Philippines' exports slipped 30.9% year-on-year in March, slower than a revised 39.1% fall in February, the National Statistics Office said Tuesday. Economists expected a drop of 34.5%. Export earnings declined to $2.9 billion from $4.2 billion in March last year.
On a monthly basis, total exports were up 15.9% in March, following a 0.2% decline in February. Exports increased in March, after registering five consecutive months of decline since October last year.
In March, export of electronic products, accounting for about 55.8% of total export revenue, declined 33.9% on a yearly basis to $1.6 billion, after falling 45% in February. Month-on-month, export of electronic products rose 19.9% in March, much faster than a 0.4% rise in the preceding month.
The United States of America including Hawaii and Alaska continued to remain the top export market for the Philippines, accounting for 17.3% of total export revenue. However, export receipts from the U.S were down 26.5% to $503.3 million from $684.3 million recorded last year.
Meanwhile, total exports fell 36.8% in the January to March period compared to last year.
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