This is from Malaya.
While exports declined less in November than October the decline of 12 per cent still shows that the global slump is having a significant effect in the Philippines. Even so total yearly growth for 2008 is positive but much below that of 2007.
Slump in exports eases to 12%NSO reports electronics exports contracted by 4.79% or $1.3B for Jan. - November
Exports fell 12 percent last November after falling a revised 15 percent in October according to the National Statistics Office.
Shipments of electronics products which make up 66 percent of
the country’s exports contracted 17 percent in November after falling 18.9 percent last October.
For the first 11 months of the year, total exports, however managed to inch up by 0.76 percent.
Electronics exports for the first 11 months contracted by 4.79 percent, a big $1.3 billion reduction from $28.5 billion to $27.17 billion.
Another big loser was garments exports which contracted a higher percentage of almost 16 percent but less than the $1.3 billion loss of electronics at $300 million from $2.1 billion to $1.79 billion.
Other big losers were iron ore exports and fresh bananas.
The government has revised its 2008 exports target to growth of 2-4 percent from 5 percent, slower than 2007’s 6 percent rise.
Besides electronics, which are largely assembled from imported parts, other key Philippine exports include garments and accessories, vehicle parts, coconut oil, tropical fruit and wood furniture
Export of electronics had been on a four-month slide from the August contraction of 2.8 percent.
Of total electronic products exported, semiconductors posted the biggest decline of $1.61 billion which was offset by the rise in exports of parts used in telecommunications equipment from $382 million last year to $583 million this year.
Another gainer in electronics export is automotive electronics which rose from $554 million to $764 million.
Not all is lost in exports, there were products doing better namely tuna exports which rose from $182 million to $354 million or 94 percent rise.
Another big gainer is gold followed by desiccated coconut.