Philippine exports declined for the second straight month in May, defying economists expectations for an increase, preliminary figures from the Philippine Statistical Authority showed Friday.
Exports plunged 17.40 percent year-over-year in May, much faster than previous month’s 4.10 percent fall. Economists had expected a 10.0 percent sharp climb for the month.
The negative growth was mainly brought about by the decrease of seven major commodities out of the top ten commodities for the month.
Shipments of machinery and transport equipment tumbled 34.3 percent in May from a year ago and that for other mineral products decreased by 66.5 percent. At the same time, exports of electronic equipment and parts jumped 185.5 percent.
Exports of electronic products, accounting for 48.1 percent of the total exports, fell 7.5 percent annually in May.
Japan remained country’s top destination of exports during May, comprising 24.6 percent share to total exports and it increased by 7.6 percent from the previous year.
During the first five months of the year, total exports of the country slipped 5.0 percent compared with the corresponding period last year.
The material has been provided by InstaForex Company – www.instaforex.com