MANILA: The Philippines exported a total $4.31 billion worth of goods in February, lower by 4.5% from the year-earlier period, dragged by double-digit declines in the shipments of copper, furniture and ignition wiring sets for vehicles.
The Philippine Statistics Authority said the shipments of goods in February brought total exports in the first two months of 2016 to $8.50 billion, down 4.2% from the year-earlier total of $8.87 billion. Philippine exports have been on a decline since April last year.
Electronics shipments, the country’s main export product, increased by 8.1% on year in February to $2.13 billion.
Japan was the country’s top export market in February, with total shipments valued at $939.6 million, down 0.3% on year.
Exports to the U.S. increased by 1.6% on year to $743.0 million while exports to China were down 12% on year to $392.9 million. Hong Kong was the third largest export market in February, with total shipments also down 0.3% on year to $421.1 million.