Philippine Exports Fall Less Than Expected In August
Philippine exports continued to decline in August, though at a slower-than-expected pace, preliminary figures from the Philippine Statistical Authority showed Monday.
Exports fell 4.4 percent year-over-year in August, much slower than July’s 13.0 percent plunge. Economists had expected a 8.3 percent decrease for the month.
The decrease was attributed to seven major commodities out of the top ten export commodities for the month, the agency said.
Exports of machinery and transport equipment tumbled the most by 52.5 percent annually in August, followed by metal products with 25.9 percent fall.
At the same time, shipments of electronic products, accounting for 53.7 percent of the total exports, grew by 11.6 percent.
Meanwhile, imports surged 12.2 percent yearly in August, reversing a 1.7 percent drop in the previous month. It was forecast to rise by 10 percent.
The trade deficit of the country widened to $2.02 billion in August from $1.05 billion in the corresponding month last year. That was below the $2.08 shortfall expected by economists.