December exports down 40.4%

Reuters

Posted at Feb 10 2009 10:06 AM | Updated as of Feb 11 2009 05:24 PM

MANILA - Philippine exports plunged 40.4 percent in December after falling a revised 11.4 percent in November, the government's statistics office said on Tuesday.

Shipments of electronics products, the country's main export, contracted 47.6 percent in December from the year ago period after falling 17.2 percent year-on-year in November.

With the December decline, total exports in 2008 fell 2.86 percent from 2007, reflecting the effects of the global financial crisis.

The government had earlier revised its 2008 exports target to growth of 2-4 percent from 5 percent, following from a rise of 6 percent in 2007.

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.