Philippines: Exports record sharpest fall in more than two years
November 10, 2011
In September, merchandise exports contracted 27.4% over the same month last year, which exceeded the 13.7% decrease observed in August. The decline marked the largest fall in exports since April 2009 and mainly reflected a decrease in shipments of manufacturing products. In particular, electronic goods, the country's main export, fell 47.9% year-on-year in September (August: -30.6% yoy). Meanwhile, in August, the latest month for which data are available, imports expanded 10.4% year-on-year. As exports continue to decline, the trade deficit widened, recording a shortfall of USD 804 million in August.