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PHL exports drop 15.1% in August, says govt


(Updated 2:23 p.m.) Philippine exports registered a double-digit decline in August, the National Statistics Office (NSO) reported Tuesday, citing weak global demand that cut shipments of electronic products, the country's top export items. The NSO said export receipts dropped 15.1 percent to $4.053 billion in August, coming from a 1.7-percent decline in July. "Total receipts from merchandise exports during January to August grew by 0.7 percent to $33.239 billion from $33.021 billion during the same period a year earlier," the NSO said. While electronic products remained the country's top merchandise shipment, accounting for 51.2 percent of total export revenues for August, the receipts from this sector went down by 30.6 percent. Other top items were apparel and clothing accessories, woodcrafts and furniture, coconut oil and metal components. Japan remained the Philippines' largest export market, followed by the US, and China. Other heavy buyers of Philippine goods were Singapore, Hong Kong, South Korea, Thailand, The Netherlands, Taiwan and Germany, according to the NSO. — CMA/VS, GMA News
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