November exports up 11% to $4.14 billion

MANILA, Philippines - The country’s export earnings rose by 11.2 percent to $4.136 billion in November from the $3.718 billion recorded during the same period in 2009, thanks to a steady demand for locally-made electronics, the National Statistics Office (NSO) reported yesterday.

Month on month, receipts from merchandise exports declined by 13.4 percent from $4.776 billion posted in October.

On the other hand, aggregate merchandise exports for the period January to November 2010 increased by 34.5 percent to $47.220 billion from $35.115 billion in the same period in 2009.

Revenues from export of electronic products, the country’s top export earner, rose 85 percent to $2.15 billion in November. Earnings from other major export products such as garments, coconut oil and furniture also increased.

Japan including Okinawa emerged as the Philippines’ top destination of exports for November, with revenue amounting to $668.27 million.

China with a 15.8 percent share to total exports followed as the country’s second top export market with purchases worth $652 million.

The US including Alaska and Hawaii, accounting for 11.8 percent share to total exports came in third with shipments worth $488 million.

Singapore ranked fourth with purchases worth $462 million followed by Hong Kong with $406 million and Taiwan with $192 million.

Articles of apparel and clothing accessories followed as the second top earner in November with total receipts of $138.20 million or a share of 3.3 percent to the total exports revenue. It grew by 2.4 percent from $134.92 million recorded in November 2009.

Woodcrafts and furniture which comprised 3.2 percent share of total exports in November 2010 emerged as RP’s third top gainer with revenue valued at $134.22 million, an increase of 53.3 percent from $87.54 million recorded during the same month in 2009.

Ranked fourth in November 2010 and contributing 2.3 percent to the total export receipts was ignition wiring set and other wiring sets used in vehicles, aircrafts and ships (consisting only of electrical wiring harness for motor vehicles) with revenue amounting to $94.54 million. This value contracted by 2.5 percent from its year ago level of $96.93 million.

Coconut oil (including crude and refined) with 1.9 percent share to the total export receipts ranked fifth with value posted at $79.60 million or an equivalent 118.5 percent increment from $36.43 million registered in November 2009.