Rica D. Delfinado
Philippine Star

The country’s export earnings managed to rise by 2.7 percent to $12.524 billion in the first three months of the year from $12.201 billion a year ago despite weak electronics shipments and reduced sales to the US, the country’s top trading partner.

The National Statistics Office (NSO) reported yesterday that for March alone, shipments went down by 6.8 percent to $4.18 billion after enjoying a 10.5 percent growth in February.

The government previously set an eight-percent full-year growth target.

Electronics, which account for 58.5 percent of the total export revenue in March, fell 17.4 percent to $2.444 billion from $2.958 billion in March 2007.

Analysts said the fall indicated softening global demand for electronics, a worrying factor for countries such as the Philippines whose exports are dominated by the sector.

Apparel and clothing, which made up four percent of total exports for the month, also fell 9.5 percent to $166.77 million.

Woodcrafts and furniture’s total revenue rose 11.9 percent to $108.23 million from $96.74 million in March 2007.

Rounding up the list of the top exports for the month of March 2008 were cathodes and sections of cathodes of refined copper, $94.98 million; petroleum products, $86.23 million; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, $86.09 million; coconut oil, 81.42 million; other products manufactured from materials imported on consignment basis, $67.27 million and gold, $36.22 million.

Total receipts from the top 10 exports reached $3.218 billion, or 77  percent of the total exports

Japan toppled  the US to be  the  country’s top market for March with export receipts of $710.92 million, accounting for 17 percent of total income for the month.

US followed as the second top market with purchases worth $683.12 million or a measly growth of one percent from $676.60 million recorded in March 2007.

Shipments to China amounted  to $549.15 million from $485.02 million a year ago.

Other top 10 markets for March were Hong Kong, $423.35 million; Netherlands, $279.67 million; Republic of Korea, $188.35 million; Singapore, $182.68 million; Malaysia, $181.09 million; Germany, $176.93 million; and Taiwan, $153.59 million.