Philippine Exports Drop In July

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Thursday, the National Statistics Office of the Philippines announced that exports decreased 25.4% year-on-year in July, compared to the 24.8% fall in the previous month . Economists had expected exports to drop 20.8%.

Export earnings in July amounted to $3.31 billion, down from the $4.44 billion a year ago. Exports of electronic products were worth $1.92 billion, or 57.8% of the total revenue in July, down from the $2.56 billion reported in July 2008.

On a monthly basis, exports declined 2.8% in July compared to the 10.3% growth in June.

(Market News Provided by RTTNews)