-percent share, followed by the US and China. Other largest markets were Singapore, Hong Kong, Taiwan, Korea, Netherlands, Thailand and Germany, respectively. -- CMA/OMG, GMA News