Exports in the Philippines plummeted 39.1 percent on year, the National Statistics Office said in a preliminary report on Thursday, standing at $2.503 billion. That was in line with forecasts for a 38.5 percent annual decline after the 40.6 percent fall in February.

On a monthly basis, exports were down 0.3 percent after the 6.1 percent decline in January, which saw a total of $2.511 billion.

The export of electronics products was $1.352 billion, down 45 percent on year but up 0.5 percent on month.

Components/Devices (semiconductors) were the top export, followed by articles of clothing, woodcrafts and furniture, cathodes, consignment materials, gold, tuna, ignition wiring, metals and coconut oil. The total receipt from the top 10 exports was $1.829 billion, or 73.1 percent of the total exports.

The United States was the top market for Philippine goods with receipts of $466.57 million or 18.6 percent of the total. Japan was next, followed by China, the Netherlands, Hong Kong, Germany, Singapore, South Korea, Taiwan and Malaysia.

Total export receipts from the top 10 markets amounted to $2.089 billion or 83.4 percent of the total.

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