Philippines: Exports continue to decline in November
January 10, 2012
In November, merchandise exports contracted 19.4% over the same month the previous year, down from the 14.6% decrease observed in October. As in previous months, the decline mainly reflected a fall in shipments of manufactured products, which contracted for the seventh consecutive month. In particular, electronic goods, the country's main export, fell 34.5% year-on-year in November. Meanwhile, in October, the latest month for which data are available, imports rose 2.6% year-on-year. As exports continue to decline, the trade deficit recorded a shortfall of USD 931 million in October, up from a deficit of USD 1.2 billion in September.