Philippines Exports Fall Further In June

Tuesday, the National Statistics Office of Philippines said exports dropped 24.7% year-on-year in June, slower than a 26.9% fall in the preceding month. Economists expected a 23.5% drop.

On an annual basis, the biggest drop in exports was a 68.5% fall in petroleum products, followed by a 52.7% decline in exports of coconut oil.

On a monthly basis, exports grew 10.4%, faster than a 10.2% rise in the preceding month.