Manila  - Philippine merchandise exports contracted 41 per cent in January as demand slowed down amid the global financial crisis, the government said Tuesday.

The National Statistic Offices said export receipts in January were only 2.49 billion dollars, compared to 4.23 billion dollars the same month in 2008, and down from from
2.67 billion dollars in December.

Electronics, the country's top exports, declined 48.4 per cent to 1.34 billion dollars from 2.60 billion dollars a year earlier, while apparel and clothing accessories, the Philippine's second top export earner, dropped 21.6 per cent to 134.50 million dollars from 171.48 million dollars.

Exports to the United States, the country's number one export market, were down 33.6 per cent to 456.70 million dollars.

Earnings from other export markets, such as Japan, the Netherlands, Hong Kong, China and Singapore, also declined in January. Only exports to Germany and Taiwan posted modest growth. (dpa)