Philippines: Exports continue to decline
August 10, 2011
In June, merchandise exports fell 10.2% over the same month last year to reach USD 4.1 billion, exceeding the 3.1% decrease observed in May. The result mainly reflected a decline in shipments of manufacturing products. In particular, electronic goods, the country's main export, dropped 23.9%. The decline reflects post-earthquake supply disruptions originating in Japan and the slowing global economy. Meanwhile, in May, the latest month for which data are available, imports expanded a meagre 1.6% year-on-year (April: +20.3% yoy). The trade balance remained in the red and recorded a shortfall of USD 780 million in May.