Global slowdown batters Philippine exports
Philippine export earnings fell 6.8 per cent year-on-year in March, after a 10.5-per-cent growth posted in February, as shipments of electronic products decreased sharply because of the US-led global economic slowdown.
“Our export revenues for the first quarter improved only by 2.7 per cent, still a long way from the 8-per-cent target for 2008,” Augusto B Santos, acting socioeconomic planning secretary and director general of the National Economic and Development Authority, said in a memorandum he sent to President Gloria Macapagal-Arroyo on Friday.
First-quarter export earnings were flat at US$12.52 billion, compared with $12.201 billion last year.
Export earnings in March fell to $4.18 billion from $4.49 billion a year earlier as shipments to the US, traditionally the Philippines' biggest export market, hardly increased.
Japan became the top market, accounting for 17 per cent of total exports as against 16.3-per-cent share of the United States.
Comments