RP exports down 0.6% in February

RP exports down 0.6% in February

MANILA: Weaker electronics demand pushed Philippines merchandise exports down 0.6 percent to US$2.98 billion in February, ending 15 months of consecutive growth, the government said on Tuesday.

This brought total exports in the first two months of 2005 to $6.26 billion, a 7.2 percent increase over the same period last year.

In February, electronics exports dropped 0.9 percent to $1.96 billion compared with a year earlier, the National Statistics Office said.

Shipments of garments, the second largest export category, fell 9.2 percent to $168 million.

By destination, 20.6 percent of February's exports went to Japan, 17.2 percent to the United States, 9.6 percent to the Netherlands and 8.5 percent to China.

Among the top-four markets, exports to Japan and China posted double-digit growth, while those to the United States and the Netherlands declined.-- AFP