Philippines: Exports fall for sixth straight month in October
December 13, 2011
In October, merchandise exports contracted 14.6% over the same month last year, although they fell less than the 27.0% decrease observed in September. The decline mainly reflected a decrease in shipments of manufacturing products, which continued to contract for the sixth consecutive month amid slowing global demand. In particular, electronic goods, the country's main export, fell 36.5% year-on-year in October (September: -47.9% yoy). Meanwhile, in September, the latest month for which data are available, imports expanded 11.7% year-on-year. As exports continue to decline, the trade deficit widened, recording a shortfall of USD 1.2 billion in September.