Philippines: Exports register sharpest decline in two years
October 11, 2011
In August, merchandise exports declined 15.1% over the same month last year, which exceeded the 1.7% decrease observed in July. The contraction marked the largest fall in exports since September 2009 and mainly reflected a decline in shipments of manufacturing products. In particular, electronic goods, the country's main export, fell 30.6% year-on-year in August (July: -21.3% yoy). Meanwhile, in July, the latest month for which data are available, imports expanded 6.6% year-on-year, sustaining its growth rate from June. The trade deficit widened, recording a shortfall of USD 570 million in July.