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Weaker demand affects Philippine exports in January

Xinhua, March 10, 2015 Adjust font size:

Weaker demand in manufactured goods and lower sales from petroleum products pulled down total exports in January by 0.5 percent over the previous year, the Philippines' National Economic and Development Authority (NEDA) said on Tuesday.

The Philippine Statistics Authority (PSA) also reported that the country's merchandise exports amounted to 4.36 billion U.S. dollars in January, a marginal drop from last year's 4.38 billion U.S. dollars.

"The decline is negligible as compared to most trade-oriented economies in selected East Asian countries that posted negative outturns in merchandise exports during the period," NEDA director general Arsenio Balisacan said.

Exports of manufactured goods declined by 1.6 percent from 3.8 billion U.S. dollars in January 2014 to 3.7 billion U.S. dollars in January 2015 .

Oil exports were affected by the continued decline in global crude oil prices. Earnings decreased by 82.2 percent, from 67.31 million U.S. dollars to 11.96 million U.S. dollars' reported value in January 2015.

Exports of mineral products grew to 201 million U.S. dollars in January 2015 from 150 million U.S. dollars in the same month in 2014.

Agricultural product exports grew to 313.9 million U.S. dollars in January from 278.2 million U.S. dollars in 2014, from increased outbound shipments of sugar, coconuts, and other products.

Japan remains the country's top export market for the period, with 20.3 percent share in the total exports, amounting to 882.6 million U.S. dollars, lower by 23.2 percent year-on-year.

The United States of America is in second with a 15.9 percent share, amounting to 693.9 million U.S. dollars.

China ranks the third, accounting for 10.2 percent or 445.4 million U.S. dollars worth of exports. Endi