Philippines: Exports fall for eighth straight month in December
February 10, 2012
In December, merchandise exports contracted 20.7% over the same month the year before, down from the 19.4% decrease observed in November. As in previous months, the decline mainly reflected a fall in shipments of manufactured products, which contracted for the eighth consecutive month. In particular, electronic goods, the country's main export, fell 32.7% year-on-year in December. Meanwhile, in November, the latest month for which data are available, imports rose 0.6% year-on-year. As exports continue to decline, the trade balance recorded a shortfall of USD 1.6 billion in November, greater than the deficit of USD 932 million in October.