Philippine exports contracted for a sixth straight month in March, reflecting the impact of the economic recession in the United States and Europe, the country’s main trade partners.

However, the contraction in the country’s exports slowed down in March to 30.9 percent, settling at US$2.9 billion from $4.2 billion in the same month last year.

This compares with the deeper monthly export declines, which started at 40.3-per cent year-on-year in December.

The picture was brighter on a month-on-month basis as the National Statistics Office said in its latest report on merchandise exports that the value in March increased 15.9 per cent from $2.51 billion in February.

This ended five month-on-month declines that started in October when exports plunged 10.6 percent from the previous month’s earnings.

For the first quarter of 2009, cumulative export earnings fell 36.8 per cent to $7.92 billion from $12.54 billion a year ago.

In March alone, electronics products - which accounted for 55.8 percent of total outbound cargoes - fell 33.9-per cent year-on-year to $1.62 billion mainly due to the decrease in shipments of components and devices.

Compared to February receipts, electronics improved 19.9 per cent from $1.35 billion.

Receipts from the country’s second top export - articles of apparel and clothing accessories - represented 4.6 per cent of total shipments and slid 19.2-percent year-on-year to $134.81 million.

Woodcrafts and furniture, which were third with 3 per cent of total exports, shrank 20.4 per cent to $85.81 million.

The fourth top exports with a share of 1.8 per cent were cathodes and sections of cathodes made of refined copper, which slid 45 per cent to $52.21 million.

Other top earners were electrical wiring harness for motor vehicles, which fell 53.7 per cent to $39.89 million; gold, which bucked the trend with a growth of 8.6 per cent to $39.33 million; coconut oil, down 60 per cent to $32.69 million; metal components, down 34.1 per cent to $30.82 million; and tuna, which rose 7.3 per cent to $29.49 million.

Manufactured goods represented 86.2 per cent of receipts and were down in value by 30.1 per cent to $3.58 billion in March.

Agro-based products earned $150.72 million, or a decrease of 25.8 per cent. Receipts from mineral products fell 35.8 per cent to $126.06 million.

In March, the three biggest markets for Philippine goods all showed shrinking orders for shipments.

Cargoes sent to the United States, which accounted for 17.3 per cent of total outbound traffic, shrank 26.5 per cent to $684.33 million.

Exports to Japan, the second biggest market with 15.4 per cent of the total, fell 37.6 per cent to $716.11 million.