Philippine merchandise exports in April 2013 contracted by 12.8 percent to reach $4.041 billion from the $4.328 billion recorded in the same month of 2012, data from the National Statistics Office (NSO) said on Tuesday.
Receipts from merchandise exports on a monthly basis decreased by 6.7 percent from $4.329 billion posted in March 2013.
“The negative growth was supported by six major commodities out of the top 10 commodities for the month. These are chemicals, other manufactures, machinery and transport equipment, electronic equipment and parts, metal components and electronic products,” the data said.
Meanwhile, aggregate merchandise exports for the first four months of 2013 showed a decrease of 8 percent from $17.514 billion in 2012 to $16.122 billion in 2013.
For its part, the National Economic and Development Authority attributed the weak exports to the slower global economic activities in the second quarter, following weak international business and consumer sentiment.
Electronic products remain the country’s top exports for the month, however, it went down by 22.4 percent. Contributing 40.3 percent to total export revenue in April 2013, the NSO said that electronic products earned $1.630 billion lower from the $2.263 billion registered a year ago.
Similarly, the month-on-month performance of electronic products was down by 7.2 percent from $1.757 billion posted in March 2013.
Furthermore, the NSO data also showed that exports of other manufactures followed as the second top export earner in April with revenue valued at $362.42 million; ranked third was woodcrafts and furniture with earnings amounting to $270.76 million; other mineral products ranked fourth with value posted at $204.51 million; and machinery and transport equipment chemicals with export revenue of $196.65 million was the fifth top export earner.
Other top exports earners for April 2013 were articles of apparel and clothing accessories with $152.25 million; ignition wiring set and other wiring sets with $138.36 million; metal components with $118.70 million; chemicals with $116.55 million and electronic equipment and parts with $78.14 million.
“Total receipts from the top 10 exports reached $3.268 billion, or 80.9 percent of the total exports,” the NSO said.
By commodity, the NSO data showed that exports of manufactured goods accounted for 83.3 percent of the total export receipts, and estimated at $3.386 billion in April 2013, a decrease of 14.4 percent from $3.957 billion recorded in April 2012. Other top commodity exports were: total agro-based products, $311.27 million; mineral products, $243.16 million; special transactions, $64.92 million; petroleum products, $30.13 million and forest products, $5.77 million.
The data further showed that with a 23.3-percent share to the total exports for April 2013, Japan emerged as the country’s top destination of exports with revenue amounting to $942.26 million.
It was followed by United States with export earnings worth $608.11 million; China with shipments amounting to $456.58 million; Singapore with $303.35 million and South Korea with export earnings worth $283.57 million.
Other top 10 markets for April 2013 were Hong Kong, $256.47 million; Thailand, $147.18 million; Germany, $139.80 million; Taiwan, $114.50 million; and The Netherlands, $110.77 million.
The NSO data added that total export receipts from the country’s top 10 markets for the month of April 2013 amounted to $3.363 billion, or 83.2 percent of the total.