Philippines: Exports sink in August
October 10, 2012
In August, exports fell 9.0% over the same month last year. The reading contrasted both the 6.0% increase observed in July (previously reported: +7.8% year-on-year) and market expectations that had exports rising 5.5%. The result mainly reflected lower shipments of manufactured products, in particular electronics, which are the country's top exports. Meanwhile, in July - the latest month for which data are available - imports declined 0.8% in annual terms, which contrasted the 13.0% increase tallied in June. As a result, the trade deficit narrowed to a USD 236 million shortfall in July, compared to the USD 541 million deficit observed in the same month last year.