Philippines' merchandise exports decreased from last year in January, after recording strong growth in the previous month, preliminary data released by the National Statistics Office showed Tuesday.
Export of goods decreased 2.7 percent on an annual basis to $4.01 billion in January, reversing the the 16.5 percent growth seen in December.
Driving the overall decline, shipments of electronic products plunged 31.9 percent annually, significantly faster than December's 5.5 percent decrease. The overall slump also reflected negative growth in articles of apparel and clothing accessories, machinery and transport equipment, ignition wiring set and other wiring sets used in vehicles, aircraft and ships.
On a monthly basis, the value of shipments moved up 1 percent during the month. Exports of electronic products, however, decreased 2.6 percent sequentially.
Exports to Japan, Philippines' top export destination, grew 8.8 percent annually, while shipments to South Korea more than tripled. Meanwhile, shipments to the U.S. fell by 21 percent, and sales to China dropped by 28.6 percent. There was an 8.9 percent decrease in shipments to Hong Kong during the month.
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