MANILA, Philippines – The adverse impact of the worsening global economic and financial crisis showed in the dismal performance of Philippine exports, particularly electronics, which nosedived by 41 percent to $2.4 billion in January, the lowest in eight years, the National Statistics Office (NSO) reported.
According to the NSO, the drop in the January performance followed a 40.4 decline in the country’s exports in December 2008 also as a result of the crisis.
The NSO said the January export receipts of $2.4 billion were the lowest since April 2001 when exports reached only $2.2 billion.
Registering the biggest drop, the NSO said, was electronics which account for more than half of the total Philippine exports. These products fell 48.4 percent to $1.3 billion, which represented an 11-year low, it added.
The poor performance of electronics could also be seen from the number of employees being retrenched by the industry, particularly in the export zones of Southern Luzon, as dwindling earnings forced many firms to close down or reduce their workforce.
The country’s other major exports likewise performed poorly in January, the NSO pointed out.
For instance, articles of apparel and clothing accessories stood second as the major export but their earnings of $134.5 million represented a huge reduction from the $171.4 million receipts they garnered for the same period in 2008.
At third, the NSO said, were woodcraft and furniture which, surprisingly, increased earnings by 7.5 percent to $78.9 million in January 2009 from the $73.4 million receipt for the same period last year.
Rounding up the top 10 exports were other products manufactured from materials imported on consignment basis at fourth; gold, fifth; cathodes, sixth; fresh bananas, seventh; metal products (including brakes and servo-brakes), eighth; ignition wiring sets; ninth; and tuna.
The NSO said the US was the country’s top export market for January, with receipts totaling $36.7 million, which represented 18.3 percent of total income for January.
Japan followed as the second top market, with purchases worth $378.4 million, or a 15.2 percent share of the total. However, the NSO noted that receipts were lower by 39.7 percent from the $627.3 million earned in January 2008.
Germany emerged as the third largest market, the NSO said, with purchases totaling $241.2 million, or 9.7 percent of the country’s total exports.
Loading ...
Reader’s Views