Philippine exports declined for the sixth consecutive month in September at a faster-than-expected pace, preliminary figures from the Philippine Statistical Authority showed Tuesday.
Exports plunged 24.7 percent year-over-year in September, much faster than the 8.3 percent drop expected by economists. In August, exports had fallen 6.3 percent.
The negative growth was mainly brought about by the decreases in eight major commodities out of the top ten commodities for the month, the agency said.
Exports of electronic products, accounting for 54.3 percent of the total exports, went down by 2.1 percent from September last year.
Shipments of other mineral products tumbled 72.8 percent annually in September and that for chemicals slumped by 85.5 percent. Meanwhile, exports of woodcrafts and furniture grew 22.0 percent.
Japan remained country’s top destination of exports during September, comprising 20.6 percent share to total exports, but it dipped by 47.7 percent from the preceding year.
The material has been provided by InstaForex Company – www.instaforex.com