Philippines: Exports tumble as electronics shipments fall
July 12, 2011
In May, merchandise exports dropped 3.2% over the same month last year to reach USD 4.1 billion, contrasting the 19.1% increase observed in April. The result reflected a fall in shipments of manufacturing products, in particular, exports of electronic goods dropped 26.2%. Shipments of electronics, the largest export commodity of the Philippines, fell as a result of the lagged effect of supply chain disruptions originating in Japan due to natural disasters that hit the country in March. Despite weak exports in May, the moving three-month sum of exports reached USD 12.8 billion, which was above the USD 12.5 billion tallied in the three months to April. At the current level, exports remain below the post-crisis peak of USD 14.9 billion observed in October 2010.