Philippines Exports Fall Further In August

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Tuesday, a report by the National Statistics Office of Philippines said the total exports dropped 21% on a yearly basis in August, slower than 25.4% fall in the previous month. Month-on-month, exports rose 4.9%, after falling 2.8% in July.

Exports of electronic products, accounting for nearly 60% of total export revenue, slipped 18.7% year-on-year in August, after a 25.2% drop in the previous month. On a monthly basis, however, electronic exports rose 7.9%, following a 1.7% decline in July.

Exports to the U.S, the main export market of the Philippines, dropped 3.9% in August. Exports to Japan, the second largest export market, slipped 21.8% in August.

In the first eight months of the year, total exports amounted to US$ 24 billion, representing a drop of 30.3% from the same period last year.

(Market News Provided by RTTNews)