(RTTNews) - Exports in the Philippines were down 11.9 percent on year, the National Statistics Office said in a preliminary report on Tuesday, standing at $3.494 billion.

That follows a 14.8 percent annual decline to $3.971 billion in October, and a 1.6 percent fall to $3.964 billion in November 2007.

On a monthly basis, exports were down 12 percent compared to October.

Electronics products fell 17 percent on year to $2.016 billion following an 18.9 percent annual decline in October. On month, electronics products were down 13.6 percent. Total receipts from the top ten exports reached $2.658 billion, or 76.1 percent of the total exports.

Accounting for 86.8 percent of the total receipts, exports of Manufactured Goods in November were worth $3.033 billion, down 9.2 percent from $3.342 billion in November 2007. Exports of All Agro-Based Products in November 2008 amounting to $187.71 million or 5.4 percent share of the total export revenue, decreased by 9.1 percent from $206.52 million in November 2007.

Earnings from Mineral Products in November 2008, which reached $128.35 million or 3.7 percent share of the total export revenue, fell by 39.7 percent from $212.86 million in November 2007. Export receipts from Special Transactions with a share of 3.2 percent decreased by 0.6 percent to $111.08 million from $111.81 million in November 2007.

Exports to the United States, the Philippines largest trading partner, were down 18.8 percent on year. Japan followed as the second top market (down 3.8 percent), followed by Hong Kong in third (up 21.2 percent), China in fourth (down 27.3 percent). Rounding out the top 10 were the Netherlands, Germany, Taiwan, Singapore, South Korea and Malaysia. Total export receipts from the top ten markets were $2.928 billion or 83.8 percent of the total.

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