Wednesday, June 11, 2008 RP, C. Visayas export sectors recover
THE country’s merchandise exports rose by 4.9 percent in April from a year earlier to $4.325 billion despite a slump in the country’s key electronics sector, the government said yesterday.
Total exports in the four months to April reached $16.86 billion, up 3.29 percent from the same period in 2007, the National Statistics Office (NSO) said in a statement.
In Central Visayas, the value of exports reached P1.429 million in the first quarter of the country, indicating a 74.1 percent growth rate from the earnings of P821.47 million in the same period last year.
“The increase in value, however, could not be attributed entirely to the increase in volume of exports as it was partly due to the peso-dollar exchange rate. The appreciation of the peso was tantamount to raising the prices of the region’s export products in the international market,” the Central Visayas Economic Situation released by the Regional Development Council 7 read.
Meanwhile, the country’s April figure compares with a 6.6 percent drop in exports in March.
Exports of electronics, which accounted for 58.2 percent of total overseas shipments in April, suffered a 1.7 percent decline to $2.519 billion compared to the same period last year, the NSO said.
This was attributed to a slowdown in overseas demand for such products as components and semiconductors.
Decline
Apparel and clothing accessories, the country’s second largest export category, also suffered a decline of 5.9 percent to $163.16 million.
However other export sectors like coconut oil, petroleum products, furniture, ignition wiring sets, and gold and metal components all enjoyed increases in April.
The United States remained the biggest buyer of Philippine exports, receiving $691.3 million worth or 16 percent of the total in April, the statistics office said.
Japan was second in April with $664.5 million or 15.4 percent of the total.
China, Hong Kong, South Korea and the Netherlands were the other top export markets. (AFP/CYR)
