PHL exports fall in May -NSO

Philippine exports fell by a single digit in May, the National Statistics Office reported on Tuesday. The NSO said export receipts amounted to $4.10 billion in May, a 3.2-percent contraction and a 19-month low since exports slipped by 16.8 percent in October 2009. "Month-on-month, it fell by 4.6 percent from $4.302 billion in April 2011," the NSO added. For the year's first five months, export receipts rose 7.5 percent to $20.625 billion. Electronics, the Philippines' top export product, also declined 26.2 percent to about $1.89 billion. Electronic products accounted for 46 percent of the total exports revenue in May 2011. The country's other top revenue earners were components/devices, woodcrafts and furniture, clothing and clothing accessories, petroleum products, metal components and copper concentrates, among others. The US was the country's largest market followed by Japan and China, respectively. Other top markets were Singapore, Hong Kong, Korea, Taiwan, Thailand, Germany and The Netherlands. -- CMA/OMG, GMA News