March exports snap 2-month decline

MANILA, Philippines - Merchandise exports snapped a two-month decline in March as agro-based and forest products, minerals and petroleum posted a strong performance, the National Economic and Development Authority noted on Friday.

"Export earnings in March 2013 amounted to $4.329 billion, a 0.1 percent increment from $4.322 billion recorded in March of 2012. Similarly, on a monthly basis, it increased by 15.7 percent from $3.741 billion posted in February 2013. The positive growth was supported by six major commodities out of the top ten commodities for the month," the National Statistics office noted.

For the first quarter of the year, exports were down by 6.2 percent to $12.1 billion from $12.9 billion in the same period last year.

Agro-based products, making up a tenth of the total exports receipts, increased by 39.3 percent to $410.8 million while electronic products, the country's top export, plunged by 22.4 percent from the $2.263 billion posted in March 2012.

"Year-on-year upsurge in export earnings from agro-based and forest products, minerals, and petroleum offset the decline in receipts from manufactured exports," Socioeconomic Planning Secretary Arsenio Balisacan said.

He added that the opening up of markets, along with a high demand from the country's main markets translated to a strong performance of coconut oil, bananas, copra meal/cake fish products, and centrifugal and refined sugar, among others.

On the other hand, exports of manufactured goods dropped for the third consecutive month, contracting by 5 percent to $3.5 billion.

"The shift from personal computers to mobile devices combined with sluggish shipments of semiconductors to China, Singapore, Hong Kong, United States of America and Japan resulted in weak performance of electronic data processing and semiconductors," the state agency noted.

Japan was the country's top export destination, accounting for 18.5 percent of the total receipts. The US, (14.4 percent), China (13.2 percent), Hong Kong (8.5 percent) and South Korea (7.4 percent) followed.