ASEAN KEY DESTINATIONS
PHL exports down 3.8% in May, slowest decline in 5 months
Philippine exports declined by 3.8 percent to $4.711 billion in April from $4.899 billion a year earlier, the slowest decline since January, the Philippine Statistics Authority (PSA) reported Tuesday.
The decrease in exports was due to the decline in mineral products, articles of apparel and clothing accessories, metal components, and electronic products.
"Philippine exports for the month of May remained in contraction, posting a -3.8 percent print y-o-y as the mainstay electronics sector fell to -4.0 percent," Nicholas Antonio Mapa, associate economist at the Bank of the Philippine Islands, told GMA News Online.
"Four out of the top five export sectors were in expansion but this was not enough to offset the contraction in electronics, which accounts for 48 percent of the export bill," Mapa added.
According to the PSA, electronic products remained the top export with receipts of $2.2 billion or 48 percent of total shipments in May.
"The contraction in exports, however, all but ensures that we will continue to post trade deficits as imports are seen to surge which would need to be offset by the sustained overseas Filipinos' remittance flows and net profit of the BPO industry," Mapa noted.
Japan remained the top export destination, accounting for 22.1 percent at $1.041 billion, down by 3.7 percent from a year earlier.
Shipments to US accounted for 10.9 percent at $703.54 million.
In January to May, merchandise exports fell by 6.6 percent to $22.074 billion from$23.638 billion year-on-year. — VDS, GMA News
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