Philippine exports fell in December despite an increase in electronics, woodcraft and ignition wiring shipments, leaving the total for 2015 to $58.65 billion, down 5.6% from a year earlier and short of a 7% government target.
The Philippine Statistics Authority said Wednesday that total exports in December fell 3.0% to $4.66 billion from $4.80 billion.
Shipments of electronic products, the country’s main export item, rose 6.4% to $2.53 billion.
Japan remained the main export market for the Philippines, accounting for $939.2 million of the total for December. Exports to Japan were down 7.7% from a year earlier.
The U.S. was the second-biggest market in December as shipments to the world’s largest economy rose 3.0% to $697.3 million. Exports to the Hong Kong rose 17% in December to $574.9 million, while those to China dropped 23% to $422.2 million.
Source: Market Watch Image: Pixabay
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